19 Apr 2022
Posted in Business Fundamentals
Metaverse discussed by 40% more companies during Q1 2022, finds GlobalData
Companies worldwide are continuing to talk about the metaverse, according to GlobalData, which found that 40% more companies mentioned ‘Metaverse’ in their company filings documents quarter-on-quarter. The Leading data and analytics company’s ‘Company Filing Analytics’ database reveals that mentions crossed the 500 mark in Q1 2022, on par with Q4 2021.
Rinaldo Pereira, Business Fundamentals Analyst at GlobalData, comments: “The main contexts for metaverse mentions included virtual avatars and improving experiences for remote workers. Client engagement and collaboration to improve buyer experiences via the metaverse also caught firms’ attention.
“While a mainstream B2B metaverse will be at least a decade away, companies are taking smaller steps to improve employee onboarding and experience. A rising tide lifts all boats, so identifying specific B2B use cases such as digital twins** in the metaverse could help companies—particularly manufacturers—to improve productivity. Such technologies could help companies draw up alternate go-to-market and production strategies with the pandemic causing a shift towards remote workflows.”
GlobalData’s Filing Analytics database also reveals that Mega Cap companies* often paired ‘metaverse’ with keywords such as ‘Invest’, ‘Investing’, ‘Clients’, and ‘AI’. Some key examples were Accenture, which expects to continue investing in the metaverse, and Microsoft, which is discussing gaming-related metaverse investments.
Rupantar Guha, Principal Analyst in GlobalData’s Thematic Team comments: “Enterprises are the prime market for the metaverse in 2022. New use cases are emerging, as Nvidia, Microsoft, Meta, and HTC bolster their metaverse capabilities and start-ups develop specific solutions around data visualization, collaboration, and training. Technologies such as artificial intelligence, augmented reality, virtual reality, and digital twins that enable the future of work will converge together to help create the enterprise metaverse.
“Consequently, market competition will intensify as the tech titans battle for market dominance, and non-tech brands track their progress for potential revenue and operational improvements.”
* Companies with a market cap of more than $200 billion
** Digital twins are digital representations of physical assets, systems, or processes. They help to detect, prevent, predict, and optimize the physical environment using artificial intelligence (AI), real-time analytics, visualization, and simulation tools. Conceptually, digital twins have been around for decades. A forerunner was used in the Apollo 13 mission to the moon in 1970. It has taken nearly 20 years for digital twins to mature, and though they have grown up quickly in recent years.