Cryptocurrency

Report: Metaverse market share to surpass $50 billion by 2026

Global spending in the metaverse could reach $5 trillion by 2030, according to a new report from international consulting firm McKinsey & Company.

A new report by technology research and advisory firm Technavio reveals an upward trend for the Metaverse within the next four years.

The report titled “Metaverse Market in Finance by Component and Geography – Forecast and Analysis 2022-2026” analyzed the metaverse from two viewpoints. The first is software and hardware, and the second is through the impact of various geographical regions.

According to the study, the metaverse will hit a market share value of $50.37 billion by the year 2026. Metaverse growth was analyzed within the five timeframes between 2021-2026. Moreover, market growth momentum has acceleration projections of a CAGR of nearly 21%. This year alone, growth is projected at 20.11%.

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In terms of regional growth, 32% percent will come from the North American region, with Canada and the United States as leaders. Other key consumer countries included China and Germany.

This year, Germany and the U.S. shared the top spot in global crypto rankings due to their more progressive regulations and the rate of institutional adoption.

However, metaverse interest can undoubtedly be seen across the globe. Earlier this month, the United Arab Emirates launched its Dubai Metaverse Strategy to become one of the top 10 metaverse economies.

Additionally, the report highlighted the leading metaverse applications. According to the survey, the top seven metaverse wallets include Meta Mask, Enjin Wallet, Coinbase, Math Wallet, Alpha Wallet, Coinomi and Trust Wallet.

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A similar report this month highlighted fashion and e-commerce as industries to watch in the metaverse space. Within the same five years, the metaverse in the fashion market is expected to enjoy an increase to $6.6 billion with a growth acceleration rate CAGR of 36%.

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