2023. Sarah Gilarsky, a Verizon business development lead said that what 5G is going to do is really turn that metaverse experience into something that reaches out into your daily life.. Do you want to keep up to date with how the world's most forward-thinking companies are using VR-XR-AR? George Lawton, Ironing out the material challenge for the metaverse and digital twins, VentureBeat, May 31, 2022. A thriving open API environment will take time, given the GSMA has only provided building blocks. Web3 may not fundamentally decentralize power and capital, but it can distribute it more evenly into smaller groups. It was very much attuned to how these can be used for everyday consumer transactions like remittances and other cross-border payments. To collaborate on developing, offering metaverse & AI use cases Will enable co-creation of metaverse content, services for Malaysians Malaysia's first C-level virtual reality networking was held in Sept 2022 when Digital News Asia hosted the first Digerati50 Omniverse Networking, with Jamaludin Ibrahim, QSR chairman as guest of honor. At MWC, hardware and software vendors were stressing their capabilities to address the growing demand for edge computing with their MEC and orchestration services, which are still in a nascent stage of adoption. For instance, a company may be run where every employee can interact with peers in a totally immersive setting. Inspired by the arts, history and urban spaces. Closing Thoughts . Taking this into account, while cutting-edge metaverse applications are still at the conceptual stage, once they become a hit, various ICT players such as service providers, MVNOs, and cloud hyperscalers can take advantage of the demands for fast connectivity, data storage, and reliable connection. A report has revealed that after 10 years i.e. Please see www.deloitte.com/about to learn more about our global network of member firms. Gartner, for one, defines the metaverse as an immersive digital environment of independent, yet interconnected networks that will use emerging protocols for communications. The biggest change from years past was the ubiquity of messaging around sustainability and ESG, from both suppliers and telecom operators, and the emergence of the metaverse as a common use case for advanced networks. As we approach 2030, the telecom industry is expected to witness another generational shift in wireless technology toward 6G services. Telcos are committing billions to social responsibility programs that can close the digital divide. WebHow can avatars help us connect in new ways? The GSMA attempted something similar in 2012 with the OneAPI Exchange, which failed. WebThe metaverse is the popular term used to describe what many expect to be the next significant paradigm for how we use digital technologies and networks to interact and Please refer to your advisors for specific advice. It is not only a virtual space where users spend time (and money) on their own or with a The metaverse presents two specific areas of focus: an ecosystem for them to participate in and an ecosystem for them to enable. There are many 3D modeling solutions that use different formats with diverse ways of specifying objects and materials and their behaviors.10An object that works in one will not typically work in another. This is expected to benefit companies like Airtel and Jio. Recent However, APIs must be useful. Driving priority initiatives and solutions around 5G. It will likely evolve into a series of public and private digital platforms that can enhance the real world in increasingly sophisticated and valuable ways. Mobile World Congress 2023: Trends and Observations, Bank failures: The importance of liquidity and funding data, Next in Tech | Episode 107: Tech accelerating supply chain evolution, A Cloud Migration Plan for Corporations featuring Snowflake, Subscription OTT pricing strategies across Southeast Asia. Since 1985, the worlds best companies have recognized ISM as the leader Jana is vice chair and Deloittes US Telecom, Media and Entertainment (TM&E) sector leader. This can be done by getting involved in the internal communication landscape as well as collaborating with external enterprises that wish to deliver the best hybrid experience to their customers. At EY, our purpose is building a better working world. Users could be similarly incentivized to share their data and accept advertising. to receive more business insights, analysis, and perspectives from Deloitte Insights. Interoperability, which is commonly heard as well in telecoms network architectures, means being able to seamlessly travel between virtual spaces with the same virtual assets. Identity authentication and management will become more important as virtual worlds become more sophisticated. By Jean-Franois Bobier , Tibor Mrey , Stephen Robnett , Michael Grebe , Jimmy Feng , Benjamin Rehberg , Kristi Woolsey, and Jol Hazan. Some may need to build out their networks, cloud, compute, and storage capacity, while adding the talent necessary to execute on these next-generation capabilities.30If data is being generated exponentially by metaverse interactions, businesses may need new solutions in place to operate on that data continuously and effectively, while also adhering to evolving regulatory and compliance regimes. Its progressive growth and development will continue to make lasting impacts on our technological culture. Porting those functions to public cloud networks is still a distant dream for most. Some things may move quickly, and others will take time. WebBuild & Operate: We design, build and operate metaverse capabilities for our clients, including world-building and engagement, content management, marketplace development, blockchain, 3D commerce, extended reality, digital twins, trust and safety and ecosystem and community development. Asking the better