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Metaverse : Here to compliment, not to compete
Metaverse : Here to compliment, not to compete

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The Metaverse is one of the most talked about emerging technology which has recently made a wave with its debut in fashion shows and music concert. The recent years have witnessed a strong interest in the ‘Metaverse,’ and the promise of a virtual economy which is regardless of geographical constrains or centralized institutions. It is said to be “new dawn for digital innovations”, while many perceive it as an enhancement or upgrade of existing digital spaces.

Source : Elements of Metaverse, Gartner
Source : Elements of Metaverse, Gartner

Metaverse is a collective virtual “universe”, which is developed to provide enhanced immersive and 3D digital experience. This will be powered by technologies such as AR / VR, Blockchain / NFTs, AI, IoT, and 5G. In the recent times, immersive experience has penetrated the consumer market as highlighted by the sales of the XR devices and VR devices. In fact, as these technologies evolve to create increasingly connected digital experiences, total VR/AR spending worldwide is estimated to reach $72.8 billion in 2024, from $12 billion in 2020 (as stated by Gartner).

According to Gartner, by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media and/or entertainment. Further, as per Citigroup, The total addressable market (TAM) for the Metaverse economy is expected to stand at $8 - $13 trillion by 2030, with up to 5 billion users.

This means that Metaverse is no more a hype, it is a reality in its early stage. In coming future, Metaverse will be a significant technology that would grow across various industries to provide a digital reality experience and might become mainstream to an extent.

The Metaverse aims at “driving social and community experience to next level” and diminishing the constraints of the physical world. However, the immersive experience is expected to “Co-exist” rather than compete when it comes to evolution from Physical to Metaverse experience channels.

For example, if we observe the paradigm shift in shopping experiences, we are currently dealing with various channels which are powered by technology and consumer behaviour. The experience has evolved from physical shopping to online and now also immersive experience. However, these experiences cater to different scenarios and products with restrictions of physical and social experiences.

To bridge in the “touch and feel” experience gap, companies are working towards technologies such as haptic suits that in future may able to provide the physical touch and feel experience. Tesla suit is one such suit which is working on physical VR experiences however right now it is highly expensive and will take years to become a commercialized product. With the continuing expansion of 5G connectivity, immersive experience applications and haptics technology now are not only being limited to entertainment and gaming but also becoming more mainstream in the medical and manufacturing industries. For example, Imperial College London is currently using haptic technology to recreate the interactions between a clinician and the human body during medical examinations and surgical procedures to help train future practitioners and provide real-time feedback on training. It would be interesting to see how the immersive experience will evolve in the future considering the vision and potential that it has shown in the recent times.

Sources:

Accenture Technology Vision 2022: “Metaverse Continuum” Redefining How the World Works, Operates and Interacts

Gartner: What Is a Metaverse?

Metaverse: Shaping India's Future? | Ajit Mohan On Decoding Meta's 10 Yr Plan | IGM Council | ET Now

The Metaverse and How We'll Build It Together -- Connect 2021: Mark Zuckerberg

NTLF 2022: Masterclass: Metaverse: Hype or the Next Big Thing?


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