Asia Increases Interest in the $1 Trillion Metaverse Technology Market
Although metaverse technology is still viewed as the future, use cases are already emerging in various industries. Although the landscape is still relatively young, it is evident that Asia has realized the potential of this situation.
Based on potential income and monetization scale, Goldman Sachs identified this industry as an $8 trillion opportunity. Businesses are now beginning to enter it. The possibility for firms and investors looking to get in early increases as the industry expands throughout Asia.
With personalized avatars exploring virtual reality settings, interactive museums are springing up across the metaverse, offering interactive possibilities and the possibility to socialize with pals in an online setting.
Many of the tenets of the have already been included in online games like “Fortnite” and “The Sandbox.” Players can witness a Marshmello or Travis Scott performance in-game and utilize their avatars and character skins. (Related Reading: The Metaverse Across Industries in Gaming, Fashion, and Music)
The entertainment industry is already noticing the impact of technology, and it will be a long until other markets do as well. Southeast Asian-based businesses are starting to develop ideas on how to fully realize the Web3 ecosystem’s enormous potential by making significant investments in the metaverse. Through these measures, the tech clusters in the area might take the lead in advancing technology.
Why There Is a Huge Market Opportunity in the Metaverse Asia
The metaverse is an important stage in the growth from Web 2.0 to Web 3.0. The technology will change the internet from a two-dimensional to an entirely virtual experience.
This creates possibilities that companies couldn’t even imagine a few years ago. Users can participate in sensory experiences that can mimic real-life situations. The will be able to transfer us into a digital world where we may engage with others and consume media as though we were at a busy high street or mall, replacing the habit of scrolling through social media.
Extended reality (XR), which is made possible by emerging technologies like virtual reality (VR) and augmented reality (AR), allows businesses to produce affluent customers in ways that have never been possible before.
The metaverse has practically endless applications, even though it will drastically alter marketing and event management in the future.
Employee skill sets can be optimized with remote work, collaboration, and even VR training using immersive headset experiences, which can improve business retention rates. Meanwhile, the financial industry has the potential to improve fundamentally. True open banking with borderless payments and the ability for users to physically stroll through their spending insights has the potential to be supported by the metaverse.
The metaverse has enormous promise, but how is Asia attempting to capitalize on this significant commercial opportunity?
According to Priority Research, the Asia Pacific In 2021, the region’s market share was comparatively modest at 16%, dwarfed by North America, which controlled almost half of the market.
However, recent reports have shown how the situation is starting to change. The metaverse is starting to get significant investment in Southeast Asia’s IT clusters.
How Asia is Increasing Interest in the Metaverse
In Southeast Asia, money is being increasingly invested in the metaverse. As part of its Digital New Deal project, which is a program oriented toward investing in new technologies to maximize the nation’s economy, the South Korean government recently made a $177.1 million investment in the metaverse, according to a report from Business Chief.
Lim Hyesook, South Korea’s minister of science and information technology, described the digital world as “an uncharted region with infinite promise.” The country thinks the can help to increase the economy significantly.
Thailand has also experienced a fever, with the country making excellent use of technology to mitigate the effects of lockdown measures brought on by the Covid-19 pandemic.
The top mobile provider in Thailand, Advanced Info Services (AIS), created a metaverse retail mall to enable clients to continue their immersive shopping despite the pandemic. The metaverse retail center, V-Avenue, enables two million unique people to shop in more than 200 3D stores and engage in virtual reality interactions, replicating the mall experience online.
The Southeast Asian Metaverse as an Investment
To support Southeast Asia’s push to embrace the Moreover, many investment opportunities have appeared throughout the region in the metaverse. Hong Kong’s benchmark Hang Seng stock index offers a specialized index to suit the technology.
The Hang Seng China Index includes gaming companies, virtual reality companies, and other enterprises that provide people with cutting-edge digital experiences.
It’s understandable why the possibility of the appeals to investors, given that there is reportedly an $8 trillion market opportunity. The internet economy’s recent statistics also look optimistic. The NFT landscape market, a technology inextricably tied to the metaverse, has grown to $40 billion, with the annual spending on virtual products currently standing at $54 billion. Sixty billion messages are sent daily in “Roblox,” one iteration of the metaverse and daily based on data from JPMorgan.
Conclusion
Such figures undoubtedly show Interest in the metaverse, and Southeast Asian businesses have plenty of space for expansion with a meager 16% market share. The potential prospects will only increase as more businesses realize the potential of the next generation of the internet and as investors quickly embrace the new market. It may be essential to start looking into top Asian metaverse companies immediately, especially when many tech equities falter.
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