A metaverse is a complex amalgamation of many superior technologies. These converge to create virtual 3D spaces which offer real-time interactions and immersive experiences. It will reshape our thinking and reorient how we live, work, shop, and learn.
Market trends reveal that the buzz around it is justified. Metaverse Investments are on the rise.
– Market figures depict that the metaverse global market will touch $1,527.55 billion in 2029. (Fortune Business Insights)
There are many versions of the metaverse. Each corporate, educational, or healthcare institute can have its own version, just like its own organization here in the physical world.
Metaverse Investment Trends
Most big corporates are tracking the metaverse sector keenly and are preparing themselves to be present in the mirror world. Most of the tech giants like Facebook and Google are investing time, money, and resources to develop their metaverse. So is Edverse. Edverse is a globally known educational metaverse developer.
The experts are optimistic about the mirror world and its impact on all industry sectors. The educational metaverse is an important vertical and is expected to bring in much-needed changes.
- As per Gartner, the metaverse is one of the most prominent and promising technologies of 2022. The spending on AR and VR, which are core metaverse technologies will rise from $12 billion in 2020 to $72.8 billion in 2024.
- JP Morgan estimates that the metaverse will be a $1 trillion market in the near future.
- To add on, Bloomberg pegged the market for the mirror world at $500 billion in 2020 and estimates that it will touch $800 billion by 2024.
Vertical Insights
- Education
The metaverse will usher in democratization and decentralization in the education sector. Talent, competency, inclusivity, and personalization will become priorities. Learning can happen from anywhere in the same immersive environment. Students can do away with the hassle of relocating or missing out on quality education due to distance and associated costs.
Learners and Teachers can avail new and innovative ways to learn and teach. This will enable higher academic outcomes along with skill development and mastery.
Some of the trail-blazing new approaches in the educational metaverse will be
- Self-learning virtual spaces are suited to the individual style and needs of the learner.
- Active and Experiential learning over rote learning
- Complex concepts explained in 3D environments in the educational metaverse space will enhance conceptual understanding of the subject matter
- Skill development in VR labs and exposure to real-life scenarios in a zero-risk zone. This enhances confidence and reaction abilities.
The industry is bullish on the educational metaverse.
- As per forecasts by Globe News Wire analyses the educational metaverse stood at $4.9 billion in 2021 and is expected to rise to $ 94.9 billion by 2030.
- Insurance, Banking, and Financial Services
The financial sector is upbeat about the metaverse. Prominent banks such as JP Morgan expect a bright future for the metaverse. It is one of the notable banks with a presence in the metaverse. HSBC too has an established presence.
- JP Morgans’ metaverse lounge –Onyx is all for boosting customer social engagement.
- HSBC has purchased land via the metaverse land platform Sandbox and will use it to engage with sports fans.
- eToro is a trading platform that has launched MetaverseLife, for metaverse investments in stocks and cryptocurrencies.
- Entertainment and Media
Web 2.0 brought in enhanced social connections through social media platforms like Facebook and Twitter. With the progression towards Web 3.0 and metaverse technology, the links shall encompass not only people but also digital objects and places. The metaverse will see a convergence of many technologies like AR, VR, blockchain, NFT, and AI.
– Facebook has shown its trust in the platform by rebranding Facebook to Meta and investing in Reality Labs.
Players in the gaming, entertainment, and media space should recognize the power and forecast consumer needs to stay competitive.
- Retail
- Leading brand Gucci has ventured into virtual land and NFTs through sandbox and Decentraland.
- Gucci sold the limited-edition Dionysus Bag for $4,100 Robux, the currency of the Roblox platform. (Global data)
Retail brands are well aware of the promise and potential of the mirror world. They have understood evolving consumer needs and are gearing up to meet them in the metaverse.
Summing Up
The metaverse is rock solid and robust technology. It will not be passing fad but rather the future we will all adapt to. When smartphones entered the market, who would have thought they would carry all our crucial data and information? Today, we use it for shopping for music to booking tickets, and even banking.
Current market trends indicate that metaverse investments are on the rise. People are interested to know more about investments in the mirror world, cryptocurrency, NFTs, and even on how how to purchase land in the metaverse
With all tech giants betting on it, it is but a near reality. So much development has already happened and the scene will only get bigger and better. The face of business and communication will change as we know it today.
Edverse is a leading educational metaverse developer. To know more, connect at www.edverse.com
