Citigroup Report: Metaverse could be an $8-$13 Trillion Market
A well-known Global Banking and Financial services institution, Citigroup has come out with a report that says that by 2030 Metaverse could be a market of nearly $8 to $13 Trillion.
Report:
The report was made public by Citi Velocity, a publishing, and media arm of Citigroup. It stated that Metaverse could be a market of up to $13 trillion with approximately 5 Billion users.
Citigroup believes the Metaverse will eventually enhance the quality of many services that are available through the internet such as:
- Commerce
- Entertainment and Media
- Education and Training
- Industry 4.0
The report further elaborates that the Metaverse could even become the most popular service on the internet. But, that popularity depends on whether it will be accessed primarily through mobile, PC, gaming consoles, VR headsets, or some other devices. Handheld devices such as mobile phones can be used to access metaverse anywhere, even on the go, but not through a PC. Currently, Virtual Reality devices are the most preferable way to access metaverses. But these devices cannot be used everywhere because they pose a risk of physical injury to the user.
With the popularity of Blockchain and Virtual Reality, metaverses have picked up pace because they provide a unique opportunity to interact with others in a world that seems almost real(obviously with a touch of animation). Blockchain technology has reached a mass adoption level where there is increasing recognition for it. Citigroup highlights the following reasons for its forecast on metaverses:
- Games
- Increased internet access
- Virtual Reality
Our Analysis
We understand that Metaverses are still at a nascent stage and a lot of the work is yet to be done on the front of graphics, technology, and high-speed internet infrastructure.
But to reach a level of 5-6 Billion users, there has to be high-speed internet access across the world. That is perhaps the biggest challenge in achieving that scale of economy.