I’m not a fan of most of these analyst market surveys. This metaverse news from GlobalData seems to have a bit of being out of sync. I do agree with the analyst’s views, but the market forecast does not seem to go along with the analysis.
GlobalData states, “The metaverse, a virtual world where users share experiences and interact in real-time within simulated scenarios, will face an uphill path ahead as limited use cases hamper its adoption. GlobalData’s latest report, “Metaverse – Thematic Intelligence”, reveals that the metaverse struggles from limited knowledge of the theme, unimpressed consumers, the postponement of projects by Big Tech, and concerns with privacy and security.
So when they state that it will be worth $400 billion by 2030, up from $48 billion in 2022, I wonder. A 10x multiple of market growth when it all looks so pessimistic? And, it’s $48 billion now?
Rupantar Guha, Principal Analyst at GlobalData’s Thematic Intelligence team, comments: “The metaverse has struggled to live up to the excessive hype that built up in 2021 and early 2022. The theme has lost its luster due to limited use cases and the limitations of underlying technologies like blockchain, augmented reality (AR), virtual reality (VR), and digital twins. Without improvements in these technologies, the metaverse will continue to disappoint.”
He is spot on. (Although I wonder about the blockchain note.) I barely had published a post on metaverse when all the hype went to GenerativeAI, Large Language Models, and ChatGPT.
Technology companies must develop user interfaces that are easily accessible, synchronize real and virtual environments, and provide safety and comfort during prolonged use. Platform providers must offer a range of content that users want to experience repeatedly. Those that stick to one content type will limit their revenue opportunities in the long run.
Some companies are finding a niche use case with training linking a plant digital twin to visualization.
Guha concludes: “The metaverse hype is primarily focused on consumer use cases, but solutions like data visualization, collaboration, and training will fuel the enterprise metaverse. Despite skepticism around its long-term benefits, focusing on the future of work will boost adoption by large enterprises in the next five years.”
Maybe. The use cases are still pretty niche. We’ll see if someone figures out a way to use these headsets for useful work.
