Governments and businesses throughout Asia are recognizing the potential of the metaverse industry and are actively investing in its development. They are doing this through various means, including government investment, training academies, and job fairs. As the potential of the sector becomes more apparent, investors, entrepreneurs, tech firms, consultancies, governments, and universities worldwide are also joining in and claiming their stake in the metaverse. It is believed that the metaverse, which encompasses innovations like virtual reality and the concept of living and interacting in virtual worlds, has the power to revolutionize the technology services field.
According to recent research by Accenture, even in this early stage of development, 71% of executives believe that the metaverse will benefit their company, while 42% believe that it will be transformative. The metaverse is also expected to be highly profitable, with McKinsey predicting that it could be worth $5 trillion in eight years, equivalent to the size of Japan’s economy. Morgan Stanley analysts estimate that the metaverse could bring $1 trillion to the APAC economy by 2031, with China alone accounting for $8 trillion.
Thailand is considered to have the potential to become a global leader in the metaverse industry. According to Accenture Thailand, 72% of Thai executives believe that the metaverse will benefit businesses. The healthcare, banking, real estate, manufacturing, retail, and tourism industries are expected to be the first to adopt the metaverse in Thailand.
Here are seven key activities taking place in Asia’s metaverse industry:
1. The South Korean government has allocated $177.9 million for metaverse investments. This represents one of the first instances of a national government investing in the metaverse. The funds are part of South Korea’s Digital New Deal program, which aims to invest in new technologies to boost the nation’s economy.
2. Alibaba, China’s largest online retailer, has led a $60 million funding round for Nreal, a developer of AR spectacles. Nreal’s AR glasses offer access to AR apps and experiences, and AR is seen as a critical technology for the metaverse.
3. GetLinks, an HR tech leader in Asia, has launched Thailand’s first Metaverse Job Fair. This hybrid event aims to expand Thailand’s digital economy by providing opportunities for tech employment in the metaverse. The fair allows tech employers to meet with prospective talented individuals and serves as a catalyst for changing working styles in the post-pandemic era.
4. The Hang Seng stock index in Hong Kong has introduced a metaverse index. The Hang Seng China Metaverse Index includes companies involved in virtual reality, gaming, and other digital experiences using cutting-edge technology in virtual settings. This move reflects the growing interest in investing in metaverse-related companies.
5. Meta (formerly Facebook) has opened the region’s first immersive learning academy in Singapore. The Meta Immersive Learning Academy offers programs to enhance creators’ skills in augmented and virtual reality. This initiative is part of Meta’s Upskill program, which aims to improve digital proficiency in Singapore’s workforce and businesses.
6. PwC Hong Kong has become the first globally renowned professional services organization to enter the metaverse openly by purchasing a plot of land in The Sandbox, one of the virtual worlds. PwC Hong Kong sees great potential in the metaverse for creating value through new business models and engaging with customers and communities.
7. Meta and Yahoo are both launching metaverse initiatives in Hong Kong. Meta’s plans include VR exhibits, AR training sessions, and experiences in neighborhood cafes and public areas. Yahoo, on the other hand, will host virtual concerts and exhibitions on the Decentraland platform, exploring the use of immersive advertising technology.
These activities are just a glimpse of the growing interest and investment in the metaverse industry in Asia. As the metaverse continues to evolve and gain traction, it has the potential to reshape various sectors and unlock significant economic opportunities. Governments, businesses, and individuals across Asia are positioning themselves to take advantage of these opportunities and contribute to the development and growth of the metaverse.