Intelligent CIO North America Issue 29 - Page 75

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LEAPFROGGING YOUR COMPETITORS WITH THE METAVERSE

With much speculation surrounding the Metaverse and how it will develop , Duncan Roberts , Senior Manager at Cognizant , explores the many ways businesses can utilize its potential and why now is a good time to start familiarizing ourselves with its capabilities .

The Metaverse , initially dubbed the ‘ Next Big Thing ’, has been subject to criticism lately by those who think it is aiming too high and falling short of expectations . However , the Metaverse , which is still in its infancy , is rapidly developing and is projected to only further infiltrate the tech space . In fact , the global Metaverse market size was valued at more than US $ 100 billion in 2022 and is projected to grow to US $ 1,528 billion by 2029 .

The global Metaverse market size was valued at more than US $ 100 billion in 2022 and is projected to grow to US $ 1,528 billion by 2029 .
Despite its early stage , companies would be wise to start generating value from Metaverse concepts and technologies today , giving them an advantage when usage becomes mainstream throughout businesses .
The Metaverse has high potential when it comes to improving customer engagement and collaboration among employees and clients , as well as streamlining operations . From employees being able to work on projects while based in different locations together , to utility companies who can create detailed simulations and Digital Twins to develop and test renovations or modifications remotely before they are turned into reality , there are endless ways that businesses can look to utilize the Metaverse to benefit their business operations .
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