It is estimated that the metaverse will reach $800 billion in market size by 2024.
Reuters
Businesses in the UAE will be forced to make fundamental changes to their marketing, sales and business strategy given the massive disruption caused by the metaverse and big data.
Industries like tourism, advertising, entertainment, leisure, retail and education will be completely transformed as consumers are influenced by the latest marketing campaigns that will appeal to them in the real and virtual world and vice versa. poured.
Marketers will rely on big data to infer consumer trends and the most searched segment today is the metaverse as Web3.0 deepens its reach to the masses. Big data is the future of official statistics and the heart of decision-making, and there is no alternative to this because big data and AI offer the most modern, accurate and reliable information available in time. timely, according to an industry expert. .
Ali Shabdar, MEA Regional Manager, Zoho, UAE, said, “The Metaverse will create a whole new world of opportunity to help businesses grow in a more realistic dimension of the virtual world. More than ever, human interactions, including commerce, will in turn develop and generate a wealth of data ready for businesses to use to help them optimize their operations and further personalize experiences for their audiences. »
Consumer attitudes and behavior in the real world will be driven by the virtual experiences a business can provide.
“As online users immerse themselves in the metaverse, more data can be donated and fed into virtual systems. In fact, the market size of the metaverse is estimated to reach $800 billion by 2024. This will surely contribute to the staggering amount of data, over 150 zettabytes (1 zettabyte = 1 billion terabytes) will need to be analyzed by 2025,” Shabdar added.
The advent of the metaverse will rapidly increase the demand for big data management and analysis, necessitating the allocation of more resources by companies wishing to exploit its potential.
Businesses will need to prepare quickly to be ready for the flood of opportunities and challenges posed by the rapid growth of the metaverse. AR/VR technology, being the gateway into this virtual universe, will require more development, which in turn will require more resources (skills, software, hardware) to be allocated to it.
A Singapore-based big data and artificial intelligence (AI) start-up, Crayon Data is expanding its footprint in the region by reaching out to some top UAE brands.
Suresh Shankar, CEO and Co-Founder of Crayon Data, said, “The Metaverse tries to bring the rich 3D nature of a physical experience into a digital format. In some ways, it’s the next layer of experience, just like web and mobile. added a new layer. In other ways, it’s a bigger leap forward than the Internet/Web 2.0 world.
The cornerstone of the metaverse is data. Today, we are inundated with data generated and collected through various consumer applications from digital giants, banks, airlines, etc. In fact, given the number of apps and devices we use, it becomes even harder to analyze the data and make sense of it. Both for consumers and businesses, informs Shankar.
The metaverse will generate an exponentially greater amount of data as it recreates the experience of the physical world. Where there are so many more signals available. The importance of AI and machine learning will increase exponentially in the metaverse. Because the human brain cannot handle 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 apps and services. Many companies have moved here and are looking for new apps to build. So we’re going to see a lot of innovation and development. experimentation here,” Shankar concluded.
