May 8, 2023

Metaverse Industry in US Predicted To Go up around 44% in 2023

US Metaverse

US Metaverse

The metaverse industry in the United States is flourishing as it is expected to hike by around 44% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the US metaverse market and its future, the metaverse industry in the US is predicted to increase by 44.1% on an annual basis to reach $51,435.7 million in 2023, a matter which shows the significant growth of the metaverse in the country.

The report also anticipated that the US metaverse industry would grow up steadily in the coming period to hit a CAGR of 32.9% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in the US is predicted to increase from $35,688.1 million in 2022 to reach $375,700.0 million by 2030.

It attributed this significant growth to that more brands engaged with US consumers by launching activities in the metaverse in addition to increasing investments in the virtual space due to its popularity among US consumers.

Data from the Global Metaverse Study for the fourth quarter of 2022, more than 28% of consumers in the US said that they are somewhat or very familiar with the metaverse. In addition, 18% of the consumers want to use the metaverse to explore products in 3D. While the metaverse industry is still in its early stages of development, with most firms investing in the development of virtual world infrastructure, the sector outlook remains positive from the short to medium-term perspective.

Huge tech companies continue to pump investments in the metaverse market, however their projects did not gain the expected adoption among consumers.

The report also anticipated more retailers in the country to launch metaverse experiences to attract new audiences and drive engagement with the existing ones.

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