Back to the Metaverse Future: How Big the Metaverse and Its Impact is?
“To comprehend what the future will bring for the metaverse where humans experience life in ways beyond the physical world, we must explore the past that brought us to where we are today and to the current Metaverse which is going through some rapid advancements” — A wise Technologist
Metaverse Present and Future
We should look Present and Future of the Metaverse from one view point as all the progressions that are happening from quite some time in this space has built the foundation for the future of the Metaverse.
Remember it’s not just only few technologies, it will be a full comprehensives suites of technologies like but not limited to XR (AR / VR / MR), 5G / 6G (to be released by 2030) , Wi-Fi 6 and Wi-Fi 7 (to be released by 2025), Digital Twins, Industrial IoT, Spatial Computing, HPEC (High Performance Edge Computing), Advance Haptic Feedback Technology, Web3 / Blockchain Technologies.
Together all these are enabling business in building and shaping the future Metaverse. Most of these technologies while in the Standardization Process are also forming core Foundational Layers for the Metaverse.
So how can we say that the present Metaverse has even a future? This buzzword which we all are hearing for quite some time specially from last two years and more hyped version of it after Facebook re-branded to Meta.
As with any Technological Revolution, it presents a blend of Challenges and Opportunities. I will say, at present time Metaverse is already playing an important Role and Promises to redefine our Digital Experiences. It’s just the holistic perspective that we all have to see.
So if you really want to know the reality then choose a pill ;-)
Make a choice? Red Pill or Blue Pill?
“Blue pill describes a continuity of the current state of life.”
“The Red pill would cause You (Neo) to confront a brutish reality.”
Metaverse Projected Horizon
It’s really important to understand that Metaverse is a rapidly evolving space having Key Enablers in form of Cutting-Edge Technologies and Hardware, Challenges in form of Interoperability, Policy, Regulations, Security and Social Impacts; and while this is an Evolving Ecosystem, Development requirements may have time constraints on when Foundational Technologies are Mass-produced and Adopted.
The Projected Horizons for the Metaverse’s Growth and Adoption combine Current Trends, Technological Advancements, and Societal Shifts.
Let’s briefly explore the Potential Timelines and Growth trajectories for the Metaverse’s mainstream adoption.
Short-term Horizons (Present (2023) — 2 years~)
Early Adopters and Niche Communities:
During this phase, the Metaverse will largely be a playground for Tech enthusiasts, Gamers, and specific communities keen on exploring Virtual Worlds.
Expansion of VR/AR Devices:
We can expect more affordable and high-quality Virtual Reality (VR) and Augmented Reality (AR) headsets to hit the market, providing a more Immersive Experience.
Increased Commercial Interest:
Brands and Businesses will start creating more Virtual Spaces, Storefronts, and Experiences to attract consumers.
Mid-term Horizons ( 2–5 years~)
Mass Market Penetration:
A Significant Proportion of Internet users will have already interacted with the Metaverse, whether it was through Immersive Gaming, Virtual Concerts, or Virtual Shopping.
Holistic Digital Identities:
Users might have a Unified Digital presence across various Virtual Worlds and Platforms, with Achievements, Assets, and Reputations carried over seamlessly.
Evolution of Workspaces:
Companies may organise Virtual Conferences, Training Sessions, or even at some level daily Work in the Metaverse environments in addition to Conventional Workspace Meetings Tools.
Regulation and Governance:
Regulatory Frameworks will be formed as the Metaverse occupies a larger portion of our life and concerns about Data Privacy, Asset Ownership, and Virtual Rights arise.
Long-term Horizons (5–10+ years~)
Everyday Utility:
Interacting with the Metaverse will become as common-place as using a Smartphone or Browsing the web. It will permeate aspects of Daily Life, from Education and Work to Entertainment and Social Interactions.
Economic Systems:
A full-fledged economy will operate within the Metaverse, complete with Jobs, Services, and Trade. Crypto-currencies / Crypto-tokens will likely play a significant role in these Virtual Economies.
