According to a new study, by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, socializing and entertainment purposes.
In anticipation of the migration to the Metaverse, brands are already building infrastructure to allow users to digitally replicate their lives, a Feb. 7 report from technology research and consulting firm Gartner found.
According to Gartner vice president Marty Resnick, as user demand for virtual, interactive and three-dimensional experiences increases, brands will need to collaborate to unify the metaverse.
“From attending a virtual classroom to buying digital land and building a virtual home, these activities are currently taking place in different contexts,” he explained.
He believes that by 2026, 30% of global organizations will have products and services in the Metaverse.
"Ultimately, they will take place in a single environment - the metaverse - with multiple destinations across technologies and experiences."
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Previously, research firm Strategy Analytics found that the global metaverse market is expected to reach nearly $42 billion by 2026. However, a November report by Grayscale found that the total valuation could even reach $1 trillion in the next few years. From the beginning of 2020 to June 2021, the rate of active Metaverse users has increased by 10 times.
Regardless, Terra Virtua co-founder and CEO Jawad Ashraf said the study highlights that the Metaverse will change the way users interact with virtual environments, predicting that it will be the norm for social occasions, work meetings, gaming events, concerts, and more. The destination of the activity.
"It may be too early to predict exactly what the Metaverse will become, but what we do know is that it will open up entirely new experiences and improve our lives."
Noting that the adoption of Metaverse technology is still in its infancy and decentralized, Renick urged businesses and investors to proceed with caution. "It's too early to know which investments are viable in the long run," he said.
"Product managers should take the time to learn, explore and prepare for virtual worlds so they can be competitive."
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