Study: By 2026, one in four people will spend some time in the metaverse

The report also estimates that by 2026, 30% of the world's organizations will have products and services in the metaverse, and brands are ready to make a statement in the digital world.

According to a new study, by 2026, 25% of people will spend at least an hour a day in the metaverse for work, shopping, education, socializing and entertainment purposes.

In anticipation of the move to the metaverse, brands are already building the infrastructure to allow users to digitally replicate their lives, a Feb. 7 report from technology research and consulting firm Gartner found.

According to Gartner vice president Marty Resnick, as user demand for virtual, interactive and three-dimensional experiences continues to increase, brands will need to collaborate to unify the metaverse.

"From participating in virtual classrooms to buying digital land and building virtual homes, these activities are currently taking place in different settings," he explained.

He believes that by 2026, 30% of the world's organizations will have products and services in the Metaverse.

"Ultimately, they will take place in a single environment -- the metaverse -- with multiple destinations across technologies and experiences."

Previously, research firm Strategy Analytics found that the global metaverse market is expected to reach nearly $42 billion by 2026. However, a Grayscale report in November found that the total valuation could even reach a trillion dollars in the next few years. From the beginning of 2020 to June 2021, the ratio of active metaverse users increased tenfold.

Regardless, Terra Virtua co-founder and CEO Jawad Ashraf said the study highlights that the metaverse will change how users interact with virtual environments, predicting it will become social occasions, work meetings, gaming events, concerts and more destination of the event.

"It may be too early to predict exactly what the metaverse will become, but what we do know is that it will open up entirely new experiences and improve our lives."

Noting that the application of metaverse technology is still in its infancy and decentralized, Renick urged businesses and investors to exercise caution. "It's too early to know which investments will work in the long term," he said.

“Product managers should take the time to learn, explore, and prepare for virtual worlds in order to be competitive.” (Cointelegraph)