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By 2024, the market size of Metaverse is expected to reach $800 billion.
Reuters
Given the massive disruption caused by Metaverse and big data, businesses in the UAE will be forced to make some fundamental changes to their marketing, sales and business strategies.
Industries such as travel, advertising, entertainment, leisure, retail and education will be revolutionized as consumers are influenced by the latest marketing campaigns that engage them in the physical and virtual worlds, and vice versa.
Marketers will rely on big data to infer consumer trends, and the most sought-after segment today is the metaverse as Web 3.0 deepens its reach among the masses. An industry expert said big data is the future of official statistics and at the heart of decision-making, as big data and artificial intelligence provide the most modern, accurate and reliable information, and it is available in a timely manner, so there is no alternative. .
Ali Shabdar, Regional Director, Zoho MEA, UAE said: “The Metaverse will create a whole new world of opportunities, helping businesses expand into a more realistic virtual world dimension. Human-to-human interactions, including business, will develop and in turn generate vast amounts of data , for businesses to leverage to help them optimize operations and further personalize experiences for their audiences.”
Consumer attitudes and real-world behavior will be influenced by the virtual experiences businesses can deliver.
“As online users become immersed in virtual worlds, more data can be sent out and fed into virtual systems. In fact, the virtual world market is expected to reach $800 billion by 2024. This is sure to bring staggering amounts of data. volume, up to 150+ zettabytes (1 zettabytes = 1 billion terabytes) will need to be analyzed by 2025,” Shabdar added.
The emergence of Metaverse will rapidly increase the demand for big data management and analysis, requiring enterprises to allocate more resources to realize their potential.
Businesses must prepare quickly to meet the numerous opportunities and challenges presented by the rapid growth of the Metaverse. As a gateway into this virtual world, AR/VR technology needs more development, which in turn will require more resources (skills, software, hardware) to be allocated to it.
Singapore-based big data and artificial intelligence (AI) startup Crayon Data is expanding its footprint in the region to cater to some of the UAE’s top brands.
Suresh Shankar, co-founder and CEO of Crayon Data, said: “Metaverse is trying to bring a rich 3D physical experience to a digital format. In some ways, it’s a next-level experience, just like the web and mobile add to the A new layer. In other respects, it’s a bigger leap than the Internet/Web 2.0 world.
The basic building block of the Metaverse is data. Today, we are flooded with data generated and collected through various consumer applications from digital giants, banks, airlines, and more. In fact, given the number of apps and devices we use, parse the data and make sense. Shankar informs consumers and businesses.
The Metaverse will generate exponentially more data as it recreates the experience of the physical world. Where are more available signals. The importance of artificial intelligence and machine learning will grow exponentially in the metaverse. Because the human brain cannot manage such a large amount of data. Creating correlations will become more difficult, and even more rewarding.
“The UAE is already an experimental hub for Metaverse in terms of building applications and services. Many companies have already set up here and are looking for new applications to build. So we will see a lot of innovation and experimentation here,” Shang said. Carl concluded.
sandhya@khaleejtimes.com
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