Technological Advancements:
Beyond just Preliminary Immersive Experience through Audio plus Visual, the Metaverse will engage other Senses, providing Truly Immersive Experiences. Innovations might include advanced Haptic Feedback and more.
Societal Integration:
The distinction between the Physical and Virtual worlds will blur. Many real-world Societal norms, Cultures, and Interactions will find reflections in the Metaverse, and vice-versa.
From above, it’s clear that the Metaverse has the power to Completely Transform the way we Engage with Technology. Delivering Engaging Experiences will determine the Metaverse’s overall scope. Determining factor will be the Maturity Level of the Key enablers which eventually will take some time as Metaverse is really big.
How Big the Metaverse and Its Impact is?
Value Chain of the Metaverse Market
The Value Chain can be very well conceptualised with the help of Seven Layers of the Metaverse created by Jon Radoff which is a depiction of Metaverse in form of layers that represents the Value Chain of the Metaverse Market and what all is required to build a Metaverse. It has Infrastructure layer at the bottom to Experiences layer at the top, with Human Interfaces, Decentralization, Spatial Computing, the Creative Economy, and Discovery layers in-between.
Big-Techs and Start-ups are investing and creating value in the Metaverse which is currently in Billions of dollars and estimated to be of Trillions of dollars by 2030. Look at the considerable number of Companies and Projects on the Metaverse Market Map.
Metaverse Market Size and Growth Forecasts
The Growth Forecast of the Total Addressable Market of Metaverse will be ranging from ~$2 Trillions to ~$5 Trillions. Even with conservative market scenario it will be around $2 Trillions which is enormous.
Correlating this with the Metaverse Market Map will bring some clarity to as why we are having large number companies from different Domains and Industry Verticals who are working towards their value creation as the Metaverse value chain pie is very big in size and everyone (big and small techs) wants a larger pie or a piece of the pie ;-)
Metaverse Investments (2020–23)
Investors perspective is positivity and they are continuing their Investments into Metaverse. Corporations, VC, and PE has invested ~$120 billion into the Metaverse space more than double the $57 billion of 2021.
Nearly half of this year’s i.e. 2023, Venture Capital Investments have gone to the sector, showing that Investors are still pouring money into Metaverse Projects.
“In the first half of 2023, venture capital companies invested $707M in metaverse initiatives, making up 44% of total Web3 investments.” — (Source: DappRadar)
Metaverse Industry Analysis (2023)
As per Industry Analysis, viewing technologies through the lens of Strategic Goals is a perspective that emphasizes aligning Technological Investments and Implementations with the long-term objectives of an organization. This approach ensures that technology serves as an enabler to achieve desired business outcomes rather than just being an operational tool.
“By 2027, over 40% of large organizations worldwide will be using a combination of Web3, Spatial Computing and Digital Twins in Metaverse-based projects aimed at increasing revenue.” — Top Strategic Technology Trends 2023 (Source: Gartner)
Metaverse has been Highlighted as Pioneer in Gartner Top Strategic Technology Trends 2023.
“Organizations are developing ways to provide better engagement, collaboration and connection to their employees through virtual workspaces and the use of internal Metaverse experiences called Intraverse(s).” — Top Strategic Technology Trends 2023 (Source: Gartner)
In conclusion, while enthusiasm for the Metaverse’s potential is evident in many industries, each has its own set of Difficulties and Factors to take into account.
Industry Analysts emphasise the Importance of Strategic Implementation, making sure that the Adoption is in line with fundamental corporate goals and avoids Potential Hazards.
Where Metaverse Stands Now? Current State of the Metaverse
Most of us envision / imagine the Metaverse as a purely Digital Environment focused on Gaming, Social Networking and Commerce. Yet this perspective / image is only a Small Part of a Larger whole which is made up of three distinct Metaverse's: Consumer, Enterprise and Industrial.
At present, the latter two i.e. Enterprise and Industrial Metaverse are moving faster compared to today’s Consumer Metaverse and offering tangible value in the short term to the business.
