Can emerging economies benefit from the metaverse?
Can emerging economies benefit from the metaverse?
To support the business's unheard-of rise, Metaverse is establishing new standards. As a Metaverse Development Company, Suffescom Solution has skilled developers and offers the best services.

Recently, the term "metaverse" has become more well-known. Microsoft claims that its $68.7 billion acquisition of Activision "will provide building blocks for the metaverse." The metaverse has the potential to alter the internet even though it is still in its infancy.

To support the business's unheard-of rise, Metaverse is establishing new standards. As a Metaverse Development Company, Suffescom Solution provides the best services and employs talented developers.

However, what precisely is the metaverse and what does it imply for underdeveloped nations? Although there are promising use cases in almost every industry, this post focuses on some opportunities the metaverse presents in the areas of education, health, and urban development.


What exactly is a metaverse?

The term "metaverse" has different meanings to different people. Extended reality and physical reality are combined in a shared, persistent virtual environment (XR). Technologies for augmented, virtual, and mixed reality are collectively referred to as "XR." Virtual spaces for connection, cooperation, sharing, and communication are available in the metaverse. People can work, communicate, cooperate, socialize, shop, stroll, watch films and concerts, and play games in the metaverse, to name a few activities.

The metaverse will be enhanced by the multidimensional Web 3.0 of the future. A quantum leap in data capture, transmission, and storage is likely to be produced by the combination, necessitating significant investments in digital infrastructure. Transmission of 8K resolution images at 60 frames per second with HDR (High dynamic range), extending their color and contrast, may be necessary for a high-quality immersive experience. Even with cutting-edge compression methods, these requirements would translate into high bandwidth needs.

The global market for the metaverse was $4.69 billion in 2020 and is anticipated to increase by 43.3 percent annually from 2020 to 27. As a result, the metaverse offers a sizable business opportunity. The quantity of "virtual worlds"-related patents that have been issued since 2000 is depicted in the graph below. Immersive technologies are becoming more and more well-liked and popular.

With the continued development of XR and digital twin technology, one or more metaverses are likely to become a reality.


1. Training and Education

The best applications for immersive technologies will be in training and education.

According to the University of Maryland, users retain information better when it is presented in virtual reality (VR) as opposed to on a computer screen. A PricewaterhouseCoopers study found that VR training can train employees in soft skills four times faster than conventional in-person classroom or online training. Walmart has made 17,000 VR headsets available to help with employee training. For some activities, it has reduced the amount of time needed to train from eight hours to just fifteen. Agents at the Verizon call center who handle irate customer calls had their training time reduced from 10 hours to 30 minutes.

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2. Medical Care

To ascertain the worth of VR in training hospital frontline staff, the National Health Service of the United Kingdom commissioned a study. In comparison to the control group, only 16 percent of VR participants who had received instruction in infection control measures were found to have an adequate understanding. For the VR group, post-training performance increased by more than 230 percent compared to 16.75 percent for the control group. Users claimed to feel less anxious after receiving COVID-19 scenarios.

The UK has seen a 51.5% decrease in medical staff exposure to COVID-19 as a result of using AR technologies to treat COVID-19-positive patients.


3. Development of cities

To increase operational efficiencies and urban planning, many cities are developing digital twins. Users of Virtual Singapore, Singapore's digital twin, can see how the city will change in 3D as a result of population growth and new construction. There are many applications for this virtualization, including simulating transportation planning and determining the best locations for solar system placement.

Seoul has announced that it will provide services in the metaverse, enabling citizens to communicate virtually with officials, consult with them about neighborhood issues, and handle them without going to City Hall.

In Saudi Arabia, a $500 billion city is being built. Residents will have access to Neoma's metaverse virtual twin before it is actually constructed.


What should developing nations think about?

What benefits can developing countries look forward to soon? They can initially train and instruct using immersive technologies. Teachers have access to immersive training opportunities at teacher education institutions. Teachers can encourage their students to create video game content that is educational. Similar to this, immersive technologies can enhance healthcare professionals' training.

The metaverse can boost urban development's effectiveness. Architectural design and virtual worlds will converge in the future as more cutting-edge forms, experiences, uses, and aesthetically pleasing techniques for creating environments become accessible. Cities in developing countries might try redesigning urban areas, including slums, with the assistance of architects and gamers working together in immersive settings. Residents could be consulted on alternative designs through immersive experiences. Commercial spaces for the redesign might be offered for sale in virtual worlds, with ownership changing to real-world equivalents once execution is finished. Funding for development would increase as a result.

The framework for metaverses will ultimately be derived from the national digital twin strategies of developing countries, which should be given priority. The European Union, New Zealand, and the United Kingdom are all promoting digital twins. The "Data for Better Lives" section of the World Development Report 2021 suggests incorporating the metaverse opportunity into national data ecosystem development plans.

Despite the current hype and associated risks, the metaverse may be advantageous in a variety of fields, including healthcare, education, and urban development, to name a few. In order to prepare for a technology that is likely to gain traction in the coming years, it is prudent for developing countries to start looking into the potential benefits (and risks) of the metaverse.