https://www.globaldata.com/store/report/metaverse-market-analysis/
Metaverse Market
Winter in the metaverse provides a time for businesses to rethink their strategies.
In 2023, GlobalData anticipates a metaverse winter. The metaverse Market has been marketed as a paradigm shift in how humans socialize, consume media, and work. This won't happen until the metaverse is controlled, interoperable, and has a standard meaning, which won't happen until 2023. The metaverse winter, on the other hand, will represent a significant opportunity, not a threat, for corporations racing to improve their position in the subject
The metaverse is a vague and over-hyped notion.
The metaverse is currently primarily hypothetical, but significant amounts of investment in it stem from the notion that it represents the internet's future. Companies such as Meta, Microsoft, and Epic Games have made bold statements that have raised market expectations.Moreover, Web3 fans have used this chance to launch a "revolution" against Big Tech by offering people ownership of their data and content. Yet, because there is no universal definition, it might imply various things to different people based on the nature of their business.
Businesses developing metaverse versions are concentrating on their core expertise. Microsoft's MESH, for example, is built on the company's expertise in cloud computing, artificial intelligence (AI), and augmented reality (AR). Similarly, Meta is concentrating on artificial intelligence and virtual reality (VR). In summary, the metaverse is a confluence of numerous technological themes, with businesses embracing those that best suit their skills and ambitions.
Enabling technologies are still in their early phases of development.
It's worth mentioning that the metaverse concept has been around for over three decades. Unfortunately, because to the immaturity of the underlying technology, it failed to acquire widespread attention. While certain metaverseenabling technologies, such as AI, have grown significantly over time, others (such as blockchain, AR, and VR) are still in the early stages of development.
While the aforementioned technologies have experienced success in certain use cases (for example, virtual reality in workplace training, augmented reality in gaming and collaboration, and blockchain with cryptocurrency), none have acquired widespread adoption. In fact, public understanding of the metaverse and its underlying technology is still minimal, and many customers regard the metaverse as merely marketing gimmick.
The metaverse winter: a wake-up call for early adopters and a chance for others
The recent layoffs at Meta and Microsoft's metaverse departments, as well as reports of Apple shelving its expected smart glasses, are signs of the metaverse's winter. The IT industry has been optimistic on the metaverse and has promoted the concept that the underlying technologies are mature enough to smoothly merge the digital and physical worlds; nevertheless, this is still some years away. Furthermore, the crypto crisis towards the end of 2022 serves as a wake-up call for Web3 enterprises.
To standardize digital assets in banking, Web3 and crypto businesses must work with authorities and financial institutions. To increase their attractiveness among target consumers, metaverse platform providers must enable a variety of experiences. Those that stick to one will either drop out of the race or restrict their long-term earnings potential.