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It is estimated that in 2022 the metaverse market was worth close to 650 billion dollars and would reach 783.3 billion by 2024.
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Seven out of ten organizations believe that immersive experiences will be a key differentiator in their markets.
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According to data from Analysis Group, the metaverse could have a 5% contribution to LATAM’s Gross Domestic Product by 2031.
Curiosity about the metaverse is growing all over the world and with the arrival of this 2023 the immersive experiences promised by the industry will not go unnoticed by the consumerswell these already They want you to go from expectation to reality.
Let’s remember that when Mark Zuckerberg explained this virtual space, he indicated that users will have the possibility to interact and connect with others to play, work, shop and explore from anywhere in the real world, but the metaverse of Meta Platforms is not the only one to explore. , in one year more than one virtual intercom network has grown where users can access various events (sports, concerts, museums), participate in video games and even buy virtual or real products and goods.
Given the “new world”, it is not surprising that the CEO of Meta invested 18 million 500 thousand dollars in his virtual reality and augmented reality division and that brands such as McDonald’s, Nike, L’Oreal, Adidas, Prada, Ralph Lauren , Dior, Balenciaga, Converse, Sony, Coca-Cola, Ferrari, Levi Strauss, New Balance Athletics, Versache, Heineken, Unilever, L’Oreal, Sotheby’s and Samsung, Gucci, Louis Vuitton and many more will start to include their budget in this axis.
However, today it is notorious that the Purchase levels seen last year are not as exorbitant within Web 3.0, but the market continues to grow and the more projects adopt this technology, the more connected followers will create potentially engaging communities.
Metaverse traps consumers; 90% want to experience it in 2023
The metaverse is the trend on the lips of all organizations, industries, brands, influencers and consumers, as its immersive experiences seek to be the essential channel of interactions at a commercial level, employment, entertainment and much more.
For this reason, the Capgemini Research Institute conducted a survey of 8,000 consumers and 1,000 organizations in 12 countries, finding revealing data on what users expect to find in this new year, whether through headphones or mobile browsers, web 3.0, etc., which gives us an idea of the needs and demands that this market will impose for professionals in the marketing and advertising.
And it is that, according to the study “Full Immersion: How Immersive Experiences and the Metaverse Improve Customer Experience and Operations”, 77 percent of consumers globally expect the metaverse and its many functions to influence how they interact with everyday people, brands, or services; meanwhile, the few consumers who have already had an experiential approach with this type of immersive ecosystem (three quarters), indicate that there is ample potential for the trend to grow in practically all sectors.
Furthermore, the report reveals that while the actual decentralized metaverse, based on blockchain technology, is still in development, the enormous opportunities it offers to drive value across the enterprise are already underway.
“We are beginning to see a more thoughtful and detailed approach to the design of immersive experiences, and specifically the metaverse (…) This report supports the idea that the initial interest in the consumer-oriented metaverse, driven by investments from major players , you need to give due consideration to the real challenges around ergonomics, accessibility, security, and privacy that organizations are now struggling to address. The potential of the metaverse is truly transformative and consumer curiosity remains high. Immersive experiences, including the metaverse, for internal use cases could have a bigger impact for organizations, especially in the short termsays Charlton Monsanto, Global Leader of Capgemini’s Immersive Experience Offering.
According to the report and interviews with technology executives and partners, various organizations have experimented in 2022 with immersive and metaverse initiatives, primarily to improve their operational efficiency, resulting in virtual visualization retail stores for space planning and staffing teams. sales; training and education for health professionals, where surgeons were allowed to plan, test and perform interventions using helmets and 3D scanners of patients; digital prototyping for the automotive industry where virtual reality was used for design and engineering reviews, reducing the number of prototypes built and saving millions of dollars in investment; among many other examples.
Now, with 2023 starting, many organizations lack a clear strategy to scale their immersive initiatives and in the metaverse, all this already contemplating in their plans augmented reality (AR) and virtual reality (VR) technologies, specifically for the sector of consumer products and retail (CPR).
Some companies are testing immersive use cases like AR for virtual home décor, electronics and other items (24 percent), or to create new, more engaging experiences for consumers (25 percent).
According to the report, 66 percent of organizations already have a 1- to 2-year roadmap for immersive experiences and 15 percent of organizations aim to have some presence in the metaverse within a year, while the 45 percent believe it will be the dominant trend within three years.
In addition to the external factors that hinder these initiatives (lack of technology maturity, lack of solid connectivity infrastructure, etc.), The report reveals that there are significant internal challenges for companies to take full advantage of this consumer interest and scale up: lack of strategic planning and, for nearly 40 percent of organizations, immersion initiatives are still seen as one-off projects rather than one link in a chain of continuous improvement. Nearly two-thirds (62 percent) of companies admit there is no management commitment to immersion initiatives, and more than half (56 percent) say they don’t have a clear roadmap for adoption.
Thus, the general vision could be said to revolve around the transformation and evolution of the technology itself, since curiosity about the metaverse went from focusing only on the network of virtual worlds that it offers, to consolidating true actions for use cases. by consumers or employees and workplaces; For this reason, today more than ever, brands will have to address security, privacy and inclusion axes before creating and deploying their virtual spaces, balancing innovation with regulations that would help them anticipate the imminent regulation that is expected in this ecosystem.
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