× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

CEOs say virtual reality will be good for business

By World Economic Forum | Apr 19th 2022 | 2 min read
By World Economic Forum | April 19th 2022
Advances in technology are becoming more reliable than economic, political or social trends in informing businesses’ long-term strategy. [iStockphoto]

The metaverse: while some of us are still coming to terms with the idea that we are likely to spend increasing amounts of time in a 3D version of the internet, companies are already scrambling to define the space, carve out their niche, and even snap up virtual real estate.

The shift to the metaverse is likely to have a positive business impact, according to 71 per cent of respondents to an Accenture survey, and 42 per cent say it will be “breakthrough” or “transformational.”

The metaverse will infiltrate every sector in the coming years, culminating in a market opportunity worth more than $1 trillion (Sh115 trillion) in annual revenues, according to JP Morgan.

Mark Zuckerberg’s Meta says the metaverse will be “the biggest opportunity for modern business since the creation of the internet”. He has outlined plans to spend more than $10 billion (Sh1.15 trillion) on developing virtual reality software and hardware.

“While we are at the early days of the metaverse, it will advance very quickly,” Accenture’s Chief Executive Officer Julie Sweet and Chief Technology Officer Paul Daugherty say in the report.

“If companies don’t act now, they’ll find themselves operating in worlds designed by, and for, someone else.”

Advances in technology are becoming more reliable than economic, political or social trends in informing businesses’ long-term strategy, say almost all the global executives surveyed.

Disney has patented metaverse technology for its theme parks. Meanwhile, Warner Bros hosted a party in Roblox to celebrate its musical film, In the Heights, and Gucci has constructed a garden experience in the metaverse.

And there is a reason these companies are all piling in: money. A digital version of Gucci’s Dionysus Bag created for the Roblox marketplace sold for over $4,000 – more than the price of the real version.

The reimagining of the internet in this way is one of four major tech trends identified in Accenture’s report.

The others are augmented reality taking hold, the rising risk of malicious AI use – in particular to create deep fakes or to spread disinformation – and “next generation” computing, like quantum computing.

Share this story
Laundromat business catches on in Kenya
It takes between Sh1.5 to Sh2 million to set up a laundromat. This amount is inclusive of costs of about 2-3 sets of washing and dryer machines.
Qatar Airways in drive to woo more flyers
Qatar Airways has launched a campaign to encourage more people to fly as countries reopen their skies amid falling Covid-19 infections.