Since 2021, when it was first unveiled, the metaverse has been hailed as the “next big thing” in technology. In fact, the idea of a metaverse does not introduce anything novel; rather, it is built from a patchwork of preexisting technology components.
Metaverse has been dubbed “the new internet” since its emergence. In addition, Mark Zuckerberg, the founder of Meta, who also rebranded his company using this technology, predicted that future users would transform the metaverse into a resource from which knowledge could be actively received and processed. Beyond that, it is expected that the metaverse will play a more significant role, as it will be able to create a shared environment and economy for all its users.
To that end, this article will delve deeply into the metaverse and the possibilities it presents for businesses to integrate it into their services. A more in-depth explanation can be found below.
What Is the Metaverse?
Metaverse is a spatial computing platform that provides users with a digital experience that may either replace or mimic the real world while also incorporating social interaction. As with blockchain, metaverses are built from the ground up.
The metaverse stands out from other systems since it is not a unified entity but rather a network of systems operating under different sets of rules and capabilities. Each and every user of the metaverse who is connected to the Internet has equal access to the “world” represented by the metaverse, which consists of a collection of places that is not limited by geography. The environments offered might be anything from an office to a residence to a playground to a completely bespoke virtual world.
Virtual Reality (VR), Augmented Reality (AR), Internet of Things (IoT), 5G, Artificial Intelligence (AI), spatial computing, and many more technologies are needed to run the metaverse due to its numerous interconnected parts.
Gartner predicts that the more advanced metaverse will become one of the major technologies that will be used by an increasing number of people. The company forecasts that by 2026, over 25% of the world’s population would spend at least an hour each day in the metaverse, engaging in activities as diverse as work, shopping online, education, and entertainment.
As the number of people using metaverses grows, the metaverse market will expand rapidly, from US$61.8 billion in 2022 to US$426.9 billion in 2027 (a CAGR of 47.2%), according to research by Global Newswire and Markets and Markets.
Intriguingly, the presented findings suggest that the expansion of the metaverse market would initially benefit the gaming and entertainment industries before eventually spawning new technologies with applications in the fields of education and industry.
What Does the Metaverse Offer?
The metaverse, as was previously mentioned, is a completely open virtual world. Therefore, the metaverse’s potential may pave the way for growth in a wide variety of markets. Upon entering the metaverse, people can perform the following activities.
1. Communication Platform
The Metaverse provides a platform for direct communication in which people are “transformed” into 3D avatars. This avatar, like Meta, may be customized in a number of fascinating styles.
2. Entertainment
In the Metaverse, users have access to a wide range of tools, allowing them to not only connect with one another but also to build their own virtual worlds and furnish them with digital objects. You may go to a concert, a sport, a museum exhibit, or an amusement park—all in this digital world. With the help of VR technology, you can go anywhere in the world.
3. Sports
Virtual reality (VR) technology for the metaverse holds more than just entertainment potential. Users of the Metaverse may also use the surroundings to participate in virtual sports and meet up with others for group workouts.
4. Work from Anywhere
In the metaverse, it is possible to fully utilize the potential of remote work and remote business. Users with access to VR technology may do tasks from any location in the metaverse, including the beach, the mountains, or anywhere else.
5. Educational Platform
The emergence of the Metaverse has opened the door for innovative approaches to remote learning. A history teacher, for instance, might take their pupils on a direct “time travel” experience if classes were held in the metaverse. In a History class on Ancient Rome, for example, students will be transported back in time two thousand years to see firsthand the visualizations provided alongside the teacher’s explanation.
6. Online Shopping
According to Cyber Scrilla, Meta envisions a future when the metaverse has more than a billion members. If this occurs, it will open the way for the development of new metaverse-based services, such as digital commerce. This means that shopping online will be more engaging and that customers will be able to “browse” directly to the products they want in virtual stores in a more organic and intelligent way.
Exploring Business Frontiers in the Metaverse
Metaverse will offer possibilities and models that are consistent, collaborative, and interoperable, enabling companies to enhance their business practices.
An opportunity for commercial use of the metaverse has developed, says Gartner. While this technology is still in its infancy, it has already been explored by several industries, including the gaming industry, the banking sector, and the retail market.
–J.P. Morgan was the first major bank to invest in virtual real estate and adopt the metaverse, where it estimates US$ 1 trillion market.
-Several automobiles have also adopted the metaverse to manage inventory using spatial computing mechanisms like the augmented reality cloud. Customers at a car dealership may see updated virtual versions of the vehicles they’re interested in from the comfort of their own virtual living room.
-The manufacturing sector uses the metaverse by providing training simulations for workers to manage hazard risks in factories without being exposed to real-world dangers.
-The Direct to Consumer (DToC) model is embraced by businesses that use the metaverse as a customer service hub, from virtual banking and shopping to health care monitoring and concierge services.
-Many companies have used the metaverse as a means of providing virtual workplaces for their employees, fostering collaboration and communication among them and increasing their productivity.
Read More: 2023 Forecast: Top 5 Technology Trends to Watch Out For
Learn More About Metaverse at the CTI IT Infrastructure Summit 2023
CTI Group hosts the annual CTI IT Infrastructure Summit to gather practitioners, vendors, researchers, academics, and policy makers to explore in-depth trends and challenges that will occur in the future and in the present. The metaverse will be the major topic that is thoroughly explored at the CTI IT Infrastructure Summit 2023.
This event will take place in Jakarta on Thursday, March 9th, 2023, and is complimentary to attend for professionals from Indonesia, Malaysia, and the Philippines. It succeeded in attracting interest and enlisting hundreds of participants from various industries every year.
The ninth CTI IT Infrastructure Summit will feature speakers from the IT industry, CEOs, CIOs, and decision-makers under the topic “The Metaverse: Why Your Business Needs to Prepare by Now?” to discuss how prepared businesses are for the utilization of metaverse technology. What are you waiting for? Register at the following link right away to take benefit of the chance to learn and discuss directly from professionals and experts.
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CTI Group is at the forefront of providing the latest insights into cutting-edge technology trends. Our team of over 250 highly trained and certified engineers, in conjunction with our partnerships with over 100 world-class IT brands across 13 subsidiaries, ensures that your business stays ahead of the curve and operates optimally. Our innovative digital solutions serve as a bridge to the metaverse concept and bring it to life within your organization. To learn more about how we can elevate your business, please don’t hesitate to reach out to us at this link.
