There’s a picture that pops instantly into our minds when we hear the word ‘Metaverse’: ‘avatars’ of you and your friends in a futuristic setting, almost like new-age versions of the age-old SIMS videogame that was hugely popular in the early 2000s. And while the metaverse undoubtedly feels like an advanced version of a video game, the possibilities of what it holds far surpasses our imagination. A future where the metaverse is all-pervasive may not happen overnight, but a gradual yet determined collection of digital changes and experiences could certainly take us to the next realm.
UAE LEADING THE RACE
Dubai’s pioneering metaverse strategy aims to add US$4 billion into the city’s economy while adding 40,000 virtual jobs by 2030. By 2035, the estimated economic contribution of the metaverse to the annual GDP of UAE could be between US$8.8 billion to US$16.7 billion.
A key factor to ensuring the metaverse is adopted is to have an environment that supports and enables its quick adoption. The UAE is the forefront of leading the world into the limitless possibilities this new technology holds. With a sound Web3 strategy, a Minister of AI, and a Digital Transformation Ministry, UAE hopes to push forward the growth of a digital economy that contributes 20 percent of the gross non-oil national economy.
While few other countries can boast of the UAE’s vision in this regard, many countries are actively and heavily investing in the metaverse. In the MENA region, Saudi Arabia, Jordan and Egypt are all investing heavily in AR, VR and AI, creating lucrative investment opportunities in the region. With governments pushing strongly to create digitally sound economies, corporations are now taking the initiative to create systems that will benefit the overall economy.
DIGITAL TWINS TO GAIN POPULARITY
If we take a step back in time, a quick glance at tech history shows that the adoption of Web1 and Web2 were seemingly different because it relied on adoption by consumers to grow. What will make Web3 different is that we might see a higher adoption rate from enterprises and businesses more than consumers, which means that you may not have to put on your VR goggles to necessarily shop from your local grocery store, but chances are, the backend is handled by store managers donning those same glasses.
One such emerging technology that is revolutionizing the management of big warehouses and minimizing response time is that of the digital twin. A digital twin is a virtual replica of a physical object, system, or infrastructure that mirrors its physical counterpart and is dynamic in nature. Companies can use digital twins to manage their inventories and drastically shorten the time it takes to flag an issue or process a request.
As technology distributors, we are privy to many companies who use digital twins to successfully run and manage their systems.
METAVERSE IN THE PUBLIC EYE
On the marketing side too, we are witnessing many big players, like Nike and Gucci, quickly jumping on to the metaverse bandwagon with the promise of an enhanced shopping experience. With a Gartner report suggesting that 25% of the population will spend at least one hour a day in the metaverse for activities ranging from shipping to working to social media and entertainment, it opens a whole new avenue for brands to connect with their audiences. Several companies already use VR to help you experience their product in the comfort of your home, like furniture retailers who help you find the perfect spot for a couch or luxury watchmakers who use AR to try on different kinds of watches to help you pick what would look best on your wrist.
Many technology companies too are warming up to the idea of actively incorporating AR and VR into their offerings. We at Redington will be taking out partners to the metaverse this month during Redington Re-Imagine 2023 where we are bringing together the best minds in technology to discuss everything from quantum physics to future materials. By engaging with the technology community and generating interesting conversations about the future, we can come together in creating and reimagining a better tomorrow, fuelled by new and emerging technologies.
And while challenges will exist, especially in terms of privacy, the metaverse can offer endless possibilities particularly for enterprises. As the UAE races ahead in the fourth industrial revolution, it will be built on the strength of AI, 5G, Robotics and Twin Technology, ensuring fast-paced growth in the digital and physical worlds.
