Acumen Research and Consulting predicts that the metaverse market will grow to $4 trillion by 2032 due to the popularity of virtual and augmented reality technologies. North America and Asia Pacific are expected to drive adoption.
TikTok’s parent company ByteDance is well-positioned to lead expansion in Asia, while US companies Meta Platforms and Microsoft are leading expansion in the West, Acumen said. In Asia, growth will be driven by an increasingly tech-savvy online gaming community, while the $42.3 billion US Metaverse market is expected to maintain its dominant market position.
Companies need to decide how to use technology
Acumen predicts that Metaverse companies will face several challenges in achieving this goal. This includes privacy issues and how platforms can be integrated into a virtual continuum.
Blockchain, the open ledger technology behind Bitcoin and other cryptocurrencies, will likely provide the economic backbone of this virtual world. This allows users to exchange cryptocurrencies and other tokenized assets without intermediaries.
Read more: Top 11 companies to build on the Metaverse in 2023
Acumen notes that developing software, services, and hardware and understanding how to use new technologies must be a priority for companies. Different companies now focus on different factors depending on their core strengths.
Apple’s Vision Pro headset (Pro) is targeted at Apple users looking for an augmented reality experience. Pro superimposes the user interface onto one’s real world and provides new ways to interact with the hardware.
The move makes sense given Apple’s strength in hardware design and the ability of its products to interact seamlessly.
Meta’s Quest 3 headset, on the other hand, aims to improve the reproduction of a person’s appearance within the Metaverse. This technology encodes facial expressions and sends the encoded data over the network to another person’s girlfriend Quest.
Recipients can see a life-like rendering of the sender and feel as if they are in the same room. This niche area of the Metaverse feeds into Meta’s core business of generating revenue through social connections.
William Quigley, co-founder of Worldwide Asset eXchange, predicts that the digital twin market, or the industry that develops working digital equivalents of physical items, continues to face technical hurdles. Masu.
An example of a digital twin is a virtual instrument that plays the same sound in the metaverse as a physical instrument in the real world. Companies like Roblox, which has roots in physics simulation and has already built virtual worlds and marketplaces for brands like Gucci and Chipotle, could play a pivotal role in advancing this technology.
Read more: Top 10 Metaverse Platforms to Watch in 2023
according to Insight, the digital twin market reached $9.5 billion in 2022. The company expects this niche market to grow to $274 billion by 2032 if technology advances as expected.
Quigley predicts that digital twin technology will reach maturity around 2030. By then, we expect to see businesses emerge that can bring physical assets onto the blockchain through tokenization.
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