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By 2030, the metaverse will represent an approximately $750 billion market opportunity as businesses from various consumer groups seize the opportunity to broaden their reach.
Gen Z members in particular are expected to use the metaverse as a platform to interact with social networks, watch media, and take part in virtual competitions and sports.
According to a recent report by Frost & Sullivan titled Global Metaverse Growth Opportunities, the metaverse will eventually connect a network of virtual worlds to the real-world economy.
Organizations will be able to engage in economic activity just like they would in the real world.
Read also: Meta, Microsoft, and others converge for an ‘open metaverse’ (commsroom.co)
Frost & Sullivan ICT Research Director Kiran Kumar said, “Big technology companies see huge potential in the metaverse, deeming it the next level of the internet.”
“Gaming, media & entertainment, and retail are the sectors which have witnessed high adoption and promise high growth potential over the next 12 months, based on Frost & Sullivan’s assessment of the application ecosystem.”
Kumar added, “Interoperability is the defining property of the metaverse. The success of the metaverse would rely on the ability to unify systems, platforms, and economies in terms of incentives and benefits tied to the physical world, which remains a critical challenge to be addressed.”
You may also want to read: Meta’s first human rights report: A pat on its own back? (commsroom.co)
To take advantage of the metaverse’s limitless opportunities, Frost & Sullivan’ says market participants should:
The most recent addition to Frost & Sullivan’s Information & Communication Technology research and analyses, Global Metaverse Growth Opportunities, is accessible through the Frost & Sullivan Leadership Council.
This report aids organizations in recognizing a steady stream of growth opportunities to thrive in an unpredictably future.
With AAP. (Content has been tweaked a bit for style and length.)
Jaw de Guzman is the content producer for Comms Room, a knowledge platform and website aimed at assisting the communications industry and its professionals.
