Report: Metaverse market to reach $800 billion by 2024

By 2024, the market capitalization of the metaverses industry will reach $800 billion — from a current valuation of $47 billion, the rise will be 1,600%.

This is according to the METAV.RS report.

Analysts say the compound annual growth rate of the digital-world market stands at 44.1%. They foresee metaverses ready for an ‘astronomical expansion’ over the coming decades.

Experts estimate that by 2030 the sector’s projected size will reach $8-30 trillion.

Moreover, the company notes a growing trend of investment in metaverses. Users spend around $54 billion per year on products in digital worlds.

There are roughly 400 million participants today, with the figure expected to reach 1.7 billion by next year.

The study also notes that 74% of Americans actively use or want to use the metaverse. By 2026, 25% of the US population is expected to spend an hour per day in virtual worlds.

Men account for the majority (59%) of participants on such platforms. Meanwhile, 38% of all users are aged between 10 and 20 years.

Earlier this year, authorities in Sichuan province valued the metaverse market at $34 billion by 2024.