A study revealed that the majority of UAE leaders believe that Metaverse will have a positive impact

Nearly three-quarters of UAE CEOs believe the metaverse will have a positive impact on their organizations, Accenture said in a new report, another sign of the growing interest in the emerging digital space.

The Dublin-based professional services company said the Metaverse – seen as the next iteration of the World Wide Web – will be a “continuum” of rapidly emerging capabilities, use cases and technologies that are redefining experiences in the virtual world.

42% think it would be a breakthrough or transformation.

“The next generation of the internet is unfolding and will drive a new wave of digital transformation far greater than anything we have seen so far,” Paul Dougherty, group chief technology officer and chief technology officer at Accenture, said in the report.

“Our view of the metaverse as a continuum challenges mainstream and narrower viewpoints and highlights why organizations must act today or find themselves operating in and for worlds designed by someone else.”

The metaverse is presented as the next evolution of the Internet and is defined as a digital space where participants, represented by 3D avatars or digital representations, can move and interact in virtual worlds.

The global metaverse industry was valued at $47.69 billion in 2020 and is expected to reach $828.95 billion in 2028, at a compound annual growth rate of 43.3%, according to Emergen Research.

Metaverse activity in the UAE is increasing. Dubai Municipality, at the World Government Summit last month, said it will create a digital twin city for the emirate in a virtual world, called One Human Reality. Meanwhile, Sharjah held its first exhibition of symbolic, irreplaceable art at the House of Wisdom in March.

said Anushree Verma, analyst at Gartner the National The metaverse will evolve through three overlapping phases, emerging, advanced and mature, over the next 4-8 years.

The Accenture report also looked at consumers’ online behavior, finding that 70% of respondents spend more time online.

The number is higher in the UAE at 84%, compared to levels seen before the onset of the Covid-19 pandemic in early 2020.

This increase is reflected in the change in consumer behavior in the UAE. In recent studies, global payments company Visa said Covid-19 has permanently changed shopping habits, while online financial services aggregator Policybazzar.ae said two-thirds now prefer to use contactless payment.

The holy month of Ramadan especially affects online spending. Meta Platforms – which owns the world’s largest social network, Facebook – said in a report released in March that consumers in the UAE are increasingly open to trying new foreign products.

From a broader perspective, consumers in the Middle East and North Africa region are expected to spend an estimated $6.2 billion on online shopping during Ramadan, as their average time online increased by 12%, according to consultancy RedSeer.

Accenture’s research has also identified a number of key trends that companies need to address now that we are on the threshold of the metaverse.

With Metaverse and Web3 poised to reshape the internet, 97% of leaders in the UAE and 95% globally believe that future digital platforms must offer unified experiences, enabling data interoperability from customers on different platforms and different spaces.

In this regard, 100% of UAE leaders said that leading organizations will push the boundaries of the virtual world to make it more realistic. The total number was 92%.

Security and authenticity, one of the main concerns on the metaverse, will also require special attention. About 98% of people in the UAE and 96% globally said their organizations are committed to authenticating the origin of their data and truly using AI.

In addition, 90% of leaders in the UAE and 94% worldwide agree that the long-term success of their organizations will depend on the next generation of IT technologies they use to solve problems that cannot be solved by classical computing.

Dougherty said the actions and choices leaders are making today — addressing issues such as trust, sustainability, personal security, privacy, responsible access, diversity and more. – It will pave the way for the future.

“As the line between people’s physical and digital lives becomes increasingly blurred, organizations now have the opportunity and commitment to build a responsible Metavir path,” he said.

Accenture — which operates its metaverse, the Nth floor — interviewed more than 4,600 entrepreneurs and technology leaders in 23 industries in 35 countries for the survey. This fiscal year, the company plans to hire 150,000 or more people to work on the Metaverse on their first day.

Updated: April 23, 2022, 9:00 AM

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