The extended reality (XR) devices, edge and cloud computing, 5G and 6G cellular networks, artificial intelligence and machine learning, the internet of things, “volumetric scanning and 3D modeling,” and, to throw in a few more buzzwords, a point covering “blockchain/cryptocurrency/NFTs, which enable digital property and payments” are all examples of major technologies that our readers are sure to be familiar with. Deloitte frames the metaverse as consisting of these major technologies
This could be something as simple as a new way to hold remote meetings or as complex as building an interactive, digital twin of a factory floor for a variety of purposes ranging from product design and testing to process monitoring and troubleshooting. For consumers, this could be something like a multiplayer game; for businesses, this could be something as simple as a new way to hold remote meetings or as complex as building an interactive, digital twin of a factory floor.
Considerations “technical, social, and financial” are “converging to make the metaverse particularly crucial now,” according to Deloitte. To begin, the technology described above is rapidly approaching a stage in terms of both functionality and adoption at which the entire concept is becoming realizable. Second, it is a new potential growth vector that companies in the related industries can possibly harness. Thirdly, the COVID-19 epidemic introduced brand new interactional standards that appear to be becoming ingrained in our culture. A total of $80 billion in corporate investment and $10 billion in venture capital investment were reported by Deloitte over the course of the previous year. This brings us to our fourth point. And last, the fifth point is that the idea of the metaverse is congruent with the concept of a “growing digital economy.”
Deloitte highlights various outcomes for the next decade that could affect the venture’s viability. These results will affect overall success
In conclusion of this summary of a more comprehensive paper written by more qualified individuals, Deloitte suggests steps that corporate decision-makers can take right now to strike a balance between pragmatism regarding an opportunity that is decidedly nebulous and actionable, organizational direction. These steps can be taken right now. The authors come to the conclusion that “the potential of the metaverse should not be underestimated.” “Stay focused on the big picture. Pay attention to user demand and the factors that drive them. [And] pledge your allegiance to the concept of a’responsible metaverse.'”