When Facebook re-branded itself to Meta, the world was left wondering, what the tech giant had up its sleeve. The Metaverse is defined as an iteration of the Internet that will simulate a universal and immersive virtual world which is viewed and accessed by the use of virtual reality (VR), augmented reality (AR) and mixed reality (MR). Over the next decade, the Metaverse is expected to be pervasive in business, our private lives, and social interactions in many forms. In a research survey that Zinnov conducted over 18 months, Zinnov spoke to at least 50 CXOs regarding Metaverse and its plethora of possibilities.
In this Point of View, we break down what the Metaverse is, how it is experienced, and present the current addressable market for technology companies to target. We deep dive into the current use cases, the business opportunities, and the partnerships that are being leveraged to create new offerings. The document presents the findings from our extensive research an ecosystem connect.
With the advent of Web3.0, we are at a crucial juncture, of redefining what entirely virtual experiences could look like. The Metaverse is poised to act as a catalyst for underlying technologies such as Blockchain, IoT, Digital Twins, and Mixed Reality with AI and Machine Vision. Retail and the Automotive sector have already leveraged the Metaverse to ameliorate their customer experiences, by simulating products. The Metaverse is also becoming an important conversation in workplaces, and how it can shape the future of work. But how does this affect companies directly?
The world will see a rise in AR/VR applications, headsets and other Metaverse supporting technology. While companies alter their offerings and future strategies based on the Metaverse, they can also equip themselves to future proof business and stay in sync with new developments. Building capabilities that will cater to the Metaverse will be vital, and a first step towards pioneering innovation in the sector.