The metaverse ecosystem comprises a range of digitally augmented worlds, models, and realities radically altering human activity and interaction. With the help of the virtual world, discovery and research may reach new heights. Through total immersion in 3D content, people will be able to understand more about any topic or subject than they could by just reading about it. 2022 Metaverse market worth is $47.48 billion, and forecasts put the figure at $678.80 billion by 2030. In addition, 36% of internet users showed interest in adopting the Metaverse in a March 2022 Statista study, with 12% reporting they were highly interested.
As technologies converge to transform human perspectives and interaction, the UAE’s businesses are rushing toward a future that supports emerging technologies. Another indication of the rising interest in the new digital domain is the optimism of UAE executives over the Metaverse’s potential influence on their companies.
The Metaverse Is Seen As The Internet’s Inevitable Next Step
The emergence of Internet 3.0 will propel another tsunami of digital transformation. It will show why organizations cannot wait until tomorrow to take action, or they will find themselves competing in digitally created environments. The Metaverse has been used to describe a future version of the internet, where users’ digital personas may freely roam and interact with one another in virtual environments. In the United Arab Emirates, participation in the Metaverse and other emerging technologies is on the rise. Dubai Municipality has announced plans to build a virtual twin of the emirate named One Human Reality.
Metaverse Impact On The UAE Economy: Considering The Major Concerns
One of the most pressing issues in the Metaverse is the need to ensure data integrity and safety. The UAE economy will undoubtedly benefit from the metaverse potential, but it still needs to be determined how businesses will handle data privacy in this brave new world. The potential for harmful behaviors like bullying, harassment, and violence also threatens the metaverse ecosystem. Organizations must consider the likelihood of such concerns and the measures necessary to solve them. Ninety-eight percent of UAE respondents and ninety-six percent worldwide indicated their companies are focused on verifying the legitimacy of their data and AI.
Ahead Of The Curve In Digital Transformation
As time passes, people’s real-world and online existences blend together. Reliability, sustainability, personal safety, and privacy are some of the many challenges that should be addressed as organizations establish a responsible virtual world. Since emerging technologies are set to transform the internet, upcoming digital platforms must provide integrated digital experiences. Thus, consumer data can be shared across systems regardless of where they are located.
