Excerpt from our e-book Trends Report: Technology & Outsourcing
Let’s start with the notion of the metaverse as a shared virtual space that is fully immersive – although not yet fully developed. Its impact, however, is already real. Predictions estimate that the metaverse industry will generate between $5 trillion and $13 trillion by 2030. Games like Roblox, Minecraft, and Fortnite have caught the attention of executives and analysts, while Decentraland has been the stage for the first metaverse protests.
With the ongoing pandemic, 2021 was the year of the metaverse boom, marked by Facebook’s rebranding. As a result, searches for the term “metaverse” increased by 7,200%. The curiosity extended beyond individuals; companies also saw commercial potential in the metaverse. According to Gartner, by 2027, over 40% of large global organizations will use a combination of Web3, Cloud, Augmented Reality, and Digital Twin in metaverse-based projects aimed at increasing revenue.
Embracing the Metaverse
Practically every industry will explore or adopt new models of digital interaction by 2030. Not all are seeking growth or offering new customer experiences. Some see the virtual world as an opportunity to optimize existing business models and reduce operational costs. Aviation giants Boeing and Airbus, for example, will take aircraft testing to the metaverse by building and connecting three-dimensional virtual replicas of the plane and the production system capable of performing simulations.
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Areas for Improvement
Like anything with the potential to generate disruption, the metaverse also raises important ethical and social issues that tech leaders must consider. One of the most crucial issues is privacy, as the metaverse involves the collection and use of users’ personal data to personalize their experiences. It is essential to ensure that this data is collected and used responsibly and that users’ privacy is protected. Additionally, it is important to consider digital exclusion. Not everyone has equal access to the necessary technologies to participate in the metaverse, which can create a digital divide and further increase social inequalities. The industry must work to ensure equitable access to the metaverse and provide everyone with the opportunity to participate.
Engagement and the Future of Work
The premise of the metaverse is to create a shared virtual space where people can interact and even work. Therefore, can we consider it as a potential enhancer of engagement for IT teams? The answer to this question can be found in our Trends Report, an e-book that gathers insights about six major tech trends. Access it now!
