Metaverse will reach industrial ecosystems before consumers, says World Economic Forum

The World Economic Forum’s specialists have placed significant wagers on the metaverse market. Before individual customers join the virtual universe ecosystem, metaverse technology, a key component of Web 3, is anticipated to see widespread industrial adoption.

More businesses and industrial players are anticipated to use the metaverse technology to modernize their site design, task management, and advertising strategies. Based on blockchain networks, the metaverse enables individuals to exist as avatars in additional virtual worlds.

“We are witnessing the rapid emergence of a metaverse focused solely on the industry. So far, digital twins have been used mainly for monitoring and analysis, but the full potential of the industrial metaverse is far greater. As edge and cloud processing capabilities, private 5G wireless networks, and new sensing, interface, and AI technologies are added to the mix, we’ll move from a state of awareness to a state of control,” Nishant Batra, the chief strategy and technology officer at Nokia wrote in a World Economic Forum (WEF) blog post.

World Economic Forum identifies two components of metaverse

The WEF has identified two components of the metaverse technology—Digital Twinning and Extended Reality (XR)—as having the most potential to improve the market. While Digital Twinning focuses on gathering data and digitizing the world around us, XR is an umbrella term that includes Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR).

According to reports, the WEF is getting ready to present the Global Collaboration Village, a metaverse venue, at Davos in the upcoming days. This will be a virtual meeting place and workspace for organizations and world leaders.

Over the next two years, research sources predict that the market opportunity for the metaverse might exceed $800 billion. The increase in industrial metaverse use is anticipated to benefit social networking, gaming, and the auto sector.

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