Metaverse Pushes Extended Reality (XR) Market Spending to US$4.84 Billion by 2024, Digital Platforms & Services

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The COVID-19 pandemic has accelerated the pace of digital transformation, putting technologies at the very heart of how people live and work – and that pace shows no signs of slowing. In its new white paper, 38 Tech Stats You Need to Know for 2022, global tech intelligence firm ABI Research has identified and highlighted the most impactful predictions that illuminate the direction in which digital transformation is truly heading.

“Among the millions of data points ABI Research creates each year, we’ve focused on the most illuminating statistics that will matter most in years to come. The rise of always-on 5G wearables, an explosion of the adoption of advanced AI, a proliferation of smart manufacturing platforms, the formation of the metaverse, and a growing focus on cybersecurity are just a few of the many changes on the horizon that point to a more connected world , more vulnerable, and ultimately more technology-driven,” says Stuart Carlaw, director of research at ABI Research.

Metaverse markets and technology statistics highlighted in the whitepaper include:

Extended reality (XR) market spending will reach US$4.84 billion in 2024.

In 2024, Extended Reality (XR) market spending will reach US$4.84 billion, up from US$630 million in 2020; 54.7% will come from hardware, and the rest will come from software and content.

Jake Saunders, Vice President of ABI Research, explains, “A rich ecosystem is growing with notable innovators, such as Nreal, VIVE and Pico, producing XR kits for consumers and businesses.

Content Delivery Network (CDN) revenue will grow from US$10 billion in 2021 to US$23.9 billion in 2030.

For all the hype the metaverse is getting around virtual worlds and assets, it’s the building of this interconnected future where the physical and the digital are merged that deserves more attention. Trends in digital media and advertising, immersive and hybrid workforces, and developments in technology (i.e. advanced 5G and upcoming 6G) are coming together to change the way we consume content, work, access services and communicate. “These evolving markets, especially when they come together, will create enormous demands on networks (i.e. data and ultra-low latency connections) and computing resources. One of the markets that should benefit from this rise of the metaverse is the CDN market,” says Michael Inouye, principal analyst at ABI Research.

“While there are still fundamental challenges ahead – political turmoil, an entrenched endemic and a broken supply chain – these statistics should provide insights and actionable data needed to chart a successful course in 2022 and beyond. “, concludes Carlaw.

Download the white paper, 38 Tech Stats You Need to Know for 2022, to learn more.

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