questions that unlock new answers to the working world's most complex issues. This exploration, however, needs to expand beyond technological proofs of concept and cover the full spectrum of a telcos organization, from its business model to reimagining its technology stacks and asset base to enable them on their journey. A declaration for the future of the internet, The metaverse could be techs next trillion-dollar opportunity: These are the companies making it a reality, Do Not Sell or Share My Personal Information. Beneath the surface of new technologies and trends, the centers research will help executives simplify complex business issues and frame smart questions that can help companies competeand winboth today and in the near future. Decentralization, 3D experiences and new solutions can offer troves of data. Just as we use standardized protocols and devices to interact with digital experiences on the internet, the promises of Web3 could help enable consistency and interoperability across metaverse experiencesuniting disparate, disconnected metaverses into a single coherent platform. If you are a video game enthusiast or a sci-fi supporter, the idea of metaverse has most likely crossed your mind. If we can come up later on with a common ground where all have their own unique characteristics and the underlying infrastructure ideally operates, high-quality connectivity can extend to every corner of the globe. April 20, 2022. Below are the use cases for the metaverse across industries: 1 Gaming: Gaming is a natural use case for the metaverse by providing an immersive experience Comprehensive ESG value chain strategies have emerged to reduce waste, as well as direct and indirect emissions (from scopes 1, 2 and 3). Vitalik Buterin, The meaning of decentralization, Medium, February 6, 2017. Metaverse use cases A quick web search for metaverse shows increased mentions across the entire mobility sector. We apply state-of-the-arttechnology and techniquesand work with sales, marketing, and customer service executives to drive higher customer acquisition, retention, and growth. As IP video takes over broadcast, there is a need to manage the quality of video required on demand or by use case, as well as cloud agility, to reduce the cost of running platforms and to deliver ad revenue localization. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. For example, if a consumer buys an exclusive digital item for their avatar from one service, like a piece of virtual clothing, they can go to a second service that will recognize their ownership of the item and render it effectively. This was lacking in past initiatives. Consulting and project managing. Metaverse polled second in the Oxford Word of the Year and has been popular in 2022 with the TelecomTV readership Telcos around the world are increasingly open to exploring futuristic use cases One word often dominated the discourse in the telco and the broader tech industry this year and that word was metaverse. 6G data transfer speeds will be higher, and latency will go down providing further impetus to the metaverse. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. This sense of embodiment highly improves the quality of online interactions. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Massive MIMO is an example of a 30%-50% energy reduction that can be achieved on outdoor fixed wireless networks. As shown in the exhibit, the metaverse has the most potential to upend sectors such as banking, manufacturing, media, professional services, retail, and He works with a wide variety of organizations on strategy, scenario planning, business transformation, innovation & digital reality. This year's Mobile World Congress felt like its pre-pandemic version, in terms of packed halls, busy stands and overall energy. The Metaverse is working to rapidly transform the digital world. This capability may require new ways of organizing identity, ownership, and even storage. Yet, there are now many use cases and lessons to learn from, and a wide range of experiments to study that can help address the challenges. Its the idea of taking information about things, locations, or historical events and actually locating that information out there in the world where its most relevant.. Telecom operators are not new to the challenges of the metaverse. The metaverse plan will depend on the companys sector. CFOs can look to tax functions to help navigate economic uncertainty, Select your location Close country language switcher. The question is whether it can be. Since Metaverse is the replication of the real universe, real-world activities such as trading and exchange occur inside it. Blockchain solutions are instrumental in enabling interoperability between internal as well as external systems for telecom companies. Discover how EY insights and services are helping to reframe the future of your industry. Using the metaverse to launch learning. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Metaverse Architecture is a blockchain-based virtual space where people can interact and explore virtually. This puts operators in a prime position to provide edge computing services and unlock more efficient data transfer, enhance perimeter security, relieve network congestion, and diversify their revenue streams in the process. Ecommerce & Retail. Going forward, the off-loading of wireless traffic through Wi-Fi 6 the latest generation of Wi-Fi will help address network capacity- and efficiency-related challenges. Because 5G and metaverse go hand-in-hand. It also has the implicit backing of suppliers like Nokia Corp., Ericsson ADR and Huawei. Metaverse experiences could face much greater challenges with the scope of data collection enabled by advanced interface hardware while reckoning with new forms of content, speech, and reach. Yet, the momentum is building up