5 November 2024, Tue |
4:48 PM
“Unlocking the Future: Five Ways the Metaverse Will Transform Lives and Business in the Next Five Years” by Hebah Almoaiqel, Analytics, Consulting & Engineering Practice Lead, MEA region, DXC Technology, examines how the metaverse will revolutionize workplace collaboration, events, entertainment, branding, and recruitment. With projections suggesting a $15 billion boost to GCC economies by 2030, the article highlights the exciting potential of this digital frontier.
When Neal Stephenson first introduced the term “metaverse” in his 1992 science fiction novel, Snow Crash, it remained in the world of fantasy. Fast forward three decades and the metaverse has transitioned from a futuristic concept into an integral part of our present-day reality.
According to a Strategy& report titled, “A Middle East perspective on the metaverse” the metaverse is projected to inject $15 billion into GCC economies by 2030. More ambitious nations have already integrated the Metaverse into their long-term visions, such as the Dubai Metaverse Strategy which is designed to elevate the city into the top 10 metaverse economies globally.
Other recent metaverse innovations in the MEA region include Qatar Airways introducing the QVerse, allowing users to virtually tour cabin interiors, showcasing in-flight experiences. The Saudi Ministry of Hajj and Umrah has launched virtual reality experiences for a virtual pilgrimage, enhancing religious tourism with metaverse technologies. Meanwhile, Oman’s Ministry of Heritage and Tourism is developing virtual reality tours of Omani landmarks, historical sites, and natural wonders, promoting tourism through the metaverse.
Therefore, over the next five years, the world of the metaverse is expected to transform our lives and businesses in several ways. Here are five of the most significant changes:
In the Middle East and around the globe, the metaverse will become an everyday workspace for employees. Instead of staring at 2D faces on a video call, employees will have the option to select their virtual seats at a digital table, take breaks in virtual spaces, or even go on a virtual stroll with their superiors. Moreover, the metaverse will promote diversity and inclusion and empower individuals who may not feel entirely comfortable in a traditional office setting. The BCG report “Open Sesame: Unlocking the Metaverse Opportunity in MENAT”, says that businesses will experience heightened productivity and efficiency through enhanced remote collaboration and a subsequent saving in cost, time, and CO2 emissions due to reduced business travel.
Think of professional events and there’s a good chance you’ll be transported to a distant conference center with people trudging around in suits. The metaverse, however, presents a unique alternative for executives, politicians, and professionals who will increasingly opt for virtual attendance at expos, summits, and training sessions. Virtual events offer similar benefits as physical ones, including product demos, networking opportunities, and even post-event celebrations, all without the need for lengthy travel and time commitments.
The metaverse promises to be anything but dull. Concerts and tourism experiences will (and have already started to) perform live in this digital realm, selling virtual event tickets to fans, visitors and tourists. This approach not only offers unique entertainment but also increases accessibility for individuals who may face limitations in attending physical venues. Even sports enthusiasts can anticipate watching games from virtual stadiums within the metaverse or meeting their sports heroes. Clubs in the Middle East such as may soon join the likes of FC Barcelona and Paris Saint-Germain (PSG) who have already established a presence in the metaverse, bringing fans closer to their idols.
Louis Vuitton, Adidas, and Nike are among a growing list of brands to set up shop in the metaverse, alongside car companies like Nissan, Toyota, and Ferrari, which have all started offering virtual customer experiences. This immersive approach allows customers to engage with their favorite brands in entirely new ways. Recently, e& universe held the inaugural Samsung Unpacked event in the metaverse which allowed attendees the opportunity to pre-order their preferred Samsung Galaxy devices within the metaverse. This event marked a significant milestone in bringing users closer to worldwide technology advancements.
Recruiting top talent is integral to the success of any business — and reaching talent is the first step. Over the next five years, organizations will increasingly turn to the metaverse to connect with candidates in engaging ways. First-round interviews and recruitment events will be hosted in 3D environments, and human resource teams will utilize virtual spaces for onboarding, training, and internal events, enabling new employees to establish trust and positive relationships with colleagues, even in a remote setting. For example, the Dubai Future Foundation and PwC collaborated on the “Metaverse Assembly Outcomes” report where they highlighted Dubai’s strategy to create 40,000 virtual jobs by 2030. This exemplified the Emirates’ dedication to ensure the metaverse enhances rather than replace real-world experiences.
There is a myriad of possibilities for how the metaverse will change our lives in the next five years, and accessibility to the metaverse is improving, with many of today’s platforms available via an ordinary PC. However, hold onto your (physical) hat, as we won’t be saying goodbye to real world experiences any time soon. The metaverse will augment the physical world and all the things we love, rather than substituting them. Safe to say it’s an exciting time to be in the metaverse; hope to see you there soon!
