The Metaverse has been in the news a lot since last year. The point of convergence of the physical and digital universes for Virtual Reality and Augmented Reality (VR and AR), is a place that “provides a sense of immediacy and immersion, a shared virtual environment that will come to replace Internet 3.0. Next 5 to 10 year”, judges management company Pictet Asset Management, for which the 2020s could be like a metaverse after the Gaffa triumph in the 2010s.
The metaverse concept is particularly popular with Generation Z (those born in the late 1990s and early 2010s), who now account for a third of the world’s population. “True digital natives, these young people are already comfortable in virtual environments thanks to digital streaming, social media platforms (including Instagram and Snapchat) and video games, such as Fortnite and Roblox, where they can imagine and create their own avatars,” Pickett said. Emphasizes AM.
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Metaverse, a fast-growing market, has been boosted by the Covid-19 pandemic
According to a Bloomberg study, the global metaverse market size could reach nearly $800 billion by the middle of this decade. And the health crisis has played a role in the development of the theme. With 3.9 billion people stuck at home, “social relationships, entertainment, commerce, work and physical exercise have gone digital almost overnight,” argues Pictet Asset Management, adding that this situation has coincided with the arrival of new technological advances. “Virtual reality and augmented reality have allowed people to stay connected, using technology to enjoy a greater sense of immediacy and immersion than if they were only visiting a website or communicating using a smartphone”, the management company emphasizes.
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Globally, spending on VR and AR headsets will grow by nearly a quarter to $12 billion in 2020, and “it’s just getting started” for Pictet AM. According to Citi Research, industry estimates expect this technology to grow at a compound annual growth rate (CAGR) of 40-50% between 2020 and 2025.
According to the VR/AR Association the retail industry already spends more than $1 billion annually on VR and AR solutions, and spending has grown 240% annually. “The appeal of VR and AR technologies for the retail industry is linked to the ability to make products more real on a screen with images that can be rotated, zoomed and explored in an interactive way. Traditional retailers, such as Macy’s and Adidas, are increasingly exploring the possibilities of virtual fitting rooms. Other options include virtual car test drives and vacation virtual tours,” reports Pictet AM.
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Which sectors will benefit from the metaverse boom?
Sectors such as e-commerce, video games, social networks, digital health and sports, online education, online entertainment and work platforms are expected to benefit from the expansion of Metaverse and improved monetization through higher retention rates, better user experience and customers. Expected to do. Loyalty”, Judge Pictet AM. By investing in the metaverse, you can participate in this transformation… and benefit from it.
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Declaration of author interest