The phrase "immersive internet" describes the next development in the online space! It is about creating experiences that are more engaging and supportive of group collaboration and shared engagement than static web pages, photos, and videos. There’s no doubt that it will make use of technologies like Virtual Reality (VR) and Augmented Reality (AR).
Does it mean the Metaverse? Well, you can call it if you want!
Businesses and consumers have benefited from a shift toward easier and more personal interactions with technology since the invention of the first computer. Gradually, businesspeople with PCs and, more lately, mobile and wearable technology replaced professors with punch cards. This has caught the eye of investors, to provide startup investments to companies that bring out incredible innovations.
Technologists are now realizing that screens cannot continue to get smaller, thus the paradigm is once more changing in favor of interfaces that allow us to pass through glass and enter immersive virtual environments, such as the metaverse!
Through the Glass: Real-World Applications for An Immersive Experience
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Promoters and Plussers
Many investors are now paying a keen eye to startups that integrate immersive internet for companies when it comes to startup funding. Businesses that have promoted their goods and services mostly on the current internet will probably still do so in the metaverse. Many companies like Meta Alliance have unique concepts surrounding the Metaverse!
For some businesses, it provides a chance to enhance, or "plus," existing offerings in ways unique to the immersive web. "Plussers" can profit from the current metaverse interest without having to completely rethink their business strategy, similar to restaurants that used the web to complete delivery orders during the pandemic.
A classic example is the Lawn Tennis Association (LTA) of the United Kingdom, which hosts Wimbledon each year, and has enhanced its brand by integrating AR messages into tennis ball canisters. Players receive a customized AR message, either encouraging them to practice more or inviting them to an event, after scanning a QR code (Deloitte, 2022).
It is anticipated that the global market for metaverse advertising will expand significantly. Thus, the market value will have reached US$1.6 billion by 2023 (Statista, 2022).
Geographically speaking, investors seeking to provide startup investments in immersive internet are eyeing countries like the United States (US) as it is anticipated to produce the largest market volume. It is expected to have a market value of US$532.7 million by 2023, making it a leading participant in the Metaverse Advertising sector. Hence, it is expanding quickly on a global scale, with China and the US setting the bar for innovation and uptake!
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Enterprise Simulation
Top-line growth is not the exclusive goal of the metaverse!
In capital-intensive industries like aviation, virtual testing grounds can lower the cost of development. For instance, to enhance quality above 70%, Airbus and Boeing are both building digital twins of new aircraft and arming their mechanics with AR headsets.15 (Johnson and Hepher, 2021).
The automotive sector will use Metaverse in North America, Europe, Asia Pacific, the Middle East, and Africa (Metaverse market, 2022). Hence, the startup funding obtained by the automotive industry will also enhance with the help of immersive internet!
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Personalized Experience
Many businesses and investors are looking to immersive technologies like AR and VR to offer scalable, intuitive, and streamlined personalized learning and collaboration experiences. Companies with such technologies have gained the potential of investors for startup investments.
Improved training effectiveness can result from these solutions' capacity to deliver more accurate statistics on participation rates, the amount of time learners spend in classes, and the steps they find difficult.
Exelon, the biggest utility in the US, is an excellent example of how implementing VR training has greatly benefited the company.
Similarly, using immersive internet for education or training has now been employed across the globe. Based on these forecasts, the global Metaverse Education market has tremendous room to develop. With their platforms and immersive educational opportunities, nations like China and the US are setting the standard for the global metaverse education sector.
Conclusion
Technology-user interaction is expected to shift from discrete digital realities to ambient computing, where people can look up from their gadgets and see a reality that seamlessly integrates with technology. The modern internet may frequently be a dangerous, unfriendly, and discriminating environment. Thus, prioritizing the integration of such technologies accurately and safely will help businesses gain startup funding. Considering the potential economic impact of immersive internet, many companies in platforms like EquityMatch have committed to utilizing technology's development in a way that upholds value and fosters trust.