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a market opportunity of more than 200 billion dollars

Lima.- The metaverse market is taking shape and is already offering a wide range of business opportunities to companies from multiple industries. The most recent Boston Consulting Group (BCG) report, ‘The Corporate Hitchhiker’s Guide to the Metaverse’, projects that this is a market opportunity of more than 200 billion dollars.

Technology, media and telecom companies will be direct beneficiaries, providing the technology enablers such as 5G, next-generation Wi-Fi or broadband networks, and new operating systems, app stores and platforms to encourage more content creation . However, AR and VR tools are being actively explored and used in sectors ranging from healthcare to industrial goods.

Once the user base reaches a number that makes it sustainable, it will attract content creators, including businesses (such as game studios and media and consumer goods companies) and users themselves. More and better content, software, and assets will make the virtual worlds of the metaverse more engaging and encourage users to create and trade assets and cultivate relationships.

“The technology will improve with innovation and the growing scale of the user base, attracting more every day. Meta, for example, is subsidizing the Quest VR headset and investing in studios and publishers to push the content available on the Oculus Quest Store. By 2021, the store is estimated to have generated $1 billion in revenue,” said Christopher Weisz, Partner at BCG Gamma.

Those who wish to invest in this universe must understand that it will be a market that will have four main components: the creation of infrastructure mentioned above; the development of immersive worlds (m-worlds), which will shape this universe; the economy of virtual assets (cryptocurrencies and NFTs), where as the metaverse grows in popularity these assets will generate economic value that will be exchanged between users and companies; and AR/VR/MR (extended reality) hardware and software, which will allow users to enter and interact sensorily.

According to Christopher Weisz, Partner of BCG Gamma, “companies must begin to evaluate how, through technological advances, they can obtain competitive advantages and at the same time be a benchmark in their markets. In addition, there is still a long way to go in terms of technological development.”

For consumers, there are many motivations to enter the metaverse, which go beyond gaming. This convergence of technologies offers consumer-facing companies the opportunity to provide new ways to shop, physical-virtual experiences, exclusive access to brand events or concerts, new ways to earn money, and new ways to interact with others, in communities built around particular interests or areas of exclusivity.

As these technology foundations grow, so will sales of AR and VR hardware, software, apps, and content. This section of the metaverse alone is projected to be a nearly $50 billion market by 2025. Hence, its innovation and improvement proceed rapidly, reaching a design that is as close as possible to a pair of glasses.

The truth is that the convergence of technologies will be gradual and will depend on the penetration of headphones. That is why this technology must be combined with hybrid 2D displays (on mobile phones, tablets and PC browsers), making a user-friendly transition. The installed base is growing rapidly (around 26% per year), but starts from a small base. Although that grows to a projected 88 million headsets in use by 2025, that’s just a fraction of the 300 million to 500 million users already participating in m-worlds in 2021.

To develop initial use cases, business leaders need to understand that use cases generally fall into three main categories: customer experiences, employee experiences, and operational support use cases. To increase their understanding of what the future could look like, companies should start with a targeted effort, choosing use cases in the category or categories that are most likely to deliver value. They can then enable relevant parts of the organization to go virtual, launch small test pilots, measure impact, and scale as their capabilities grow.

As technologies mature, the development of new applications and use cases generally accelerates. For this reason, it is recommended that companies begin to familiarize themselves with the potential impact of the metaverse. There are a number of ways to start experiencing it, including: buying headsets and hosting demo sessions, investing in prototypes, hiring talent with interest and experience in metaverse fields, and building partnerships as the metaverse will be an ecosystem and there is long-term value to start making connections now.

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