May 11, 2022
“The metaverse will have a big impact on every sector in the coming years.”
The metaverse: while some of us are still coming to terms with the idea that we’re likely to spend increasing amounts of time in a 3D version of the internet, companies are already scrambling to define the space, carve out their niche, and even snap up virtual real estate.
The shift to the metaverse is likely to have a positive business impact, according to 71% of respondents to an Accenture survey, and 42% say it will be “breakthrough” or “transformational.”
The metaverse will infiltrate every sector in the coming years, culminating in a market opportunity worth more than $1 trillion in annual revenues, according to JP Morgan. Mark Zuckerberg’s Meta says the metaverse will be “the biggest opportunity for modern business since the creation of the internet”. He has outlined plans to spend more than $10 billion on developing virtual reality software and hardware.
“While we are at the early days of the metaverse, it will advance very quickly,” Accenture’s Chief Executive Officer Julie Sweet and Chief Technology Officer Paul Daugherty say in the report. “If companies don’t act now, they’ll find themselves operating in worlds designed by, and for, someone else.”
Advances in technology are becoming more reliable than economic, political or social trends in informing businesses’ long-term strategy, say almost all the global executives surveyed.
Source: World Economic Forum
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