Metaverse Statistics 2024: Latest User & Market Trends

Today, when we hear the term “Metaverse,” we’re likely thinking of Facebook and giant VR headsets. However, it’s much more than that.

Metaverse adoption across consumers is growing at a huge rate and is expected to reach 1.4 billion users in just seven years. With such a huge user base, it’s no surprise that businesses across all industries are paying attention and investing in the Metaverse.

If you want to make the most of the Metaverse, you need to stay abreast of the current statistics and Metaverse trends. In this article, we’ll go over some of these figures and trends across different industries and shine a light on the most acute challenges that come with the growth of the Metaverse.

The Growing Popularity of the Metaverse

The worldwide number of Metaverse users is predicted to exceed 1.4 billion by 2030, with the user penetration growing three-fold and hitting 18%.

So, given that such a large segment of the population will be on the Metaverse, it’s no surprise that its global market is expected to grow to US$484.8 billion by 2030.

We’ll now dive into what makes the Metaverse grow so fast, looking at the current trends, consumers’ and businesses’ interest in the concept, and the impact of COVID-19.

Current Metaverse Trends & Adoption Rates

First, let’s take a look at Metaverse adoption rates across the world and their impact on user communities and the virtual economy.

Increasing User Base

Source: Statista

As of 2022, there were around 400 million active Metaverse users. And, as we pointed out, its user base will likely exceed 1.4 billion by 2030. The US-based users are expected to make up 8.3% of the global user base, or 120.7 million users, with a high penetration rate of 35.5%.

However, we’re still in 2023 and, as of now, 62% of American adults still don’t understand the purpose of the Metaverse. The rest (38%) perceive it as something that can make their lives better – and as we can see from the figures, that number is likely to increase.

Here’s an overview of the predicted Metaverse 2030 user base and penetration rate across other countries:

Country	Metaverse users by 2030	Metaverse penetration rate by 2030
UK	15.37 million	22.2%
Canada	16.76 million	42.6%
Brazil	66.66 million	30.4%
Germany	19.37 million	23.2%
India	270.50 million	18.7%

Social Interactions & Communities

Virtual communities in the Metaverse are transforming social interactions. According to a Cambridge study, there were 2.4 billion people active in digital communities in 2022. These spaces connect people based on shared interests, hobbies, or professions. They offer a sense of belonging – 98% of people in an online community say they feel like they belong there. In addition, virtual communities serve as valuable platforms for networking and collaboration.

The Metaverse opens up endless possibilities for networking and socialization wherever you are in the world. Whether you’re a gamer, artist, musician, or aficionado of any niche, you can explore the vibrant online communities waiting to welcome you.

Virtual Economy

Source: Statista

Any society, even virtual, needs a thriving economy with asset ownership and authentication. In the Metaverse, NFTs are the tools allowing that to happen as they enable transactions related to digital items.

Companies like Burberry and Louis Vuitton are already selling digital assets for NFTs. And RTFKT is generating millions in sales of Metaverse shoes. Given that potential, plus the fact that the Metaverse is still in its infancy, we can expect NFTs to become more widespread in the future.

Major Industries & Companies Investing In Metaverse

Many digital-first industries, such as gaming and e-commerce, are planning to embrace the Metaverse. But some industries that aren’t traditionally online-only, such as education and real estate, are also looking into it.

Here’s a table of the projected Metaverse revenue across different industries:

Industry	Revenue 2023, USD	Revenue 2030, USD
Gaming	13.84 billion	163.40 billion
Ecommerce	22.72 billion	201.80 billion
Workplace	3.97 billion	26.89 billion
AR/VR Hardware	1.17 billion	3.19 billion
Health & Fitness	6.57 billion	54.47 billion
Education	1.90 billion	24 billion

Technology Companies

The tech sector is one of the top investors in the Metaverse. According to Sortlist, 17% of IT companies are investing or planning to invest in it.

For example, Microsoft’s new B2B offering, called “Microsoft Mesh,” allows people’s avatars to meet in a virtual setting. And NVIDIA’s Omniverse allows users to create digital spaces for collaboration and simulation of real-life projects.

Another example of NVIDIA’s Metaverse collaboration is its VRChat program, which serves as a seller-customer hub for demos and meetings in virtual environments.

