The metaverse has quickly become the buzzword of the tech world, and its potential has garnered significant attention from researchers and industry giants alike. According to a recent study by ABI Research, a leading global tech intelligence agency, the development and popularity of the metaverse are set to explode in the coming years, all thanks to the advancements in artificial intelligence (AI). The study projects an impressive growth curve for the metaverse, with user numbers expected to reach 1 billion and generate a revenue nearing $50 billion in the consumer domain by the year.
Redefining the metaverse
Michael Inouye, the Principal Analyst for Metaverse Markets and Technologies at ABI, points out that the term “metaverse” is not just a novel market name. Instead, it encapsulates ongoing market trends and shifts across various industries
While Facebook’s recent rebranding might have made “metaverse” a household term, Inouye stresses that the roots of this digital ecosystem are much older and run deeper than just a name change from a social media titan. He underscores the crucial role of AI in this context. AI technologies aren’t just complementary to the metaverse – they are foundational and pivotal for its growth and evolution.
Technological pioneers
Tech giants like Apple are at the forefront of pushing the boundaries of the metaverse. Devices such as Apple’s Vision Pro showcase the vast potential spatial computing holds. These devices and advancements are gradually blurring the lines between conventional applications and immersive experiences. The forthcoming Wi-Fi 7, with its enhanced capabilities, is another technology on the horizon set to expand the reach and accessibility of immersive devices.
Gaming and social media
It’s not just tech devices leading the charge. The gaming and social media sectors have emerged as critical players in the metaverse arena. These sectors are breaking new ground by introducing innovative business models that emphasize digital asset ownership. Such groundbreaking strides can be compared to the transformative phase that streaming videos experienced a few years ago. The evolution and popularity of live-service gaming, combined with the shift towards consumer control and the convergence of industries in the “Industry 4.0” era, highlight a future that aligns perfectly with the metaverse’s vision.
Inouye encapsulates this sentiment by stating, “The paradigms shifting in favor of consumer control, the melding of industries in the ‘Industry 4.0’ era, network unifications, and the evolution of live-service gaming, all hint at a future echoing the metaverse’s promise.”
The metaverse represents more than just a digital escape; it signifies the future of interconnected reality. With AI playing a pivotal role and industries converging towards this shared vision, the metaverse’s promise seems not just plausible but inevitable. As researchers, tech giants, and businesses continue to invest and innovate, the digital and physical worlds’ melding appears to be just around the corner.
