Infosys President Mr. Ravi Kumar’s prediction that “2022 is the year of Metaverse for the Tech World” proves to be an emphatic truth. With estimates suggesting that global Metaverse revenue opportunities would increase to a whopping $800 billion in 2024 from around $500 billion in 2020, it has been a Global Gold Rush to the Metaverse for tech companies.
The interest in the Metaverse was initially piqued after Facebook’s announcement in October 2021 that it is changing its entire branding to “Meta” – a firm indication of how seriously it was looking at this technology to alter the future of the Internet completely. Since then, Microsoft, Amazon, Samsung and Google, and scores of other companies have shared their intent to invest heavily in Metaverse – a technology that uses augmented and virtual reality (AR/VR), blockchain, artificial intelligence (AI), and NFTs to blur the lines between the real and virtual worlds.
Since 25% of the global population is expected to spend at least an hour every day in the Metaverse by 2026, as Gartner predicts, the growth of the Metaverse will be far quicker and far-reaching soon. Against this backdrop, it is interesting to see how the entire Indian Metaverse scenario is evolving in terms of developments at the Indian tech firms and the marketing events happening in the Metaverse.