Metaverse and Gaming Industry

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The Metaverse and gaming market is forecasted to reach $13.84 billion in 2023 and grow to $710.21 billion by 2027. The US will be the biggest market, with almost 41 million users.

With the popularity of AR and VR technology boosting the demand for Metaverse gaming, 76.7 million units are expected to be sold worldwide by 2024. We’ve previously written about the AR glasses status – they won’t be available for a while, but we’re already seeing demand for them.

Real Estate & Architecture

Perhaps surprisingly, the traditionally “offline” real estate industry is also actively working to capitalize on the Metaverse. The market for Metaverse in real estate was valued at $1.14 billion in 2022 and is predicted to reach almost $15.7 billion by 2030.

The “real estate” in the Metaverse actually refers to virtual real estate. Developers can create and sell virtual properties in the Metaverse, and architects can design the most unique buildings and venues.

Since the number of Metaverse users is growing, the real estate industry is taking the right steps to make the most of it. In fact, in November 2021, land sales across four Metaverses amounted to $187 million.

Impact Of Covid-19 on Metaverse Growth

Source: Sortlist

The COVID-19 pandemic caused an unprecedented digital transformation, and the Metaverse was no exception, according to over 90% of organizations. Let’s take a look at some examples.

Remote Work & Collaboration

During the pandemic, 70% of the global population worked remotely. That caused the usage of collaboration tools like Zoom and Teams to skyrocket to unprecedented levels. But as many as 83% of workers expressed the need to be included at work – something video collab tools are failing to achieve.

Enter: the Metaverse. When it came to the Metaverse, 36% of millennials and 22% of Gen X expressed an interest in collaborating with their colleagues within it. And 76% of workers want to integrate virtual worlds into the workplace to feel a sense of belonging that can easily disappear when you work remotely.

Virtual Events & Digital Experiences

Source: Dynata

The “new experience” economy is partially the result of COVID-19-induced digital transformation. As many consumers embraced the digital world, they got to know how amazing digital experiences can be. For instance, 75% of consumers are keen on augmented reality (AR) shopping.

Also, many consumers believe the Metaverse can transform their cultural experiences. For example, when it comes to travel and culture, 36% of millennials and 31% of Gen Z said they would be very interested in attending a museum within a Metaverse.

A similar percentage of those generations would be very keen to see their favorite artist perform in the Metaverse or watch a virtual sporting event. And interestingly enough, 23% of Gen X and 11% of Boomers also said they’d be keen to see a Metaverse sports game.

Increased Digital Engagement

Source: Dynata

Almost 40% of Gen Z and 36% of millennials are very interested in engaging with their friends within a virtual space like the Metaverse, according to a study by Dynata. As we already mentioned, the COVID-19 pandemic was an important catalyst for this increased interest, as people turned to the online world to satisfy their social, emotional and material needs.

The Metaverse Challenges & Concerns the World Is Facing Today

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Despite all the praise the Metaverse is getting, the concept isn’t without contention. For instance, many businesses and consumers have cybersecurity and privacy concerns. That could easily lead to a rise in cybersecurity services, but they won’t address other issues.

These issues also include accessibility and ethical considerations. They’re quite serious implications that go hand-in-hand with the Metaverse’s impact on our health and well-being.

For that reason, there must be legal frameworks in place to safeguard society and businesses against the possible harmful consequences of the Metaverse.

We’ll now dive into these issues in more detail.

Privacy & Security Risks

Source: Morning Consult

Your personal information can be tracked and monitored in a virtual environment. And given that data is a huge commodity, you can be 100% sure that your data in the Metaverse will be collected by advertisers and even more malicious parties. It’s a very valid concern, not least due to Meta’s lax attitude towards personal data and GDPR.

While virtual reality personalization enhances user experiences, it requires collecting and analyzing huge amounts of personal data. That can lead to its misuses, such as data breaches or unauthorized access, leading to identity theft, financial fraud, or even manipulation of user behavior. And let’s not forget authoritarian governments.

Therefore, to address these concerns, Metaverse companies must strike a balance between personalized experiences and protecting privacy, and relevant regulations must be put in place.

Digital Divide & Accessibility

The concept of the digital divide refers to the gap between those who have access to digital technologies (including the Metaverse) and those who don’t. This gap, together with the issues of accessibility, can lead to disparities in access and usage of the Metaverse.

