The Metaverse, merging virtual and augmented reality, is projected to see a substantial increase in user engagement by 2026. This trend is highlighted by recent data from BanklessTimes.com, suggesting a shift in how people engage with digital environments for various activities.
BanklessTimes.com’s data indicates that by 2026, around 30% of users are expected to use the Metaverse for diverse purposes such as work, shopping, education, and entertainment. This projection reflects a growing interest in virtual spaces as platforms for everyday activities.
Alice Leetham, a crypto expert at BanklessTimes, notes the ongoing development of digital tools that facilitate activities like attending virtual classes, purchasing digital real estate, and building in virtual spaces. These activities, currently taking place in separate digital environments, are anticipated to gradually converge within the Metaverse, offering a range of experiences across different technologies.
The growth of the virtual reality market supports this trend. Valued at about $10.32 billion in 2020, it is projected to grow to $62.1 billion by 2025, with a compound annual growth rate of 31.8%. The Augmented Reality market, similarly, is expected to expand from $4.21 billion in 2020 to $76.4 billion by 2025, showing an annual growth rate of 81.5%.
These figures indicate a growing acceptance of the Metaverse, with about 30% of the global population predicted to spend an average of one hour daily in these virtual environments by 2026. This uptick in usage has implications for businesses and institutions, prompting a shift toward Metaverse-oriented strategies. A notable example is Facebook’s 2021 rebranding to Meta, reflecting a broader industry trend towards exploring virtual reality environments and related projects.
As the Metaverse becomes more integrated into daily life, it necessitates the development of guidelines and standards to ensure a safe and ethical experience for users. The growth in this sector calls for attention to security, privacy, and inclusivity as key considerations in the expanding digital landscape.
