The value of the Metaverse economy will increase from $48 billion in 2022 to $400 billion by 2030, according to a new report.
of Metaverse – Thematic Intelligence The report notes that this growth will unfold even as the current metaverse and crypto winter have waned interest.
In fact, the Metaverse is by far the most emerging technology in the group of seven most important technologies that are all hype and no substance. What a recent GlobalData study revealed.
Of the 368 respondents surveyed across the Verdict network of more than 30 business-to-business (B2B) websites, nearly two-thirds (59%) say they have used the Metaverse (a collective term for online 3D virtual words) We reported that we consider it to be overhyped. The next closest technology was augmented reality (AR), which overlays digital content onto the real world, at just 19%.
References to Metaverse patents and applications
The hype surrounding the Metaverse has faded in recent days, with the number of patent applications dropping from 16,700 in Q1 2021 to 10,900 in Q3 2023, according to GlobalData’s patent analysis database. It has been suggested that this decline may be a result of companies redirecting their attention and investment. Towards generative AI.
Still, the Metaverse remains high among business considerations, with GlobalData’s filing analysis predicting more than 3,000 mentions of the Metaverse in 2022 and more than 3,600 mentions by the end of Q3 2023. has been confirmed. remains an important consideration for businesses.
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Commenting on the future of the metaverse, Suneet Muru, Thematic Analyst at GlobalData, said: “User experience will be a key factor in ending the metaverse winter. Advances in enabling technologies such as augmented reality, virtual reality, and cybersecurity will only become easier if companies can translate them into user-friendly interfaces. It’s not a simple pursuit.
This is especially true in the open metaverse, where the integration of blockchain and cryptocurrencies has made the functionality clunky. While the ice in the enterprise metaverse is certainly melting quickly, it remains to be seen what value it can add beyond the existing array of workplace collaboration tools. ”
GlobalData’s report also highlights key trends related to the metaverse, such as the future of work, digital identity, and data privacy, alongside the obvious metaverse winter.
A metaverse can be conceptualized as a shared virtual experience where users can interact in real-time experiences and transactions. Currently, the main use cases for the Metaverse are found in augmented reality, virtual reality, and digital twins.
GlobalData’s report provides an overview of the structure of the Metaverse and describes two groups that compete with the Metaverse: Walled Gardens and Decentralized Autonomous Organizations (DAOs).
A walled garden, as the term suggests, is a closed platform where all operations are controlled by one company, giving it complete control over the Metaverse platform. Of the two, it currently has a large and diverse user base and dominates marketing. In contrast, the DAO allows members of the network to decide how the platform operates, but although it is still relatively young in development, it has the advantage of being more transparent and secure from regulators. However, they still exist in a legal gray area in various countries, which can lead to criminal activity.
Examples of DAOs identified in GlobalData’s report include The Sandbox, Decentraland, Axie Infinity, and Somnium Space. GlobalData’s report shows that as the metaverse matures, multiple metaverses will work together instead of one homogeneous platform.
Perhaps most notably, banks such as JPMorgan and HSBC are among the companies showing interest in Metaverse, opening customer lounges where users can socialize and consult with experts.
Regarding this, Muru added: “Last year, banking companies showed strong interest in open metaverse platforms like Decentraland as a branding and marketing effort, but this has largely died down.A more natural opportunity for banks is to broker transactions. Banks are already doing it in walled gardens. With open platforms, this possibility is limited and the crypto industry faces challenges such as volatility and lack of security and regulation. ing.”