For instance, participation in the Metaverse, including AR & VR, could be limited due to slow Internet speed – especially in rural communities. And with the widespread adoption of the Metaverse in the workplace, it could easily leave people in those areas that work remotely feeling even more excluded, leading to low job satisfaction.

Moreover, the Metaverse needs to address accessibility concerns related to individuals with disabilities. It must be designed to be inclusive, ensuring that people from all walks of life can fully engage and navigate through virtual spaces. The implementation of assistive technologies, alternative input methods, and accessible interfaces are examples of how that can be done.

Ethical Considerations & Content Moderation

Source: Morning Consult

Harassment, online abuse, and inappropriate content in the Metaverse are major concerns of almost 45% of people, according to a study by Morning Consult.

Given the reports of people being harassed in the Metaverse, these concerns aren’t surprising. Over half of people believe that hate speech and harassment must be fully censored within the Metaverse, and 31% believe it should be restricted.

To address the issue of harassment, Meta introduced a “Personal Boundary” feature last year. However, it remains to be seen what further steps Metaverse companies will take to combat the issues of abuse and harassment within.

Legal & Regulatory Frameworks

Source: Statista

Given the Metaverse’s widespread potential impacts on society, the legal and regulatory frameworks regulating its activity must be written in the laws applying to its societal and business aspects.

Take data privacy, for instance. We mentioned above the potential concerns about data breaches, unauthorized surveillance, and potential misuse of data in the Metaverse. According to a report by NortonLifeLock, over 330 million people were victims of cybercrime in 2020. This statistic highlights the pressing need for robust legal frameworks to safeguard user data in the Metaverse.

Additionally, IP rights are a must in the Metaverse, thanks to the flourishing of its digital asset-based economy. Without proper regulations, issues like copyright infringement and unauthorized use of intellectual property can arise. For instance, copyright infringement is difficult to enforce in the UK, so a mechanism is needed to protect British creators’ rights in the Metaverse.

Finally, there need to be regulations on digital currency and NFTs that ensure fairness and consumer protection.

Health & Well-Being Impact

Source: Tidio

According to a study by Tidio, over 77% of people are concerned about the Metaverse’s harmful impact on society. And a significant proportion of these people believe the adverse impact on mental health is the biggest danger posed by the Metaverse. 47% of people see Metaverse addiction as the biggest problem, and others are also concerned about the exacerbation of depression and anxiety (41%).

Economic Disruptions & Market Volatility

Source: Statista

Creating and distributing digital assets within the Metaverse is a relatively disruptive concept. And like many disruptive concepts, it comes with concerns about its market volatility.

One concern is the speculative nature of such assets. The market cap of cryptocurrencies reached almost $3 trillion in November 2021, indicating huge investments in digital assets.

We can’t predict the best Metaverse crypto coins for the future. However, whatever they end up being, the value of such assets is often volatile and subject to rapid price fluctuations. Factors such as market sentiment, regulatory changes, or technological advancements can quickly influence that value.

Another concern is fraud and market manipulation. The lack of clear regulations, transparency, and oversight can create opportunities for fraudulent activities and scams. For example, fake NFT projects and scams have already emerged, deceiving investors and undermining trust in the market.

Potential Future Prospects & Opportunities With the Metaverse

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Despite these challenges, the Metaverse is clearly gaining momentum and is here to stay. In fact, Gartner predicts that 25% of the population will spend at least an hour in the Metaverse every day by 2026.

Indeed, the opportunities in the Metaverse could be endless, ranging from virtual shopping and events to education and collaboration. We’ll dive into some of them now.

Virtual Commerce & Retail

“Many activities will take place online by 2040 using more-immersive interfaces than the current web, for example, e-commerce options in which you feel as if you are strolling down the aisle of a store, meetings in full virtual reality and fully immersive VR or holographic physical fitness options. The technology already exists today, it just needs to be refined, made bug-free, and made user-friendly and affordable”

Olivier Crépin-Leblond, founding board member of the European Dialogue on Internet Governance

Indeed, virtual shopping in the Metaverse with cryptocurrencies seems very plausible. According to Sitecore, 87% of American consumers say they believe the Metaverse will play a significant role in how they shop and interact with brands, with an additional four in five expecting to spend more time in the Metaverse than on social media apps.

