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40% of large companies are eyeing metaverse tech to help boost profits

Web3, AR cloud and digital twins set to find a home in every form of business

Research and advisory firm Garner has predicted that 40% of behemoth organizations across the world will be using Web3, AR cloud and digital twins in metaverse projects to increase revenue in the next five years. 

Gartner’s prediction detailed that a perfected metaverse will be device independent, and will not be owned by a single vendor. The firm also added that the metaverse will have a virtual economy enabled by digital currencies and NFTs. 

However, while this sounds like the digital dream coming true, the firm’s prediction was not so favourable to a number of analysts.

Mark N. Vena, president and principal analyst at SmartTech Research in San Jose, Calif told TechNewsWorld, “It’s a bit aggressive. The primary headwind to the metaverse in business is the arrival of genuine metaverse apps that will have broad appeal with enterprise accounts. Some of that does exist — and will continue to surface — in operational areas like inventory management, logistics, and other vertical areas, but until a metaverse app, or apps, that increases productivity arrives, I think 40% is a stretch”

In a conversation with TechNewsWorld, Ross Rubin, principal analyst at Reticle Research disclosed some of the challenges that might hinder metaverse dispersion into the enterprise. 

Rubin said, “on a core level, we need improvements in device size and power efficiency and broader applications beyond those in manufacturing, engineering, and other industrial applications that we see today. Beyond these AR-related improvements, however, there are open questions as to whether the metaverse will evolve as a single, broadly accessible platform, like the web, or whether companies will largely build out their own applications, as they do with cloud technology today. However, we are starting to see some encouraging standards-setting here, such as the Metaverse Standards Forum.”

Meta’s place in the enterprise’s future

As if Meta doesn’t already have enough backlash surrounding its metaverse ambitions, Rob Enderle, president and principal analyst with the Enderle Group said Zuckerberg’s company could also be adding to metaverse traction problems. Adding that “Facebook’s efforts are so bad they are putting a cloud over the entire segment and, ironically, they are the biggest investor in it. Facebook is effectively putting a big sign over the segment implying it is fake, even though Nvidia’s efforts are working far better and being well implemented by firms like BMW, showcasing the potential that Facebook appears to be destroying at the moment.”

Perhaps the lack of patience is a deterring factor that is also contributing to the company’s metaverse perseverance said Quynh Mai, CEO of Qulture. “As brands enter the metaverse, they often get discouraged upon arrival, not realizing that it is still a nascent but evolving platform. They don’t see a mass amount of users in metaverses like Decentraland or The Sandbox, and then retreat,” said Mai. 

“Perseverance is important as the technology driving Web3 is evolving quickly with developer activity increasing exponentially, so it’s important for brands to experiment now so they can scale their Web3 projects alongside its evolution. With the looming recession in the U.S. and the IMF’s economic warnings, many brands are retreating from Web3 and focusing on short-term issues,” she continued. “However, just like during Web 1.0 and Web 2.0, brands that do not innovate will lag behind. Web3 adoption will be powered by Gen Z, which is 25% of the world’s population, so brands that do not stay the course will not prosper or connect with this cohort in 2027,” Mai added.

More impressive facts and figures

Gartner’s prediction also shows that 50% of the world’s population will be daily active users of several “Superapps” in 2027. Superapps are a combination of features from an app, an ecosystem and a platform into a single program. 

Frances Karamouzis, Gartner Vice President and Analyst said in a statement, “Although most examples of superapps are mobile apps, the concept can also be applied to desktop client applications, such as Microsoft Teams and Slack, with the key being that a superapp can consolidate and replace multiple apps for customer or employee use.” 

Gartner’s prediction also revealed that a strategic trend that traverses the rest is sustainability. “[I]n 2023, delivering technology will not be enough,” said Gartner’s  Vice President and Analyst David Groombridge. “These themes are impacted by environmental, social, and governance expectations and regulations, which translate into the shared responsibility to apply sustainable technologies. Every technology investment will need to be set off against its impact on the environment, keeping future generations in mind. Sustainable by default’ as an objective requires sustainable technology,” he added.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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