Entering the metaverse market
Often considered as the next iteration of the internet, the metaverse is expected to play a key role in the digital transformation of the economy. But is it just hype, or a trend with real substance? We spoke to Arnaud Lambert, Director Digital Transformation, and Sara Bouchon, Director Market Intelligence at Luxinnovation, to find out more.
“Imagine a virtual world where billions of people live, work, shop, learn and interact with each other – all from the comfort of their couches in the physical world.” This is how Techtarget.com introduces the metaverse, a concept that it defines as “a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world”.
Early-stage concept
“Today, we are using technologies such as virtual or mixed reality, or digital twins, which all imply interactions with digital copies of physical objects. However, the metaverse goes much further: it is a new world, offering total immersion and a real feeling of presence in a virtual environment that has strong links to reality,” says Arnaud Lambert.
The expected growth is enormous: GlobalData reported a metaverse market size of $22.8 billion in 2021, but predicts that it will reach a staggering $996,4 billion in 2030. “The potential seems limitless, and the metaverse is expected to have a huge influence on society,” says Mr Lambert and compares it to the early stages of the internet which, although much limited in the beginning, has revolutionised our private lives and business practices. “At the same time, the metaverse is still at a very early development stage. Expectations still have to be confronted with reality, and the technological challenges are huge.”
Luxembourg and the metaverse
As a disruptive technology and catalyst for innovation, the metaverse is obviously on the radar of the Ministry of the Economy and Luxinnovation. In July 2022, Luxinnovation’s Market Intelligence department conducted a study to better understand which companies have positioned themselves in the metaverse market in Luxembourg.
“There are currently three main metaverse projects in Luxembourg: the Duchy, the Luxembourg Megaverse and a planned project by US metaverse leader Infinite Reality,” explains Sara Bouchon. “This is a starting point, but we wanted a more complete understanding of all the players that position themselves in this market. In addition to analysing various databases, we spoke to several key players to get their input. Their feedback was highly valuable, and I thank them all for their contribution.”
Read the full study “Entering the metaverse market: key players in Luxembourg“