The metaverse, a virtual world where users share experiences and interact in real-time within simulated scenarios, will face an uphill path ahead as limited use cases hamper its adoption, says GlobalData.
GlobalData’s latest report, “Metaverse – Thematic Intelligence”, reveals that the metaverse struggles from limited knowledge of the theme, unimpressed consumers, the postponement of projects by Big Tech, and concerns with privacy and security. It will be worth $400 billion by 2030, up from $48 billion in 2022.
Rupantar Guha, Principal Analyst at GlobalData’s Thematic Intelligence team, comments: “The metaverse has struggled to live up to the excessive hype that built up in 2021 and early 2022. The theme has lost its luster due to limited use cases and the limitations of underlying technologies like blockchain, augmented reality (AR), virtual reality (VR), and digital twins. Without improvements in these technologies, the metaverse will continue to disappoint.”
Technology companies must develop user interfaces that are easily accessible, synchronize real and virtual environments, and provide safety and comfort during prolonged use. Platform providers must offer a range of content that users want to experience repeatedly. Those that stick to one content type will limit their revenue opportunities in the long run.
Guha concludes: “The metaverse hype is primarily focused on consumer use cases, but solutions like data visualization, collaboration, and training will fuel the enterprise metaverse. Despite skepticism around its long-term benefits, focusing on the future of work will boost adoption by large enterprises in the next five years.”
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