What these distinct Metaverse's are? Lets have a look
Consumer Metaverse
The Consumer Metaverse focuses on all-digital or digitally Augmented computer-generated environments where users can Interact, Buy items, Play, and Experience as they would in the real world. With these Consumer Metaverse promises the emergence of an entirely fresh era of Entertainment and Social interaction. Consumer-grade Metaverse experiences are already being tested by firms like Facebook with Horizon Workrooms and Epic Games with Fortnite Party Royale.
With better images and Haptic feedback, VR/AR headsets are getting more and more advanced, enhancing the immersion of Virtual Experiences. New technologies, such as NFTs, are allowing people to own distinctive Digital assets in the Metaverse, such as Wearables, Digital Art, and Virtual Real-Estate. This is resulting in a “Play-to-Earn” model where users can commercialize their in-metaverse activities, along with the growth of Digital Economies.
Enterprise Metaverse
The Enterprise Metaverse is driven by demand for better digital Collaboration and Communication tools. This includes core productivity applications that enable Business Functionality and next generation Virtual Connectivity.
The way Businesses run and how workers work is slowly transformed by the Enterprise Metaverse. The metaverse might offer a Virtual Environment for cooperation that goes beyond video conferencing in light of the widespread acceptance of remote work in the wake of the COVID-19 epidemic.
Industrial Metaverse
The Industrial Metaverse is the fusion of Physical and Digital and Human Augmentation for Industrial Applications. This includes digital representations of Physical Industrial Environments, Systems, Processes, Assets and Spaces that participants can Control, Monitor and Manipulate.
One of the main reason Enterprise and Industrial Metaverse are moving faster compared to today’s Consumer Metaverse is due to fact that Metaverse has the full potential and is Playing a Vital role in the Industry / Business Digital Transformation.
Metaverse Role in Industry 4.0
Industry 4.0, or the Fourth Industrial Revolution, is characterized by a Fusion of Technologies that blur the lines between the Physical, Digital, and Biological spheres. Both the Metaverse and Industry 4.0 emphasize Digital Transformation, but their convergence is about maximizing Immersive Digital Interactions to enhance Industrial Processes.
As we think of this Digital Transformation, the role of the Metaverse becomes pivotal. Let’s explore its potential impact, through some examples
Collaborative Design and Prototyping
Imagine a Global Automobile Manufacturer with design teams in Germany, Japan, and the United States. Instead of flying in designers for meetings or relying on flat CAD software, they meet in a Virtual Design studio within the Metaverse. Here, they can manipulate 3D car designs in real-time, walk around it, make changes, and even Simulate Aerodynamics, all within a Virtual Space.
Training and Skill Development
A Multinational company can host Virtual Training sessions for Machine Operators. In this Virtual Realm, operators can get Hands-on Training on Machines, understanding its Parts, Functions, and Potential hazards, all without stepping onto the Factory Floor. This not only ensures safety but also allows for Scalable, Efficient, and Consistent training.
Remote Maintenance and Assistance
A technician in London trying to repair a specialized piece of Machinery could put on AR Glasses and connect to an expert in Tokyo. Through the Metaverse, the expert can overlay Digital Instructions or even Guide the Technician in real-time, Visualizing the same machinery from miles away.
Supply Chain Visualization
A Supply Chain manager can enter a Virtual Control room to see the real-time status of Global Shipments. This isn’t just a list or a table but a 3D representation of the world with moving Ships, Trucks, and Planes, each containing data about the Cargo, expected delivery times, and any potential delays.
Consumer Insights and Product Testing
Before launching a new product, companies can create Virtual Prototypes and release them within the Metaverse. Users can interact with these products, provide Real-time Feedback, and even suggest improvements. This iterative process can drastically reduce the time and resources spent on Physical Prototyping and Market Testing.
Environmental Simulations
An Agricultural firm looking to understand the impact of climate change on crop yields could use the Metaverse to simulate different Environmental Conditions. They could witness the effects of Prolonged Drought, Excessive Rainfall, or Increased Temperatures on virtual crops, aiding in Planning and Decision-making.
