The metaverse is taking over the world, with advanced technologies like VR, AR and generative AI becoming more mature and gaining attention for their innovative functions. Research suggests that the global metaverse market will reach a value of US$92.46 billion by 2023 and may exceed US$1.3 trillion by 2030. However, it is not only tech giants that could benefit from the trend; let’s look at the opportunities in other sectors.
For example, Osaka, the host of the 2025 World Expo, has launched a metaverse-based promotion called ‘Virtual Osaka’. VR and virtual avatars allow users to explore the city’s famous attractions, including Expo projects during the exhibition period. Users can also interact with fellow ‘virtual tourists’ from other countries and time zones on the platform.
Some public institutions have been using the metaverse as a service or promotional platform. The Seoul Metropolitan Government launched a metaverse platform for citizens and visitors to access public information and even receive assistance for small businesses through virtual avatars. Travellers can also use its virtual consultation centres and AI assistants to obtain the information they need.
In the education sector, Lingnan University in Hong Kong has introduced its own fully immersive metaverse, ‘Lingnan Metaverse’. It allows users to explore a virtual campus, virtually participate in lectures and access course information. The platform enables teachers, students and the public to engage in cross-media and cross-regional interactions.
The metaverse has also expanded to the business-to-business marketing level, with Pico Group launching its own enterprise metaverse platform supported by YAOLAND. This creates an immersive social experience and diverse scenes for users worldwide, including multi-party virtual meetings, business consultations and real-time interaction. Users can even customise their appearance and clothing to create a unique virtual avatar and explore corporate information on the platform.
As new technologies continue to emerge and evolve, the metaverse’s scope and functions will expand further, providing greater feasibility for commercial applications across industry. We can expect a wide range of applications and learn from them.
