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Assuming linear growth, the Metaverse market could reach around $500 billion by 2030, international management consultancy Arthur D. Little (ADL) said in a new report.
“Metaverse, Beyond Fantasy” is the latest in a series of new reports from ADL under the “Blue Shift” banner, exploring the impact of new technologies on business, society and humanity. It goes beyond the hype to provide businesses with a true picture of the metaverse, with a particular focus on the technologies needed to make it happen.
While Metaverse is not a new concept, development and adoption have accelerated rapidly over the past few years, driven by the convergence of three industries: gaming; collaboration and productivity tools; and social media and networking. However, while the size of the Metaverse market is difficult to estimate, the report emphasizes that the company should not underestimate its potential importance to its business.
The report provides a cautious low-end forecast, estimating that the current Metaverse market (excluding infrastructure and enabling technologies) is worth an estimated $50 billion. These numbers come from ADL analysis, which is based on reliable recent forecasts for AR, VR and MR software and hardware markets across multiple consumer, enterprise and industrial segments.
The report looks at Metaverse’s key enabling technologies, including artificial intelligence (AI), Internet of Things (IoT), and blockchain, and provides a six-layer architectural framework to understand Metaverse’s current state of development. While the report concludes that today’s businesses face a raw, unconnected virtual world and technological challenges remain, it also urges them to take steps now to understand the current market and position for the future.
Arthur D. Little’s Blue Shift Director Dr. Albert Meige said: “Metaverse is essentially the future version of the Internet, with new technologies poised to transform online usage and business models in the same way smartphones revolutionized the web. While we’re far from a complete A fully immersive version of the metaverse is still about a decade away, but huge opportunities already exist. The question is, how to take them?
“This report provides an unprecedented analysis of Metaverse’s technological and business maturity. It draws some conclusions that are very different from what other commentators have previously said.”
Thomas Kuruvilla, Managing Partner, Arthur D. Little, Middle East, speaking at the upcoming Metaverse Conference in Dubai, said: “There are enormous opportunities for industries in the digital economy amid the accelerated transition from the classic web to Metaverse. Enterprise The importance and potential of Metaverse should not be underestimated – take steps now to understand the current market and position for the future. The new report provides a real picture for businesses, with a particular focus on the technologies needed to enable Metaverse.”
Considering the opportunities, it is useful to divide the Metaverse market into three types: consumer, corporate, and industrial. Many practical applications of Metaverse already exist in most areas of consumer, enterprise, and industry. However, these are currently implemented as prototype metaverses. In addition, there are current infrastructure opportunities.
Considering the current technical challenges that still need to be overcome, the report conservatively assumes that 10%-30% of the new market space is created by further advances in Metaverse adoption until 2025, exceeding recent forecasts.
Going forward, technological advancements may change the quality and cost of virtual experiences and lower barriers to adoption. The technologies needed to realize the Metaverse as the “future of the Internet” are unlikely to emerge within a decade. At the same time, the current primitive virtual world still offers considerable opportunities for many industries. – arab trade news agency
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