Safety Drills and Emergency Scenarios
An Oil company can design Virtual Oil Rigs where employees undergo Safety Training. Within the Metaverse, they can Simulate emergencies like Fires or Equipment Malfunctions, ensuring that employees are well-equipped to handle Real-world crises.
Enhanced Customer Service Experiences
A customer facing issues with a Home Appliance can connect with a Service Representative in a Virtual Space. Here, using AR tools within the Metaverse, the representative can provide a step-by-step Visual Guide to Diagnose and Possibly rectify the problem.
In a way Metaverse is already empowering the notion of Immersive Experience for the New Internet by bringing whole suite of Technologies to re-invent and re-imagine all that wasn’t not possible earlier.
Metaverse Role in the New Internet
The emergence of the Metaverse has the Potential to redefine the Architecture, Experiences, and Functionalities of the Internet as we know it.
Let’s analyse how the Metaverse Influenced the Development of the new Internet paradigm.
From Web Pages to Virtual Spaces
- Traditional Internet: Traditionally, our interaction with the Internet has been through websites — essentially flat, 2D pages that we browse.
- Metaverse Evolution: The Metaverse shifts this dynamic, turning these pages into Interactive, hree-dimensional spaces. For instance, an e-commerce website might transform into a sprawling Virtual Mall where you can ‘Walk’, ‘Try on’ Clothes, or even ‘Meet’ other shoppers.
Decentralization and Ownership
- Traditional Internet: Centralized Platforms (e.g., Social Media sites, Content Platforms) Control Data, Content Distribution, and User Interactions.
- Metaverse Evolution: With Blockchain Integrations, parts of the Metaverse promote Decentralization. Users can own Virtual Land, Assets (as NFTs), and even have a say in Platform Governance. This model challenges monopolistic tendencies and promotes user autonomy.
Unified Digital Identity
- Traditional Internet: Across the web, our Identities are Fragmented. We have different Avatars, Usernames, and Personas across Platforms.
- Metaverse Evolution: The Metaverse could lead to a Unified Digital Identity — a Singular Avatar or Profile that represents you across Multiple Virtual Spaces, preserving your Achievements, Reputation, and Assets.
Enhanced Interactivity and Engagement
- Traditional Internet: Content on the current web is mostly static. Even with Videos or Interactive sites, User Engagement is limited.
- Metaverse Evolution: The Metaverse promises a paradigm where content is not just consumed but lived. From interactive concerts to Participative Storytelling, Users are at the Center of Experiences.
Real Economy Integration
- Traditional Internet: Digital transactions have been facilitated by Third-Party Payment Gateways, with Currency Conversions and Associated Fees.
- Metaverse Evolution: Cryptocurrencies and Digital Assets become Native to the Metaverse Ecosystem. This enables direct peer-to-peer Transactions, Reduces Costs, and Even allows users to earn within the Virtual Realm.
Social Connectivity Beyond Platforms
- Traditional Internet: Social Interactions online are Platform-Restricted. You communicate on specific Apps or Platforms.
- Metaverse Evolution: The Metaverse foresees a world where Social Interactions are seamless. You could potentially move from a Virtual Seminar to a Digital Cafe meet-up to a VR concert, all without ‘logging out’ or changing platforms.
Multi-Sensory Internet Experiences
- Traditional Internet: The current Internet engages mainly two senses: Sight and Hearing.
- Metaverse Evolution: The new Internet, powered by the Metaverse, will be Multi-sensory. Advanced VR could simulate touch (haptic feedback), Taste, or even Smell, providing a richer, all-encompassing Digital Immersion.
Metaverse in Reality–Virtuality (RV) Continuum
The Reality–Virtuality (RV) continuum is a Concept Introduced by Paul Milgram and Fumio Kishino in 1994. It’s a Spectrum that Encompasses all Possible Variations and Compositions of Real and Virtual objects.
The Continuum Stretches from the Completely Real, through to the Completely Virtual environment, with Augmented reality (AR) and Augmented Virtuality (AV) in between.
In this context:
- Real Environment: This is the Physical World as we know it, where everything is tangible and exists without any Digital Enhancement.
