METAPHYSICS

THE METAVERSE INDUSTRY IS EXPECTED TO GROW IN THE NEXT DECADE, ACCORDING TO RECENT STUDIES

The metaverse, as defined by Matthew Ball in 2021, can be described as a collective virtual space that integrates augmented reality (AR), virtual reality (VR), and the internet. It allows for persistent, shared, and user-generated experiences. Ball's definition emphasizes key aspects such as interoperability, user control, and the economic systems that support these virtual environments.

From this understanding, the Metaverse Tool Market refers to the ecosystem of software, applications, and platforms created to develop, manage, and enhance experiences in this shared virtual space. This market includes a diverse range of tools such as 3D modeling software, game engines, development frameworks, blockchain solutions, and user experience tools.

Long-Term Growth in the Metaverse Workplace Tool Market

According to a recent report by WiseGuyReports, the Metaverse Workplace Tool Market is projected to reach a size of USD 24.9 billion by 2032, with an expected compound annual growth rate (CAGR) of 24.12% during the forecast period (2024-2032).
The optimistic forecast for the Metaverse Workplace Tool Market is driven by the growing demand for immersive and engaging work environments. As immersive experiences are increasingly adopted by large companies across various industries, workspaces and professional environments are emerging as key drivers of market growth.

The current flat web experiences for brands and events will evolve into a true 3D internet that is interactive and social similar to popular massive online multiplayer games like Final Fantasy 14 and World of Warcraft . However like all technologies we will have to include traditional ui/ux for older generations to not be left behind but the younger generations will be at an age where they will be the consumers with purchasing power.” said Joey Lee, founder of Immersive experience platform PixelCanvas.

Metaverse Workplace Market by Region

As of now, North America leads the market, largely due to the presence of major technology companies and the early adoption of metaverse technologies. According to the latest data from Crunchbase, there are currently over 3,400 startups in the United States working on AI, AR, or VR, accounting for approximately 40% of the global total in these fields.

However, the Asia-Pacific region is expected to witness the fastest growth, driven by rising investments in digital infrastructure and the increasing adoption of remote work practices in countries like China, Japan, and South Korea. Latin America and the Middle East & Africa are emerging markets with growing interest in virtual workplace tools, although adoption remains limited due to economic constraints and technological barriers.

The region’s strong foundation of leading tech giants such as Meta, Microsoft, and Google is a significant factor contributing to its market dominance.
A trend for remote working models

Additionally, the market is being driven by the increasing adoption of remote working models as industries become more global and interconnected. The shift towards flexible and hybrid work arrangements has created a demand for tools that enable seamless collaboration and communication among teams.

Similarly, conferences, events, and panel discussions are increasingly turning to digital and immersive formats to engage participants.

Many companies today are focused on creating B2B immersive experiences that not only provide a workspace for professional communication between teammates but also incorporate engaging elements such as gamification and in-game rewards.

As the number of conferences, events, and panel discussions continues to grow, the demand for immersive experiences will only increase. A recent example of this can be seen in PixelCanvas' creation of a metaverse for Digital Fashion Week, allowing users from around the world to connect to the event through a shared virtual platform.

Conclusion

Despite the term "metaverse," coined by Matthew Ball, losing some popularity in recent years, according to Google Trends, the industry still holds promise for a bright future. This optimism is fueled by the growing demand for tools that make Web3 communication among work teams easier and more seamles
The current market has been brutal in the last 1 or 2 years as metaverse, web3, crypto and nft have gone from hot to something nobody wants to touch within a short time span. It’s been a moving target as we were also dragged into many directions being involved with nft projects and land sales.” continues Joey when asked about the market performance of last few years.

Key future developments for the industry include the integration of AI into workflows and the incorporation of crypto economies within immersive experiences. Market growth will largely be driven by North American corporate workspaces, which are both demanding and developing new tools to enhance the immersive metaverse experience.

We have a much more clear vision as we follow the money and revenue. Sticking to what we do best which is essentially creating high quality Unreal Engine 5 experiences for brands with our proprietary platform. Best described as Roblox for adults.” concluded Joey.