To add to that, the revenue in the Metaverse shopping segment is expected to reach $22.72 billion in 2023 and $201.80 billion by 2030. The largest share of revenue is expected to come from China ($8.29 billion in 2023).

Remote Work & Collaboration

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The Metaverse allows people from anywhere in the world to collaborate in a virtual environment. After COVID-19, many companies have adopted remote/hybrid work on a permanent basis. The advancement of the Metaverse is helping such companies and employees collaborate in real-time, wherever they’re working. And such virtual meetings can help people save time and reduce travel costs.

In addition, thanks to the Metaverse’s vast creative space and opportunities for exciting and creative events and experiences, collaboration with colleagues is much more engaging than on Zoom or Teams meetings.

Entertainment & Media

Source: Technavio

When it comes to virtual events in the Metaverse, they’re a chance for creators and artists to showcase their work and make it more accessible to global audiences. Platforms like Art Basel and Museum of Other Realities offer virtual art experiences that blend traditional and digital art forms.

Also, virtual concerts have gained immense popularity, allowing musicians to transcend physical limitations and perform in virtual venues. Metaverse in the entertainment market is expected to increase to $28.92 billion by 2026. Artists like Travis Scott have hosted groundbreaking virtual concerts, attracting millions of viewers. These events not only provide unique experiences but also offer new revenue streams through ticket sales, merch, and sponsorships.

Metaverse in Education & Training

Source: Zion Market Research

The Metaverse in education market is expected to generate $24 billion in revenue worldwide by 2030. That’s no surprise – the Metaverse offers many opportunities in education and training through immersive and interactive learning environments, virtual classrooms, and simulations.

Such virtual Metaverse classrooms enable students and teachers worldwide to connect and learn together. The Metaverse can also enhance this experience by fostering real-time interactions and even virtual field trips.

Simulations allow college students to gain practical expertise in safe and controlled environments. For example, medical students can practice surgeries using VR simulations.

Moreover, the Metaverse offers opportunities for gamification and interactive storytelling in education. Those can increase motivation, engagement, and knowledge retention. The global game-based learning market is projected to reach $52.3 billion by 2030, according to Ziom Market Research.

Key Takeaways – Key Metaverse Statistics & Insights

The worldwide number of Metaverse users is predicted to exceed 1.4 billion by 2030, with the user penetration growing three-fold and hitting 18%.
17% of IT companies are investing or planning to invest in the Metaverse.
The Metaverse gaming market is forecasted to reach $13.84 billion in 2023 and grow to $710.21 billion by 2027.
36% of millennials and 31% of Gen Z would be very interested in attending a museum within the Metaverse.
Over 77% of people are concerned about the Metaverse’s harmful impact on society.
25% of the population will spend at least an hour in the Metaverse every day by 2026.
Metaverse in the entertainment market is expected to increase to $28.92 billion by 2026.

Final Thoughts

From what we’ve seen so far, the Metaverse concept has huge potential for business and society but comes with its challenges. User behavior, legal frameworks, and accessibility are a few examples.

So, for the Metaverse to be truly beneficial to society, businesses investing in it as well as companies running the Metaverses, must work to address these challenges. Tech4good initiatives, cooperation with regulators, and technical and legal measures to prevent harmful behavior on the platforms are some examples of how this can be done.

References

Kate Sukhanova Senior Statistics Contributor

Kate is an accomplished tech writer and SaaS (Software as a Service) founder, renowned for his expertise in the technology industry. She holds a Bachelor of Laws from the esteemed University of Exeter, where she honed his critical thinking and analytical skills.

Beyond her entrepreneurial endeavors, Kate is a true statistics geek. She revels in the world of data and derives insights that drive decision-making and business strategies. This penchant for numbers enhances her ability to craft data-driven articles, guiding readers through complex topics with clarity and reliability.

Kate's passion for knowledge and curiosity about emerging technologies drive her to learn and stay ahead of the curve continuously. She is deeply committed to sharing valuable information about innovations that have a tangible, positive impact on businesses and society.

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Metaverse Statistics 2024: Latest User & Market Trends

The Growing Popularity of the Metaverse