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The emergence of the metaverse will be big business for virtually every company across a broad range of industries. Bloomberg’s estimates place the potential market value at $800 billion by 2024, and in October 2021 Facebook rebranded to Meta in preparation for the brand new digital landscape.
The metaverse has been heralded by many as a brand new frontier for immersive technology that combines the likes of artificial intelligence, interactive video graphics, and both virtual and augmented reality.
For many businesses, however, the key technology that appears set to grow alongside the metaverse is big data. Today, it’s possible for companies to learn actionable insights surrounding swathes of customers as they browse online, but in the age of the metaverse, the sheer volume of data that individuals will produce will vastly multiply.
Although many businesses are waiting to see how the metaverse unravels, it’s certainly worth anticipating how the new era of technology can improve their processes, marketing efforts, and customer experience models.
Partnering AI and big data
As data shows, AI can partner with big data to deliver a range of enhancements through user experience models and product discovery.
We can already see early evidence of big data at work in the form of digital twins, which lean on computer programming to build true-to-life simulations regarding product performance without the need for building costly prototypes. This is a particularly dominant practice in the world of aviation due to the expenses associated with aerospace flight simulations.
In the world of the metaverse, the volume of data that individuals will produce as they navigate the Web3 landscape will aid digital twin …