Metaverse Maybe a Moneymaker for Enterprises by 2027

In five years, 40% of large organizations worldwide will be using a combination of Web3, AR cloud, and digital twins in metaverse projects aimed at increasing revenue, research and advisory firm Gartner predicted Monday at its IT symposium in Orlando, Fla.

Gartner’s metaverse prediction was part of a top 10 list of strategic technology trends released at the event.

The firm sees a metaverse as a “collective virtual 3D shared space, created by the convergence of virtually enhanced physical and digital reality.” It is persistent and provides enhanced immersive experiences, it added.

A complete metaverse will be device independent and won’t be owned by a single vendor, Gartner continued, and will have a virtual economy enabled by digital currencies and non-fungible tokens (NFT).

A D V E R T I S E M E N T

Gartner’s prediction raised eyebrows among some analysts. “It’s a bit aggressive,” observed Mark N. Vena, president and principal analyst at SmartTech Research in San Jose, Calif.

“The primary headwind to the metaverse in business is the arrival of genuine metaverse apps that will have broad appeal with enterprise accounts,” he told TechNewsWorld.

“Some of that does exist — and will continue to surface — in operational areas like inventory management, logistics, and other vertical areas, but until a metaverse app, or apps, that increases productivity arrives, I think 40% is a stretch,” Vena added.

Metaverse or Metaverses?

Ross Rubin, the principal analyst at Reticle Research, a consumer technology advisory firm in New York City, also sees some challenges that could impede the spread of the metaverse into the enterprise.

“On a core level, we need improvements in device size and power efficiency and broader applications beyond those in manufacturing, engineering, and other industrial applications that we see today,” he told TechNewsWorld.

“Beyond these AR-related improvements, however, there are open questions as to whether the metaverse will evolve as a single, broadly accessible platform, like the web, or whether companies will largely build out their own applications, as they do with cloud technology today,” he continued.

“However,” Rubin added, “we are starting to see some encouraging standards-setting here, such as the Metaverse Standards Forum.”

Meta, the owner of Facebook, could also be contributing to metaverse traction problems, maintained Rob Enderle, president and principal analyst with the Enderle Group, an advisory services firm in Bend, Ore.

“Facebook’s efforts are so bad they are putting a cloud over the entire segment and, ironically, they are the biggest investor in it,” he told TechNewsWorld.

“Facebook is effectively putting a big sign over the segment implying it is fake,” he added, “even though Nvidia’s efforts are working far better and being well implemented by firms like BMW, showcasing the potential that Facebook appears to be destroying at the moment.”

Patience Needed

Impatience could also play a role in a company’s metaverse persistence, noted Quynh Mai, CEO of Qulture, a digital marketing agency in New York City.

“As brands enter the metaverse, they often get discouraged upon arrival, not realizing that it is still a nascent but evolving platform,” she told TechNewsWorld. “They don’t see a mass amount of users in metaverses like Decentraland or The Sandbox, and then retreat.”

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