- Augmented Reality (AR): This is the Real World but with the addition of Virtual Elements. For instance, using Glasses or a Smartphone to see Digital Overlays on the Real World, like directions on a road or virtual furniture in your room.
- Augmented Virtuality (AV): This is primarily a Virtual Environment, but with some Elements of the Real World integrated into it. For example, a Virtual Game where your Real-World hand Movements are tracked and replicated inside the game.
- Virtual Environment: This is a completely Digital Realm where everything is Computer-Generated, such as in VR Games or Simulations.
“In the context of the Reality–Virtuality Continuum, the Metaverse blurs the lines between Reality and Virtuality. It represents a future where Digital and Physical experiences are not only Interconnected but are also Continuously Influencing and Reshaping one another.”
The Metaverse ideally spans across the Reality–Virtuality Continuum but is Predominantly anchored towards the Virtual end. In the Metaverse:
1) Users can move between Real, Augmented, and Entirely Virtual Experiences seamlessly. 2) It comprises Multiple Interconnected Digital Environments and Platforms. 3) It can have its Economies, Social Structures, and Interaction norms.
Metaverse Expansion Through Devices
The sales of AR (Augmented Reality) and VR (Virtual Reality) Devices have a significant impact on the Growth and Development of the Metaverse.
They not only determine its scale but also influence its Direction, Depth, and the Nature of Experiences it offers. As these sales trends continue, they’ll play a Pivotal Role in Shaping the Metaverse’s Future trajectory.
According to recent findings, by 2024 there will be an estimated 1.7 billion Mobile Augmented Reality (AR) User Devices worldwide.
By 2024, the cumulative Installed base of Virtual Reality (VR) headsets is expected to surpass the 34 million mark.
Oculus VR headsets are by far the most Popular Extended Reality (XR) Headsets on the Market.
The increasing adoption of AR and VR Devices establishes a Feedback Loop: User Experiences and Feedback guide the refinement of both Hardware and the Metaverse’s Infrastructure. This iterative Development, coupled with the demand for High-Performance Network Infrastructure and Cloud Services, ensures that the Metaverse Ecosystem not only Expands but also Optimizes continuously.
Metaverse Expansion Through Immersive Experience Technologies
Here are few companies who are working towards some of the remarkable technologies which are contributing to the Metaverse Expansion. In the near future we will see the proliferation of these technologies and will be mass adopted once deployed in the respective Consumer, Enterprise and Industrial Metaverse.
Haptic Technology
“Haptic technology is technology that can create an Experience of touch by applying Forces, Vibrations, or Motions to the user”
Teslasuit
The Teslasuit is a Haptic suit that covers the entire Body and includes Motion Capture and Biometric Sensors. Its Haptic Feedback Technology simulates Feels and Sensations through Electrical Muscle Stimulation (EMS) and Transcutaneous Electrical Nerve Stimulation (TENS). This suit has 68 Haptic Points capable of Simulating a range of Physical Sensations all over your body.
There are many use-cases across different Industries where Teslasuit is getting used like it’s providing Cost-effective Virtual Reality Training course for Power Engineers targeted at improving Learning by increasing Immersion in a Production process while Eliminating Occupational Risks.
Emerge
Haptic feedback can give Games and other Virtual Experiences an extra Dimension, but it’s hard to achieve. Emerge Wave-1 is a product by Emerge, that is bringing Touch to the Metaverse, it’s a device that pairs with a VR headset and emits Ultrasonic waves that let users Feel Virtual Objects and Sensations.
The Emerge Wave-1 is a panel measuring 10.25 x 11.75 in (26 x 29.8 cm) that sits on a table and projects a 3D volume of Ultrasound into the air above it. When you hold your Hands over the Device, you can Feel this Force as Tactile Points, which extend as far as 3 ft (0.9 m) above the Panel and Spread 120 degrees around it.
Recently Emerge has announced a new Strategic partnership with Disney to bring AI based content engagement to Disney to enhance their contents with AI entertainment skills.
