Below is some interesting reports about Virtual Reality, Augmented Reality and the Metaverse from external sources.
Value creation in the Metaverse: The real business of the virtual world
This report examines the emergence of the metaverse: its history and characteristics, the factors driving investment, how consumers and businesses are using it today and may in the future, its value-creation potential, and how leaders and policy makers can plan their strategies and near-term actions. Our work began by surveying more than 3,400 consumers and executives on metaverse adoption, its potential, and how it may shift behaviors.
We also interviewed 13 senior leaders and metaverse experts. In analyzing the metaverse’s value-creation potential and total investment landscape, we examined the drivers of activity among major corporations, venture capital, and private-equity funds. We examined the potential impact of the metaverse on sectors most closely tied to its technology and uses, with our work supplemented with additional research, case studies, and real-world examples.
This latest research is the result of collaboration between multiple practices within McKinsey, including Growth, Marketing & Sales, McKinsey Digital, and Telecommunications, Media & Technology. We also drew on the expertise of the McKinsey Technology Council, which comprises more than 60 scientists, engineers, investors, and entrepreneurs from external tech organizations and institutions, along with our own internal experts.
PWC – How virtual reality and augmented reality are transforming business and the economy
New realities for business and society VR and AR have the potential to deliver a $1.5 trillion boost to the global economy by 2030. That’s the major finding of the economic impact assessment conducted by PwC economists for this report. From creating new customer experiences to speeding up product development and improving workplace safety, there are many compelling uses for these technologies that promise to drive growth from the current GDP contribution of $46.4 billion.
Trillion-dollar questions: What will drive change? And why now?
Neither VR nor AR are new technologies, but there are two overarching trends that can ensure their use grows considerably: the business benefits they can deliver are now richer and more attractive; and technological advances are creating an improved user experience
Wunderman Thompson – Into the Metaverse
Welcome to the metaverse. A place where our digital and physical lives converge; creativity is limitless; and location-defying worlds bring people together. Interest in the metaverse has peaked this year—the number of searches for the word increased more than tenfold from 2020 to 2021, according to Google Analytics. Media outlets including the New York Times, Washington Post and the Guardian have all published extensive articles probing its implications.
Companies from Epic Games to Microsoft to Facebook and SK Telecom have publicly announced plans to build metaverse worlds. Burberry, Coca-Cola, and Visa are just a few of many brands racing to be part of it. Why the sudden attention? “In 2020, one thing became very obvious, very quickly, as COVID-19 began to spread around the world: we leapfrogged five
to seven years in the digital revolution,” Hans Vestberg, CEO of Verizon, said during his keynote at CES 2021 in January. As COVID-19 restrictions ease,
the acceleration of tech and its prominence in many lives will continue.
- 93% of global consumers agree that technology is our future
- 76% say their everyday lives and activities depend on tech
- Over half (52%) say their happiness depends on it
Wunderman Thompson – New realities Into the Metaverse and beyond
The world is hurrying to prepare for the metaverse as it rapidly evolves from a sci-fi concept into a reality.
Following the release of our “Into the Metaverse” report in September 2021,news outlets and brands have not only joined the conversation but are also actively participating in being part of the metaverse. Collections of non-fungible tokens (NFTs) have been populating the market-place, branded virtual worlds have taken over games, and investment in technologies such as mixed, augmented and virtual realities has ramped up significantly.
Every industry disrupted by the digital era is expected to feel the impact of the metaverse (see page 5) and this may explain why companies from banks to ad agencies are eager to form the right partnerships and even create in-house metaverse teams to get ahead. And it’s not only companies wanting in on the metaverse, but governments and influential figures too.
There’s a lot to be excited for:
- 74% of people who know what the metaverse is believe it’s the future
- 66% believe it is going to be life-changing