Metaverse

What is the Metaverse?

The metaverse represents an evolving digital realm, enabled by 3-D technology, that leverages virtual reality, augmented reality, and cutting-edge internet and semiconductor technologies to facilitate realistic personal and business interactions in a virtual space. In 2021, companies related to the metaverse reportedly secured over $10 billion in funding, doubling the amount from 2020. As of 2022, investments in the metaverse have surpassed $120 billion. Recent studies indicate that by 2030, the metaverse could create a value of up to $5 trillion. The Metaverse will change how businesses and consumers interact with products, services and each other. The Metaverse offers opportunities today for workforce transformation, customer engagement, operational efficiencies, new revenue streams and more. Already, companies are using immersive Metaverse environments to:

• Recruit, onboard and train employees

• Make workforce collaboration seamless across geographies

• Simulate and enhance operations with digital twins

• Enrich the customer experience

• Market and sell existing, “real-world” products and services

• Market and sell new virtual products and services

• Collect new data on customers while respecting privacy and consent

• Offer hardware and applications that support Metaverse activities.