Monday, 28 February 2022 Reading time : 1 minute

One of the most attractive technological developments at the moment is the emergence of a completely digital parallel world, the Metaverse. This new technology platform represents the next step in the development of the Internet and combines social networking, online gaming, virtual reality, digital travel, shopping, etc.

In order to dive into this virtual reality, special hardware devices (virtual reality headsets) are needed to create a spatial impression. In addition, it also requires modern software and, above all, sufficient network and storage capacities for the constantly increasing amounts of data created by the metaverse. Finally, like the Internet, the metaverse needs broad and good content so that both end customers and advertisers spend time and money there.  

The current figures from Bloomberg Intelligence show how important this virtual reality will be in the future. According to these, the global metaverse market is expected to reach a size of US$ 780 billion as early as 2024, compared to US$ 478 billion in 2020, which corresponds to an annual growth rate of 13.1%.

 As a result, leading technology companies are already positioning themselves in this high-growth area and investing significant funds in both value creation and further development. For example, Facebook changed its name to Meta Platforms at the end of 2021 and plans to invest US$10 billion in the near term to expand its metaverse. Other leading tech companies like Microsoft also recognize the potential. In mid-January 2022, the company announced it would acquire Activision, the entertainment software maker. If the competition authorities approve the merger, it would be the largest corporate takeover since Microsoft was founded.

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