Metaverse offers a lot of potential for businesses

Munich. It creates completely new ways of using the Internet – and thus also offers opportunities for large companies. We are talking about the “Metaverse”, a kind of virtual and three-dimensional extension of the real world. You can live, work, learn, shop and have fun there as a digital twin or avatar.

Two thirds of Germans have not heard of the metaverse

“The Metaverse is one of the most exciting visions of our time,” says Bernhard Rohleder, CEO of the Bitkom association, which represents the digital industry. “Companies present their products in the Metaverse, open virtual branches and search for new employees in the Metaverse. There are also brand new opportunities for educational offerings. The Metaverse is based on established technologies that are still under development. Besides artificial intelligence (AI), this also includes blockchain as well as virtual and augmented reality. At first you can experience this mainly on a PC, smartphone or with virtual reality glasses, but in the future this will probably also increasingly be the case with augmented reality.

It all looks like pie in the sky. A Bitkom survey, for example, shows that only 5% of Germans dare to explain the term metaverse. About two-thirds of people have never heard the word. However, awareness is growing rapidly. Management consultancy McKinsey predicts that the Metaverse could be worth $5 trillion by 2030, with commerce being the main driver.

Important building block for the future viability of the business site

Because of these opportunities, the Bavarian Business Association (vbw) promotes new digital technologies such as the Metaverse to become more deeply embedded in business thinking. “Our goal must be to spread the technology and fully exploit its enormous economic potential”, says Bertram Brossardt, CEO of vbw. “This is an important building block for the long-term future safety and competitiveness of our business site.”

The metaverse can be used in many areas of the value chain. “In this way, mechanical processes can be simulated or maintenance work simplified using digital twins,” explains Brossardt. Virtual product presentations or training and continuing education content could also become more efficient and cheaper.

For vbw, it is clear that companies must not only take the step into the virtual world, but also be competitive there in international competition. “We are currently still in an early phase of the technology, in which we certainly cannot yet estimate the full potential for the economy,” says Brossardt. “But one thing is clear: we have to set the course for this now.”

Consumers can expect

  • Free time: In the virtual world, you can attend events such as concerts, theaters or other live events.
  • Shopping: new technologies enable a more intensive and better shopping experience.
  • Travel: With little effort, tourists can get a realistic idea of ​​their travel destination.

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