Subscribe to GlobalData Explorer to access actionable intelligence spanning 22 industries, 200+ economies and 700k+ companies on a single platform

Major Tech Companies Form Metaverse Standards Body

  • Meta, Microsoft, and other tech giants form Metaverse Standards Forum
  • The forum aims at fostering the development of open standards for the metaverse
  • According to GlobalData, Metaverse-focused deals increased from 110 in 2020 to 124 in 2021

Tech giants such as Meta, Microsoft, Epic Games, and 33 other companies jointly formed an open standard group for metaverse called Metaverse Standards Forum. The forum aims at fostering the development of open standards for the metaverse. The group is scheduled to have its first meeting in July 2022. The membership is free, and it is open to any organization.

What is the metaverse?

The metaverse is a virtual world where users can meet, work, play, shop, and socialize in real-time within simulated scenarios. The main technology pillars of metaverse are augmented reality (AR), virtual reality (VR), artificial intelligence (AI), and the Internet of Things (IoT). The increase in metaverse-focused acquisitions and partnerships underscores the need for perfecting AR and VR offerings. Tech companies such as Qualcomm, Microsoft, SAP, and Accenture are acquiring AR and VR companies to create compelling, next-generation customer experiences and industrial applications, and develop building blocks of the metaverse. According to GlobalData, the AR market was reportedly valued at $8.5 billion in 2021 and is expected to reach $11.5 billion in 2022, while the VR market was estimated at $6.9 billion in 2021 and is expected to reach $9.4 billion in 2022.

Metaverse Standards Forum Objectives

The Metaverse Standards Forum brings together leading companies for industry-wide collaboration on the interoperability standards required to create the open Metaverse. The forum will address the areas where the lack of interoperability is hampering metaverse implementation. The forum also intends to concentrate on action-based projects such as implementation prototyping, hackathons, and open-source tooling to accelerate the testing and adoption of metaverse standards, while creating uniform terminology and deployment guidelines.

Outlook

The coming together of leading companies indicates that there is a conscious effort to establish common standards for technology and products related to the metaverse. With companies agreeing on uniform standards, users could see products that are compatible across platforms. The collaboration could also help control the expenses of creating some of these products separately.

 

 



Explore, track and compare industries, economies and companies in a single platform through GlobalData Explorer.​

Single License $700 per month (billed Annually)
Multiple Licenses Connect with a GlobalData representative to discover our offers for multiple licenses​
  • 700K+Companies
  • 22Industries
  • 15K+Reports
  • 200+Countries & Regions
Still looking?

Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.

Explorer

Access more premium companies when you subscribe to Explorer

Get in touch about GlobalData Company Analytics

Contact the team or request a demo to find out how our data can drive your business forward