By Agam Chaudhary
Metaverse has become a symbol of the infinite potential of technology as well as the endless possibilities of the future. Immersive technology, which is a combination of augmented, virtual and mixed reality accessible via PCs, game consoles and phones, has been considered a $800 billion market by 2024 and $5 trillion by 2030.
Metaverse has become a hot topic since Facebook rebranded as “Meta” to mark its journey into a platform that facilitates the digital evolution from “browsing” the internet to “living” in it. However, the discussion on this currently seems to be limited to NFTs, games, social networks and preparation in the next few years. It focuses more on cultivating a mind shift towards technology that should become a reality within the next five years. However, contrary to this general perception, the metaverse is not going to happen somewhere in the future, it is already here!
Look around you and you will find many real world metaverse use case across sectors. At least nine industries are already reaping the benefits of immersive technology. For example, retail and restaurants offer consumers an immersive shopping and dining experience. The same is true for health care (hospitals and assisted living facilities), travel and visits (training of pilots and virtual tourist guides); financial services (commercial and investment banking); media & telecommunications (field technical assistance and consumption of immersive content); public sector (government, military, schools and smart cities); construction and real estate (design and engineering of buildings, house tours of real estate agents); energy (oil and gas, utilities, mining and agriculture) and industrial goods and transportation (automotive, shipping and machinery).
The year 2022, in fact, is proving to be a game-changer for the growth of the Metaverse. If the last report of McKinsey & Company Either way, the technology is expanding to include real-world metaverse cases that go beyond social media and online games. He points out that more than 120 billion dollars have been invested in building metaverse technology and infrastructure in the first five months of 2022. The number is more than double that of the $57 billion which was invested in 2021.
This is just the beginning!
The author is the mentor for Web3.0 and e-commerce businesses
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