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THE METAVERSE
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.
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:
You can read more about the study here.
The rapid spread of online misinformation has become a significant risk for businesses, brands and wider society. Why do people fall for it?
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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.