meta Facebook, which laid off more than 11,000 employees in 2022, is reportedly struggling to acquire and retain users on its social virtual reality (VR) platform called Horizon Worlds. .
in fact, apple CEO Tim Cook says that while many tech companies are bullish about the Metaverse, they are unsure that the average person can understand what it really is.
However, the industry remains bullish on the metaverse. According to the report, the global metaverse market is expected to reach $996 billion in 2030, with a compound annual growth rate (CAGR) of 39.8%.
According to data and analytics giant GlobalData, the metaverse market will reach $22.79 billion in 2021.
Prativa Mohapatra, Vice President and Managing Director, Adobe India, told IANS:
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2022 will see megatrends such as the boom and bust of cryptocurrencies, more examples demonstrating the power of generative AI, and incredible use cases for the metaverse’s long-term journey to truly impact the world. appeared. “With such fast-paced trends dominating the dynamics of the industry and the customer experience in 2023, companies are constantly adapting to change, evolving their strategies and driving innovations that can create impact. We need to focus on looking all the way up,” added Mohapatra.
Various players in the technology sector, including semiconductor, component, and application software manufacturers, are starting to leverage the metaverse.
According to Deepak Agarwal, project manager At GlobalData, the metaverse is still largely conceptual, but it has the potential to transform the way people work, shop, communicate, and consume content.
“Early in development, but could be the next mega-theme in digital media,” Agarwal said.
After 2023, the fundamental building blocks of the consumer metaverse, along with its potentially killer use cases, will continue to be refined, according to experts.
“The enterprise metaverse will continue to gain momentum through 2023. Companies will seek to further increase their efficiencies and combat potentially unsustainable black swan events,” said CMR’s Industry Intelligence Group. Chief Prabhu Ram told IANS.
For example, Indian manufacturers can now use digital twins to remotely monitor, map and manage their supply chains and production plants, he added.
In November, Meta announced that it was donating $1 million to XR open source to support industry group FICCI (cross) fellowship program will support 100 Indian developers working on XR (Augmented Reality) technologies for the future of the Metaverse.
Run by FICCI, the XROS program offers developer fellowships, including scholarships and mentoring.
The National e-Governance Division, an initiative of the Ministry of Electronics and Information Technology (MeitY), will be the technical partner of the program.
“India’s techcade vision can only be achieved if young developers and start-ups, including tier 2 and 3 cities, contribute to the realization of future technologies such as XR in the Metaverse government.
In 2021, Meta partnered with the Central Board of Secondary Education (CBSE) to bring immersive technology to over 10 million students and 1 million educators over the next three years.