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Market Opportunity
The global metaverse market and the AI market are two distinct but related segments that are projected to grow rapidly in the next few years. According to Markets and Markets, the global metaverse market size was worth approximately $61.8 billion in 2022 and is poised to generate a revenue around $426.9 billion by the end of 2027, presenting a CAGR of 47.2% from 2022 to 2027. According to Statista the artificial intelligence (AI) market size worldwide in 2021 was $327.5 billion and is expected to reach $1,394.3 billion by 2029, exhibiting a CAGR of 20.1% from 2022 to 2029.
The growth of these markets is driven by the increasing convergence of the physical and digital worlds, creating immersive and social 3D virtual environments across various domains, as well as the increasing adoption of data-based AI and deep learning solutions across various industries. These markets also offer huge opportunities for metaverse and AI service providers, especially in the emerging regions of Asia-Pacific and Latin America, where the demand for metaverse and AI-based applications and services is rising rapidly. Moreover, these markets are witnessing a shift in the technology landscape, with natural language processing, cloud-based AI, augmented reality, and virtual reality gaining more popularity and relevance among consumers and businesses.