- The Metaverse is regarded as the advancement of online communication
- In the future, the Metaverse could reach a market size of $8 trillion
- Facebook’s rebranding to Meta and Microsoft’s acquisition of Activision Blizzard are some of the examples that highlight the focus of big tech players on the metaverse
Published: August 2022 Source: GlobalData
The metaverse can be summed up as a virtual environment where people can interact with each other in real-time while taking part in activities like work, play, and shopping. The Metaverse is hailed as the advancement in internet communication.
The COVID-19 outbreak has accelerated digitization and standardized the rise in social interaction and online communication, which accounts for the Metaverse’s rapid growth. Users’ involvement in online communities and social networks is expected to rise as a result of the immersive experience. In the future, the Metaverse could shape into an $8 trillion market.
Augmented reality (AR), virtual reality (VR), artificial intelligence (AI), and the Internet of Things (IoT) are the four fundamental technological pillars of the Metaverse. These technologies have not only enhanced user experience but also increased user engagement. Employee training, collaboration, virtual meetings, and learning are some of the early use cases of the metaverse. The rise in partnerships and acquisitions with a metaverse focus emphasizes the importance of improving AR and VR solutions.
On June 22, 2022, XR Immersive Tech acquired QuarkXR to launch the industry’s first VR streaming solution.
On May 9, 2022, TeamViewer and SAP entered into a strategic partnership to digitalize its warehouse operations with the use of augmented reality (AR). TeamViewer’s enterprise Augmented Reality (AR) platform, Frontline will be integrated with SAP’s Extended Warehouse Management (SAP EWM) application to enhance the logistics process.
On April 22, 2022, Arogo Capital Acquisition, a blank check/SPAC company acquired EON Reality, a pioneer in Virtual and Augmented Reality and Knowledge Metaverse industry and education solutions for an enterprise value of approximately $655 million.
Highlights of the metaverse ecosystem
GlobalData examines how innovative adoption of emerging technologies can accelerate the development of the metaverse ecosystem: Metaverse Becoming a Reality.
Source from Global Data
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