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THE METAVERSE

The Metaverse is still rising, but it could take a decade to scale

By our News Team | 2023

Bain & Co study says Metaverse could reach up to US$900-billion by 2030, but may remain in the seed stage for another five to 10 years.

Despite recent headlines that ‘Metaverse-hype’ is dying down, new research released by global management consultancy Bain & Company shows the Metaverse could reach up to US$900-billion by 2030 – although it may remain in the seed stage for at least another five to 10 years.

 

Bain’s report, titled ‘Taking the Hyperbole Out of the Metaverse’, concludes that it poses real and growing economic opportunities for businesses. 

The Metaverse

Image by Tumisu from Pixabay

Companies that engage in the Metaverse’s early stages of development, known as the ‘seed stage’, over the next decade or so are more likely to become the market winners.

 

“As the Metaverse quickly evolves, we’ve already seen these types of technologies take hold within different industries,” says Chris Johnson, a partner in Bain’s Technology practice. 

 

“A good example of this is immersive gaming platforms, which are already boasting hundreds of millions of monthly active users. And while it’s not immediately clear how the Metaverse landscape will shift, our research shows there are five competitive battlegrounds that executives should be considering if they wish to get ahead and eventually scale. 

 

“This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology.”

 

The Metaverse is – and will be – plural

 

As consumer and enterprise applications become increasingly immersive and collaborative, Bain’s report finds it’s unlikely that the Metaverse will emerge as one singular platform. 

 

Instead, platforms with large user bases today may take steps to become increasingly immersive and engaging, while smaller Metaverse-like environments will try to attract bigger user bases. 

 

These virtual worlds are likely to remain independent silos as private companies seek to recoup their investments by leveraging the value of the underlying data sets.

 

Industries that are already using Metaverse-type technologies include entertainment, manufacturing, healthcare, education and employee training.

 

Five key competitive battlegrounds

 

Bains says there are five key competitive battlegrounds that companies should be aware of:

  • Virtual experiences. Although gaming is currently the leading consumer Metaverse application, immersive fitness and entertainment could also be compelling in the medium term. On the enterprise side, innovative use cases are emerging, primarily in collaboration and productivity, but also in digital marketing, employee training, education and healthcare.

  • Content-creation tools. There’s a growing field of software tools that provide the building blocks, editing platforms and interfaces for creating Metaverse worlds and experiences. These features make it easy for users to generate content.

  • App stores and operating systems. The app store role will be crucial during the Metaverse’s seed stage, providing users with curated, high-quality experiences to keep them engaged with the platform and headset they use to access the Metaverse.

  • Devices. Significant technological barriers must be overcome before the arrival of comfortable, stand-alone devices that allow for truly immersive experiences. To achieve mass adoption, Metaverse content will need to work across all types of devices – including personal computers, gaming consoles and smartphones.

  • Computing and infrastructure. Hardware companies will face pressure to develop higher-performing chips, servers and networking technologies to render high-quality graphics and reduce latency.

You can read more about the study here.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.