Digital Humans
“Digital Humans are Human-like Virtual people driven by AI that provide the best of both worlds: AI and human communication. They can simply connect to any Chatbot and NLP systems and interact with them using verbal and non-verbal cues such as tone of Voice and Facial expressions.”
The process of creating a Digital Human is incredibly Time-consuming and Manual. Hundreds of domain experts, such as Artists, Programmers, and Technical artists, are required. Furthermore, Humans can very easily recognise whether an artificial human is real or not.
Unreal MetaHuman
Unreal MetaHuman is a Comprehensive Framework that allows anyone to Construct, Develop, and Use very Realistic Digital Human figures in any way they see fit.
Instead of spending Hours creating Models and Textures, the MetaHuman feature in Unreal Engine is a Cloud-based development system that allows you to generate Original, High-quality Character Models in minutes.
NVIDIA Omniverse ACE (Avatar Cloud Engine)
The NVIDIA Omniverse Avatar Cloud Engine (ACE) is a set of Real-time AI solutions for the Creation and Deployment of interactive Avatars and Digital Human applications based on Universal Scene Description (OpenUSD) and NVIDIA RTX technology.
Omniverse ACE is an end-to-end Avatar Development suite consists of components like Animation AI, NeMo Service, Speech AI
Animation AI
Animation AI brings 3D animation through Audio2Face which leverages Generative AI to create Realistic Face animation from just an Audio file to bring characters in Unreal Engine and other rendering tools to life.
NeMo Service
NeMo is a toolbox for creating cutting-edge Conversational AI models. NeMo contains distinct collections for models of Automatic Speech Recognition (ASR), Natural Language Processing (NLP), and Text-to-Speech (TTS). Each collection is made up of Prebuilt modules that contain everything you need to train on your data. It provides Businesses with a Simple, Affordable, and quick solution to deploy Generative AI.
Speech AI
You can create deeper User Engagement with Avatars that can Hear, Understand, and Speak in real-time by leveraging NVIDIA Riva. The ultimate goal of Speech AI is to make conversing with machines indistinguishable from talking to a person.
Digital Human assistance are used in a variety of sectors. These Digital Human can work in Healthcare, Retail, Customer Service, Media and Entertainment.
Digital Human assistants Improves User Experiences, provide 24-hour support, and increase Operational Efficiency. Incorporating a Human-like interface results in a more Relatable and Engaging Interaction, which fosters improved Customer Satisfaction and Loyalty, eventually benefiting Businesses.
Decentralized Identity
“Decentralised Identity is a form of Identity Management that enables individuals, Organisations, and Things to Engage with one-another in a more Transparent and Secure manner. It empowers Individuals to Manage their own Digital Identities without relying on a Centralized Service Provider.”
Polygon ID
Polygon ID is a Decentralised, Private, Self-sovereign Identity Framework with native Web3 connectivity. Users can use Polygon ID to establish their identity without disclosing any of their Private Information using Zero-Knowledge proofs.
Polygon ID has the following product portfolio
- Polygon ID Wallet App — A set of open source user and developer kits to integrate or white-label for custom applications.
- Polygon ID Platform — An open, public platform developers and organizations can use to define and manage the trust lifecycle of their applications and other requirements, such as ZKPs, sources of trust, etc.
- Polygon ID Connect — Public service platform to integrate access across user wallets and applications.
Polygon ID offers Advanced Privacy that can still run on a user’s device while offering Protection from Tracking, Targeting, and Surveillance. It lives on Blockchain, which makes it as borderless as the Internet itself. Polygon ID is also a complete platform that can be used to construct a variety of Identity and Trust services, be it Birth Certificates, Drivers Licenses or Resident Permits.
Closing Thoughts
The Metaverse, an interconnected Digital Universe, is rapidly transforming our Experiences. Currently, it’s driven by Investments and Technological advancements, with both Big-tech and Startups actively involved. It promises a future where Virtual and Physical Realities seamlessly blend. However, this new frontier also presents critical challenges, including Governance, Privacy, Equity, and Sustainability, that we must navigate responsibly.
