Metaverse

Metaverse

Into the metaverse

The metaverse as a concept is rapidly moving from a buzzword to an inescapable reality. While XR (extended reality) blurs the lines between digital and physical worlds, the metaverse takes things a little further. In the metaverse, people will be able to interact as digital avatars with one another and with objects in the digital world while being physically located anywhere in the world. The metaverse can be described as a confluence of technologies – bringing together extended reality (XR), the Internet of Things (IoT), blazing fast connectivity that 5G and other advances in communication promise, along with graphics, displays, and the cloud.

Ever-expanding potential

Like the universe, the metaverse is constantly expanding, with seemingly infinite possibilities. With a global market value of $47.48 billion in 2022 and a robust CAGR of 39.44%, it is expected to surpass the value of $678.80 billion by 2030 (Metaverse Industry Report, published by Strategic Market Research) While the first thing that most people think of in these circumstances is gaming, the potential is much bigger. From retail to healthcare, manufacturing to education, the potential for the metaverse is vast. Some other industries that are foraying into the metaverse are fashion, real estate, military, media & entertainment, and customer experience. Unshackled from the limits of space and time, the metaverse offers radically new opportunities that can transform industries beyond gaming. As a nascent area, the metaverse space is ripe for forward-thinking companies and brands to venture into and reap early-mover benefits as the concept explodes.

Ready to traverse the Metaverse

Success in the metaverse will be dictated by those who skill up early and are prepared for the transformative changes ahead. This means a hunger to learn, with innovative thinking and a pioneering spirit as the incipient industry develops into the behemoth it could become. Clients looking to blaze a trail and create a footprint in the metaverse need a technology partner who has a strong foundation of skills in the various technologies required for that journey. Procal’s rich experience in blockchain and XR (extended reality) will stand customers in good stead as these are considered the building blocks of the metaverse. That’s only a part of it. The journey will require deep skills in human-computer interaction, AI (Artificial Intelligence), Machine Learning (ML), cybersecurity, IoT (Internet of Things), cloud and 5G, and others. Venturing into metaverse technology is impossible without familiarity, and expertise in the devices that make the journey possible. From VR HMDs like Oculus Quest, Valve Index, HTC Vive, Sony PlayStation, and HP Reverb, to AR devices like Microsoft Hololens, Epson Moverio, and MagicLeap, apart from HUD screens, cameras, controllers, and more. Procal brings the tech knowledge as well as the ability to define use cases, offer strategic inputs for ideal decision-making, and create roadmaps for impeccable execution.

The impact of the metaverse on businesses​

Gaming

The gaming industry is one of the drivers of, and primary investors in, Metaverse technology. The metaverse lets players interact with one another in a full-fledged social, interoperable environment. This differentiates it from Metaverse from VR gaming

Travel and Tourism

The metaverse offers immense potential for virtual tourism. Participants can travel in a virtual environment and experience distant locations without moving from their homes. The technology can also help people get a preview of a tourist destination before they decide to travel there in person.

Education and Learning

The potential for metaverse technology in training, education, and learning potential is promising. From school and college classrooms to hazardous military weapons training, the technology can provide =more immersive, intensive learning that is more experiential and enhances understanding. Simulations make learning visual and near-practical compared to bookish theory learning.

Healthcare

The metaverse has opened up myriad new possibilities in healthcare. Delivering low-cost treatment from remote locations can expand the health network to large underserved populations. For example, doctors can interact with patients in virtual 3D clinics.

Private Digital Spaces

Private Digital Spaces could be very popular in the MetaVerse. Participants looking for exclusive social interactions by interest or other criteria.