What will the metaverse look like in the forthcoming year? Here’s a breakdown of the key information you should be aware of.
The metaverse is on the rise, captivating people around the world. As per Grand View Research, the global metaverse market is forecast to grow at a compound annual growth rate (CAGR) of 39.4% from 2022 to 2030. From gaming to socializing, many are tapping into the growing market to explore the endless possibilities that the virtual world can offer. As we march toward the end of 2022, let’s explore the trends that will dominate this rapidly growing tech sector in 2023 and how they will shape our digital future!
Marketing in the metaverse
As the metaverse grows, so too will its potential as a marketing platform. Metaverse marketing is becoming increasingly popular as businesses seek to reach a wider audience in the virtual world. In a completely immersive environment, businesses can acquire deeper insights into their customers’ consumption trends by tracking how they react to different products and services. With this information, they can then enhance various marketing campaigns or strategies accordingly and create better branded virtual experiences for your customers. The possibilities of metaverse marketing are endless—and some brands are already doing this!
Nikeland, for example, is a breathtaking metaverse store where visitors can not only try on their favorite sneakers but also play soccer and basketball games and hang out with other users. As of August 2022, Nikeland has obtained close to 19.6 million visits! Similarly, the Italian fashion brand Benetton has set up a metaverse store where users play games to earn QR codes that they can use in the brand’s physical stores.
All things considered, marketing your offerings in the metaverse is a great way to increase brand awareness and engage with your customers!
The rise of the metaverse corporate world
Apart from offering business owners the chance to be more marketing-savvy, the metaverse will also be a platform promoting efficient remote work. The metaverse office allows us to meet with clients from all over the world, work with remote team members and train and onboard new employees without the limitations of physical distance. This would greatly reduce the cost of doing business and operations, which will especially benefit startups of smaller sizes.
As teams explore new ways to work remotely while remaining engaged with colleagues and their creative process, metaverse collaboration working environments will become more popular. Accenture, for example, has created “The Nth Floor”, a metaverse environment that resembles real-world offices to offer employees and new hires the chance to conduct HR-related tasks and work together virtually.
Accelerated development in virtual and augmented reality tech
A number of extended reality (XR) technologies have hit the consumer market in recent years, such as virtual reality (VR), augmented reality (AR) and mixed reality (MR). Tech giants are already racing to take advantage of this market.
In the coming year, Meta (formerly Facebook) will launch its second consumer-grade VR headset, a follow-up to the Quest 2, after rolling out the US$1,499 Quest Pro just two months ago. Microsoft, Apple, Google and many other tech companies are also working towards releasing their own new VR/AR/MR headsets.
In addition to headsets, we can also expect new developments in other accessories that take the immersive experience up a notch. For instance, on top of your VR headset, you might be able to go on a metaverse date wearing a haptic glove to feel the warmth when your date holds your hand!
Several startups, like OVR Technology, are even experimenting with technology that allows virtual experiences to be enhanced with smells. “What we wanted to do was, as accurately as possible, recreate how we experience smell in the real world in the virtual world,” said OVR’s CEO and co-Founder Aaron Wisniewski.
Besides offering users a multisensory virtual experience, the adoption of VR and AR in the manufacturing process might also witness a rise in the upcoming years. For instance, German vehicle manufacturer BMW is already using AR tech to design and prototype new products. It allows engineers to visualize geometrical concepts on true-to-scale holographic 3D models of the prototype vehicles, facilitating the assembly process and the experimenting of concept variants for future series vehicles.
In addition, with the advancement of AR and VR technologies, consumers will have greater access to the metaverse. With AR/VR technology, users can interact with virtual 3D objects even without wearing a headset. Disney, for example, is developing AR experiences at its theme parks that do not require 3D glasses.
Overall, the future of metaverse trends looks bright! We’re seeing innovation and progress from all angles, from marketing in the metaverse to the growth of AR/VR products. What we discussed today are just a few of the exciting trends that will be coming our way in 2023 and beyond. As more companies begin investing in immersive technologies, we can expect an even brighter future for the metaverse space. It’s definitely an exciting time to be involved with the metaverse!
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