This week proved favourable for the Metaverse. Two separate studies highlighted how XR and Metaverse services could significantly influence sectors such as retail, manufacturing, and eCommerce. Meanwhile, major technology firms Google and T-Mobile contributed further to the XR landscape with some significant project partnerships.
While some scepticism still arises around the widespread adoption of XR in its many forms, it appears clear that as generational factors, device optimization, and innovation acceleration progress, as should widespread immersive technology adoption.
Metaverse to Contribute 2.8% to Global GDP in 10 Years, says Meta
A new report by Meta Platforms and Deloitte has estimated that the Metaverse could generate up to $3.01 trillion in global GDP by 2031. The report, which analyzed the economic forecast of Metaverse services across the US, Canada, the Middle East, North Africa, Sub-Saharan Africa, Turkey, and Asia, found that the Metaverse could have a significant impact on a variety of industries, including retail, manufacturing, education, and healthcare.
The report’s findings could be significant, as they suggest that the Metaverse could majorly impact the global economy. The Metaverse is still in its early stages of development, but it can potentially revolutionize how we live, work, and play according to Meta.
Here are some additional details from the report:
- The Metaverse could generate up to $402 billion and $760 billion in annual US GDP by 2035.
- Metaverse services could generate $36-68 billion in Canada, £54-103 billion in the UK, €259-289 billion in the EU, $9-17 billion in Nigeria, and $0.9-1.4 trillion in Asia, and $20-38 billion in the KSA by 2035.
- The Metaverse could contribute 2.8 percent to global GDP after ten years.
- Global estimations for a potential market size valuation of the Metaverse sector clock between $800 billion and $2 trillion.
- In a long-term forecast, widespread Metaverse adoption could generate up to $3 trillion to $30 trillion worldwide.
- The UAE and KSA are both investing heavily in Metaverse ecosystems. KSA is investing $1 billion in metaverse-related projects as it seeks to become a global technology hub.
In its “The Potential Global Economic Impact of the Metaverse” report, Meta also noted:
If Metaverse adoption were to begin today, our estimate of a $3.01 trillion (in 2015 U.S. dollars) contribution to global GDP in 2031 would be on the high end of the near-term projections, consistent with our ten-year time horizon being longer than that of the near-term projections.
Google Releases AR Geospatial Creator for Unity
Google has launched Geospatial Creator for Unity, a new platform that allows developers to preview 3D assets in the Unity Editor. The platform uses ARCore and Photorealistic 3D Tiles from the Google Maps Platform to provide a hyperrealistic 3D worldview.
With Geospatial Creator for Unity, developers can select a location, retrieve the 3D geometry of the area, and navigate the virtual map with flythroughs similar to Google Earth. They can also develop augmented reality (AR) experiences using the platform’s 3D viewing function.
Geospatial Creator for Unity currently offers visualizations of more than 2,500 cities in 49 countries. The platform also includes “comprehensive 3D geo datasets,” where users can select renderings and data overlays.
Geospatial Creator for Unity leverages 3D tiles standards from Cesium’s Open Geospatial Consortium, which allows interoperable renderers and visualization libraries.
Google says that gaming companies can use Geospatial Creator for Unity to develop real-world models for AR-based immersive experiences. Developers can also use the platform to design AR experiences for physical locations.
T-Mobile Champions 5G, Amidst XR Broadcasting Accelerator
T-Mobile, Nokia, and Qualcomm have achieved 5G network speeds of over 200 Mbps using uplink carrier aggregation on a live commercial 5G standalone network in the US. This is the fastest 5G measurement recorded using a sub-6 GHz spectrum.
The test was conducted using a test smartphone containing Qualcomm’s Snapdragon 5G Modem-RF System. The device reached a top upload speed of 207 Mbps during the trial.
T-Mobile’s 5G carrier aggregation innovation allows the companies to combine multiple carriers/channels, which enables optimized networking speed and performance. By combining two channels into one, T-Mobile can optimize various traffic channels with a data “super highway.” Customers can access T-Mobile’s 5G carrier aggregation service during its initial roll-out in early 2024.
T-Mobile also continued its 5G accelerator program, which historically includes many XR firms and innovators. This time, T-Mobile chose nine start-ups looking to innovate in delivering entertainment for sports and entertainment broadcasting.
On the XR side, the nine start-ups include four immersive firms:
- FansXR: An XR streaming platform delivering AR and 360-degree video to digital devices and Metaverse-ready hardware using 5G and edge computing solutions.
- ForwARdgame: An XR firm that leverages AR and VR immersive worlds that allow fans to exercise with immersive games promoting physical activity.
- Ydrive: A smartphone application service provider that enables users to capture photorealistic RT3D digital twins of real-life assets with a handful of photos.
- Immersal: A company that provides Visual Positioning (VPS) technology solution, allowing end-users to convert any city, venue or area into a spatial data map. The service can place digital or immersive assets in a real-world location for various commercial AR experiences, autonomous vehicles, and robots.
T-Mobile supports these start-ups with resources and expertise to help them develop and launch their products and services. The company is also working with them to explore new ways to use 5G to enhance fan experiences.
Metaverse Faces Widespread Adoption, Says 47% of UK Consumers
A new study by KPMG UK found that 47 percent of UK consumers believe that Metaverse platforms will be widely adopted in the next ten years. However, the study also found a split opinion among UK consumers, with 37 percent being optimistic about the Metaverse, 31 percent having negative forecasts, and 32 percent not knowing enough to form an opinion.
The study also found that younger UK consumers are more optimistic about the Metaverse than older consumers. According to the report, two-thirds of 18- to 24-year-olds retain a favourable opinion of the Metaverse, compared to 18 percent holding negative sentiments. On the other hand, 42 percent of 55- to 64-year-olds have a negative view of the Metaverse.
The study’s findings suggest that there is still a lack of understanding about the Metaverse among UK consumers. However, the study’s findings suggest that younger consumers are more open to the Metaverse than older consumers. This indicates that the Metaverse has the potential to be a significant technology trend in the coming years.