Metaverse is estimated to reach $800 billion in market size by 2024.
Published: Sat 3 Sep 2022, 10:24 PM
Last updated: Sat 3 Sep 2022, 10:25 PM
The businesses in the UAE will be compelled to make some fundamental changes to their marketing, sales and business strategy given the massive disruption caused by metaverse and big data.
Industries like tourism, advertising, entertainment, leisure, retail and education will be completely transformed as consumers get influenced by latest marketing campaigns that woo them in real and virtual world and vice-versa.
Marketers will rely on big data to infer consumer trends and the most sought after segment today is the metaverse as Web3.0 deepens it reach among masses. Big data is the future of official statistics and the core of decision-making, and there is no alternative to that because big data and AI offer the most modern, accurate and reliable information that is available in a timely manner, according to a industry expert.
Ali Shabdar, regional director MEA, Zoho, UAE , said: “The metaverse will create a whole new world of opportunities to help businesses expand into a more life-like dimension of the virtual world. More than ever, human interactions, including commerce, will develop and in turn generate a wealth of data ready to be tapped into by businesses to help them optimise their operations and further personalise experiences for their audience.”
Consumers’ attitudes and real-world behaviour will be steered by the virtual experiences a business can offer.
“As online users immerse themselves in the metaverse, more data can be given away and fed into virtual systems. In fact, the metaverse is estimated to reach $800 billion in market size by 2024. This will surely contribute to the staggering amount of data, a whopping 150+ zettabytes (1 zettabytes = 1 billion terabytes) will need analysis by 2025,” added Shabdar.
The advent of metaverse will increase the demand for big data management and analysis in a rapid way, requiring allocation of more resources by businesses that want to harness its potential.
Businesses will have to gear up fast to be ready for the flood of opportunities and challenges posed by the rapid growth of the metaverse. The AR/VR technology, being the gateway into this virtual universe, will need more development, which will in turn require more resources (skill, software, hardware) to be allocated to it.
Singapore based big data and Artificial Intelligence (AI) startup, Crayon Data is expanding its footprint in the region as it caters to some top brands in the UAE.
Suresh Shankar, CEO, Cofounder of Crayon Data, said: “The metaverse is trying to bring the rich 3D nature of a physical experience into a digital format. In some ways, it is the next layer of experience, just as the web and mobile added a new layer. In other ways, it is a bigger leap forward than the internet / Web 2.0 world.”
The fundamental building block of the Metaverse is data. Today, we are awash with data that is being generated and collected through various consumer apps from digital giants, banks, airlines etc. In fact, given the number of apps and devices we use, it’s getting even harder to parse through the data and make sense of it. Both for consumers and enterprises, informs Shankar.
The metaverse will generate an exponentially larger amount of data because it recreates the experience of the physical world. Where there are so many more signals available. The importance of AI and Machine learning will grow exponentially in the metaverse. Because the human brain cannot manage this large amount of data. And creating relevance will become even more difficult and even more valuable.
“The UAE is already an experimental hub for the Metaverse in terms of building applications and services. Lots of companies have set up here and are looking for new applications to be built. So, we’re going to see a lot of innovation and experimentation out here,” concluded Shankar.