The global metaverse market size is expected to reach USD 872.35 Billion in 2028 and register a revenue CAGR of 44.1% during the forecast period, according to a latest report by Reports and Data. Increasing focus on developing metaverse platforms for diverse applications by tech giants and ongoing developments in Decentralized Finance (DeFi) applications are some key factors expected to drive market revenue growth during the forecast period. Increasing development of fintech solutions is also expected to boost revenue growth of the market between 2021 and 2028. Rebranding of Facebook as a metaverse pioneer opens up significantly high potential for companies intending to integrate finance solutions into the next version of the virtual world. Novi, which is Facebook’s digital wallet application, for instance, was recently introduced in the United States and Guatemala. Coinbase is assisting with the experiment as a security partner, which indicates that Facebook will use blockchain to power transactions within the metaverse. Major financial firms are also considering developing their own metaverses. For instance, Coinbase’s planned NFT marketplace will have individualized feeds focused on each user’s preferences to help connect with like-minded creators and users.
Concerns regarding misinformation, marketplace competition, and personal privacy are expected to restrain market revenue growth to some extent over the forecast period. While metaverse provides various economic prospects in the post COVID-19 -pandemic environment, it also brings with it the same basic cybersecurity concerns that existed all along. All of these emphasize on the importance of cutting-edge cybersecurity and data privacy protection that metaverse developers must employ. Up-to-date monitoring of sophisticated cyberattack vulnerabilities, as well as safeguarding of extremely sensitive confidential data, including biometrics, can enable organizations to stay ahead of the competition as opposed to those using standard cybersecurity approaches.