By Piyush Gupta, CEO, VOSMOS
Integrating the metaverse with AI has transformative potential. This amalgamation holds unparalleled possibilities, reshaping our modes of interaction, socialization, work, and overall digital experiences. Augmented reality, virtual reality, extended reality, blockchain, and NFTs are nascent technologies that will drive social and economic activities. This convergence promises a paradigm shift in the way we navigate and engage with the digital landscape globally.
Metaverse and its global adaptability
The metaverse stands at the forefront of reshaping global connectivity, collaboration, and business operations, holding immense potential for transformative impacts. An expected advantage of the metaverse lies in the emergence of new markets, ushering in broader economic and social influences. Notably, global businesses in the USA, Europe, East Asia, Africa, the Middle East, and Canada are actively leveraging the metaverse across diverse industrial applications. Perhaps embracing the metaverse is becoming a strategic imperative for organizations navigating the global business landscape for its multi-fold benefits.
Collaborative Excellence: The Metaverse stands as a game-changer in global business, predominantly enhancing collaboration among remote teams. By leveraging virtual reality and augmented reality, teams can seamlessly collaborate in real-time, erasing geographical boundaries and tapping into global talent pools. This transforms the way teams work, along with fostering innovation and inclusivity.
Customer Engagement: A defining feature of the metaverse is its ability to craft immersive and personalized customer experiences. Through AI integration, businesses can offer customers interactive and engaging encounters, from virtual shopping experiences to product demonstrations and real-time customer support. This customer-centric approach boosts brand loyalty and elevates overall customer satisfaction, setting businesses apart in a competitive landscape.
Metaverse-Driven Employment Opportunities: The metaverse is set to generate new job opportunities and fuel economic growth in both the traditional and virtual spheres. As businesses increasingly integrate metaverse technologies, the demand for skilled professionals, including developers, designers, content creators, and analysts will surge. This not only propels economic expansion but also creates avenues for individuals to showcase their talents and expertise in this burgeoning field.
Measuring the Global Economic Impact of Metaverse
Evaluating the economic ramifications of an emerging technology like the metaverse proves challenging, given the absence of realized outcomes and observable data. Predicting the diverse applications, widespread adoption, innovations, and economic impacts of Metaverse technologies remains inherently uncertain. Moreover, quantifying the complete displacement effects of the metaverse to derive a net economic impact remains an elusive task.
Presently, there is no concrete metric for measuring the “metaverse.” A provisional framework can be created by using existing tools, data from related industries, technologies, and consumer behaviour. While this approach is imperfect, it provides a transparent methodology to comprehend the metaverse’s potential influence.
A report by the Analysis Group suggests to estimate metaverse’s potential contribution to GDP in dollars and compare it against industry projections based on mobile technology penetration model. Basis that the metaverse could contribute $3.01 trillion to global GDP by 2031.
The way forward
The integration of the metaverse and AI will continue to thrive significantly impacting various industries as technology advances and user familiarity with virtual worlds grows. It has the potential to revolutionize global business and the economy, offering transformative advancements in collaboration, immersive experiences, and job creation among others.
Despite the numerous benefits, challenges such as privacy, data governance, technical feasibility, and ethical implications need to be addressed for responsible development and utilization. To realize the true economic potential, the necessary infrastructure and technology must be developed, deployed, and embraced by consumers and businesses alike. This progression will further lead to seamless integration of AI technologies within the metaverse, particularly in fields like healthcare, BFSI, education, and entertainment.
