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First, let’s talk about the Metaverse. The Metaverse is a term used to describe a digital space that is accessible to everyone, where people can interact and collaborate in a shared environment. Already in the first half of 2022, this tech trend shaped not only talks between colleagues, but also our insights here at neosfer. The Metaverse is a rapidly growing ecosystem, with many experts predicting that it will become a multi-billion dollar industry in the coming years. According to a recent market research report by Reports and Data, the global Metaverse market is projected to grow at 34.5% this year, reaching a market size of $48.5 billion by 2027. This growth can be attributed to the increasing adoption of virtual reality and augmented reality technologies, as well as the growing demand for immersive and interactive experiences. The following chart highlights the rapid growth of the metaverse ecosystem, including hardware, software, and services, exclusively in the North American market and provides a first glimpse of the technology’s growth momentum.
In 2023, we can expect to see companies start to take this concept more seriously, and begin developing products and solutions that are specifically designed for the Metaverse. This is an exciting opportunity for businesses to explore new revenue streams, improve customer engagement and retention, and foster collaboration within a company. However, it’s important to note that developing products and solutions for the Metaverse is still a relatively new and uncharted territory. Companies will need to be thoughtful and strategic in their approach. Nonetheless, the upside potential, especially for B2C-focused companies is enormous!
With more and more people spending time in the metaverse already, but especially in the coming years, new opportunities are emerging for brands to engage with consumers in immersive and engaging ways. Companies can sponsor virtual events such as concerts or gaming tournaments, among others, and reach large, engaged yet focused audiences. Further, with the emergence of virtual influencers and characters, companies can also target this emerging market to advertise and sponsor them, reaching numerous individual audiences. This allows brands to create new and immersive brand experiences.
In addition to the exemplary revenue streams, some companies will have the opportunity to add new business models in the metaverse to their existing ones. For example, subscription models in which users pay a monthly or annual fee for access to certain areas or content in the metaverse. Or “freemium” models, where basic access is free, but users can pay for additional features and content. Overall, the metaverse offers a variety of opportunities for companies to generate revenue and develop new business models.
Another trend that is expected to gain momentum in 2023 is the use of AI. With advances in technologies like ChatGPT, DALL-E, and Stable Diffusion, individuals have begun to realize the revolutionary potential of AI. Our first two blog articles on the basics of AI and a focused B2B article will give you all the basics you need to know about AI and how to apply it in business.
One of the key ways that AI can drive economic growth is through automating repetitive and mundane tasks, which can free up human workers to focus on more complex and value-adding activities. This can lead to increased productivity and efficiency, as well as cost savings for businesses. Additionally, AI-powered systems can process large amounts of data much faster and more accurately than humans, which can lead to improved decision-making and better outcomes in areas such as finance, healthcare, and logistics.
To prepare for the future of work, it’s important for businesses and governments to develop policies and programs that promote skills development, job retraining and lifelong learning for workers so that they can adapt to new technologies and the changing job market. Additionally, collaboration between the private sector, government, and education providers to support the development and implementation of skills development programs is crucial in preparing the workforce for the future of work.
As a result, we can expect to see startups raise external capital at a later stage in their lifecycle, and first validate their business model through bootstrapping before raising venture capital. This will also result in venture capitalists doing deeper and more careful due diligence, and there will likely be a shift in the “balance of power” away from startups and towards venture capitalists, with more investor-friendly terms being offered in participation rounds.
In terms of specific areas of investment, we can expect to see a continued focus on solutions that bring cost savings or efficiency gains and have a direct impact on the core business of the customers, rather than “nice-to-have” solutions. While areas such as crypto may continue to experience a downturn, investments in climate tech are likely to remain strong, as the climate crisis becomes increasingly precarious and takes precedence over other acute crises such as recession, inflation, and war.
One bright spot in this gloomy environment is climate tech. Technology has always been a powerful tool for driving change and this year it will be used to tackle one of the most difficult challenges of our time: climate change. Climate tech includes everything from renewable energy to electric vehicles to carbon capture. Climate tech will be a major focus for venture capitalists in 2023.
One specific area of focus will be on hybrid and electric technologies. Lately, electric vehicles have been gaining popularity, but in 2023 they will expand beyond just passenger vehicles. Trucks, planes, and boats will all be seeing electric and hybrid versions. This will not only reduce emissions in the transportation sector, but it will also help create jobs and spur economic growth.
To combat climate changes as efficient as possible, the new generation of climate technologies will need to embed trust and transparency into their design and development. This can include things like third-party certification, independent testing, and open data sharing. Companies that adopt these practices will be more likely to gain the trust of consumers and investors, which will ultimately lead to more widespread adoption and greater impact.
Additionally, on the regulatory side, governments will push for more transparency and accountability on the carbon footprint, energy, and water use to establish robust regulations to tackle climate change and create a level playing field for companies.
Transparent, trustworthy technologies are also more likely to attract investment from public and private sectors that will fuel the scaling of these technologies, as well as make sure they are inclusive, accessible, and fair to every stakeholder. Additionally, if consumers can build a trustworthy relationship to a new technology or product, the adoption speed increases and so does the value for the company providing the offering.
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