Metaverse Industry in UK To Reach $7,828 Million in 2023

The metaverse industry in the United Kingdom is flourishing as it is expected to hike by around 46% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the UK metaverse market and its future, the metaverse industry in the UK is predicted to increase by 45.6% on an annual basis to reach $7,828.3 million in 2023, a matter which shows the remarkable growth of the metaverse in the country.

The report also anticipated that the UK metaverse industry would grow up steadily in the coming period to hit a CAGR of 34.3% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in the UK is predicted to increase from $5,375.0 million in 2022 to reach $61,598.7 million by 2030.

It attributed this significant growth to the increasing adoption of metaverse applications in 2022, whether in entertainment events such as concerts in the metaverse or online shopping, pointing to the consumers’ openness to do several activities in the virtual space. 

In addition, the report noted that the investment in the metaverse would remarkably grow from the short to medium-term perspective, maintaining a robust growth outlook for the industry over the next three to four years.

A new poll found that UK consumers are divided on the role which the metaverse will play in the coming decade.

Nearly half of UK consumers believe that the metaverse will be widely used within the coming ten years, a new survey by KPMG UK showed.

The survey, in which 3000 UK consumers participated in their view toward the metaverse, found that 47% of UK consumers think that the metaverse will become widely used in the coming 10 years.

More than a third of the consumers in the UK (37%) showed a positive stance toward the metaverse, while 31% had a negative opinion of the virtual space, while the rest (32%) have no opinion or don’t enough about the metaverse.