At this time, the world is still trying to understand what the Metaverse is. But the industry, especially participating brands, believe the metaverse is the future. Much like mobile phones, the Metaverse may change the way we communicate. Many brands are involved in developing the metaverse because they don’t want to be left behind. There are already several metaverse apps on the market for this. According to a recent TrendForce report, 5G market is growing and is expected to reach $14.5 billion by 2023. Also, according to forecasts, the market size is expected to grow to $37 billion by 2026, with a CAGR of 11.0%.
The report claims that metaverse apps are the main reason for the strong growth. These apps are increasing the demand for 5G networks. According to the report, 5G apps will work in different areas. They work primarily in the technology industry, but also in manufacturing, energy, healthcare, smart cars, public transportation, and even consumer electronics.
The report also made a financial breakdown based on 2026 production of $37 billion. Using this value, industrial production accounts for 32% of the total app production value. Medical apps will account for 15%, while smart cars and public transport will account for 25% of total production. Home appliances account for 10% of total production.
The metaverse still has a long way to go
Metaverse is a new app service, according to TrendForce. At the moment most of the brands in the game are still in the early stages of development. Additionally, technologies such as AR/VR and sensing operations still need time to develop. And while the industry doesn’t know exactly what their needs are for metaverse apps, they’re developing rapidly. There are predictions that the growth of the metaverse will explode in the next two to three years. In fact, the Metaverse is trying to rule the world. Metaverse advancements focus on community, multiplayer gaming, education, simulation training, construction, virtual meetings, and more.
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Telecom brands also see business opportunities in the metaverse. At the moment, major telecom brands around the world are subtly interested in the Metaverse. Companies such as Nokia, Ericsson and Huawei are currently investing in the Metaverse. 5G is linked to the metaverse, so it’s no surprise that these brands are investing. Huawei, Ericsson and Nokia are major players in the development of 5G network equipment. So the Metaverse means good business for these brands.
Shanghai Unveils First Batch of Major Metaverse Apps
The Shanghai Municipal Commission for Economy and Information Technology (SMCEIT) recently “2022 Shanghai Metaverse Main Application Scenario Announcement” (hereafter referred to as “Notice”). “Notice” that SMCEIT has launched the city’s metaverse key app scenario standards to implement the “Shanghai Municipal Action Plan (2022-2025) to Foster New Trucks in the ‘Metaverse'” pointing out. This standard reveals a list of what major apps need.
Through open recruitment, expert review and needs clarification, SMCEIT said it has formed a center of excellence in business operations, classroom education, cultural tourism, branded entertainment, intelligent manufacturing, medical health and digital cities. increase. In 2022, the first batch of Shanghai Metaverse Major App Scenario Requirements List has been published. The list is now open to the public, soliciting solutions from leading national and international brands, universities and scientific research institutes. This is good for facilitating supply and demand relationships.
According to the attached notice, the first batch of major app scenarios for Metaverse in Shanghai in 2022 includes seven categories of scenarios. They include medical health, digital city, classroom education, business operations, branded entertainment, cultural tourism and intelligent manufacturing.
India to become the world’s third largest 5G market by the end of 2023
India is one of the world’s largest technology markets. In terms of mobile phones, it is the second largest market after China. This market is big, but it’s not the flagship market. That is, it is not a market where flagship products thrive. The adoption of 5G networks in the region has therefore been very slow. Nevertheless, within months of the public adoption of 5G in India, it is already going very well. A new report from Omdia points out that the global recession will pose problems for the telecommunications market. However, demand for telecom services remains high and this will help mitigate the impact on the industry. Global mobile services revenue growth should slow from 3.78% in 2021 to 2.54% in 2023.
Omdia said the next wave of 5G services will come from low-income markets. Much of his upcoming 5G network will be aimed at low-income markets in Africa, Central and South Asia, and Latin America. By the end of 2023, India should become his third largest 5G market in the world by number of users.
The report also claims that the telecom market will bring a further wave of cooperation. Telecom brands may pool their resources for common and useful results. With slow revenue growth and heavy network spending, many in the industry believe merger and acquisition deals are critical to success.
At the same time, operators will strengthen their focus on business. Many brands will become more focused on their business and may divest non-core assets and businesses. Some brands may consider selling or bringing in related investors.