By 2026, according to a study, 25 percent of internet users would spend at least an hour a day in the metaverse and 30 percent of organizations would use it to distribute their products and services globally.
The study by Gartner Foundation for Research and Studies said the space would provide more opportunities for communication and cooperation at all levels.
For example, companies could offer better participation, levels of cooperation and communication to their employees through productive workspaces in virtual offices that would require no physical infrastructure.
In the GCC region, UAE has taken a lead in digital technologies such as AI and 5G through investments and innovations. It appears to have embarked on a similar journey towards metaverse, a virtual-reality space where users interact with computer-generated environments and other users.
At its broadest, metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.
As the next big market opportunity, the metaverse could provide nearly US$800 billion in revenue by 2024, Bloomberg Intelligence estimates show.
TRENDS takes a look at the some of the UAE’s metaverse initiatives.