Huawei says the metaverse is a trillion-dollar opportunity

Huawei has analyzed the opportunities the metaverse currently provides and will provide in the future. The Chinese tech company cited Citibank, which said that the metaverse market could be valued between $8 trillion and $13 trillion by 2030, with around five billion metaverse users.

According to Huawei, the metaverse is most often experienced through video games played on VR headsets. However, the future prediction is that the metaverse will move towards “becoming the next iteration of the Internet,” known as web3. The open metaverse is community-built and owned, interoperable, and secures privacy.

The future of the metaverse is accessible through computers, gaming consoles, and mobile phones, which makes it a large ecosystem.

In the next several years, the most common use case for the metaverse will be gaming because of the immersive experiences it offers. In the coming years, however, the metaverse will inspire new ways of doing activities, including “internal collaboration, client contact, sales and marketing, advertising, events and conferences, engineering and design, and workforce training,” among others.

The metaverse will also be adopted in the healthcare and retail sectors, as well as in commerce, education and training, entertainment and media, manufacturing, and enterprise operations. For fashion and retail, the metaverse will become the key to e-commerce.

To not miss opportunities, Huawei recommends six virtual worlds to pay attention to, including Horizon Worlds, Omniverse, Microsoft Mesh, Roblox, Decentraland, and The Sandbox.

In another article, Huawei wrote about telecommunications companies entering the metaverse and what future developments are waiting ahead. Several global telecom giants have initiated their metaverse journeys, including SK Telecom, Deutsche Telekom, e&, KT Corp., Orange, NTT DoCoMo, China Mobile, AT&T, Vodafone, Telefónica, Verizon, and MTN.

Huawei believes that the metaverse offers an unprecedented opportunity for the connectivity industry, but the new technology needs to be based on openness and interoperability and be accessible to the wide public.

To work well, the metaverse needs improvements in “network latency, symmetrical bandwidth, and overall network speeds.” Therefore, metaverse adoption can’t be achieved by a single company; rather, creating a metaverse requires a global effort and numerous collaborations.