as its vision encompasses a thriving digital economy. WebFor connectivity and technology service providers, as well as the broader industry, the metaverse will create opportunities to deliver new experiences spanning all sectors including education, healthcare, remote work, and more. Kevin Rose and Ron Offir, Retail in the metaverse: Understanding opportunities, Deloitte, 2022. This innovative term is a combination of the prefix "meta" (meaning beyond) and "universe". Those studying history could be transported to a different time and place using VR. If this next internet platform becomes as transformative as the visions suggest, then its architects will be responsible for how it impacts democratic ideals, human rights, self-determination, and the very real consequences of industrialization.29. Tom Morris, Just whats happening with the metaverse?, GWI, May 3, 2022. However, the effort is also a realization that innovation will continue over 5G networks without operators seeing any of that revenue, so they might as well be contributors to the process and make money from APIs. Enabling consumer interoperability of digital goods will be critical for the evolution of retail in the metaverse.11Users that buy virtual branded sneakers, for example, will likely want to wear them across different immersive experiences. The immersive experience of the metaverse allows for massive shifts in training, education, and work. WebMetaverse Use Cases and Benefits Metaverse Use Cases and Benefits With multiple iterations, internet technology continues to transform and bring fantastic opportunities to users. The historic need to extract insights from call data records means that telcos have long had greater access to big data insights, compared with other industries. Nokias presence at MWC 2023. The biggest impact of the Metaverse in the early days can be seen in the gaming industry. How might media and entertainment evolve? However, a bigger influence was that of the industrial metaverse. Devices such as augmented reality (AR) and virtual reality (VR) headsets, gaming consoles and smartphones will be used by humans to interact with the metaverse. We have extensive knowledge of VR-XR-AR applications, vendors, and implementation partners. WebUse metaverse data with care. David Jarvis, Skyler Kolli, and Paul H. Silverglate, What disrupts the disruptors? Mobile World Congress 2023: Analyst A fully realized metaverse needs to be global to ensure that everyone can benefit from another revolutionary phenomenon in the information age. As the metaverse is an always-on digital space powered by the internet and open standards, its potential is starting to get unveiled in different industries. EY | Assurance | Consulting | Strategy and Transactions | Tax. Scaling decentralized identity (self-sovereign) could introduce vulnerabilities, instabilities, and unintended consequences.28Data collection, transit, storage, and sovereignty could take on new shapes and scales. At the same time, with the arrival of 6G, the cases of metaverse use will increase. The biggest change from years past was the ubiquity of messaging around sustainability and ESG, from both suppliers and telecom operators, and the emergence of the metaverse as a common use case for advanced networks. The Metaverse presents a huge opportunity but also major risks. Ryan Browne. Business leaders should seek to understand how their capabilities and mission enable them to build in the near term, plan for the midterm, and prepare for longer horizons. South Korean firm SK Telecom had a 4D Metaverse ride at its booth throughout the week. As before, the next generation of the internet could be shaped by the eruption of small disruptors that can quickly capitalize on change. Tech industry leaders sound off on emerging issues. In relation to this, Fuad Siddiqui, a senior partner and vice president of Nokia Oyjs research arm Bell Labs, commented that telcos would need funding partners to pull these platforms off as they continue to heavily invest in 5G over the next couple of years. Enjoys educating himself on psychology, wine, sports, technology, arts and much more. Although O-RAN barnstormed the event last year, time has shown it is not yet ready to replace proprietary systems. Meaning if today you use 2 GB data daily, then after 10 years you will start using about 40 GB data. Enjin Innovative Metaverse Platform for Creating In-Game Assets. Service providers and developers together could also join forces to integrate interoperable communication functions that would accelerate deployments, ease maintenance, and connect users to an unlimited number of potential services. Kenny L., The blockchain scalability problem & the race for visa-like transaction speed, Medium, January 30, 2019. For telcos to unlock the full spectrum of opportunities on their journey to the metaverse, they must build on their traditional communication service provider business and expand toward new capabilities and services. Many elements of Web3 and the metaverse are already unfolding, enabling innovations and opportunities, and revealing the risks and uncertainties inherent to this disruptive shift. Metaverse key prospective use cases Metaverse is a broad concept. Seeing a win-win situation, operators could potentially be earning $712 billion in revenue by 2030 if they introduce such innovative 5G applications. And things seemed to get even less clear at MWC. Advising leading organizations and Telecom operators in the Middle East, Africa and Asia. Telecom Industry: Blockchain Use Cases Internal processes: The processes such as OSS (Operation Support System) and BSS processes (Business Support System) such as billing and number portability databases can be streamlined using blockchain. A common refrain was that although consumer 5G has largely been underwhelming, a more interesting B2B focus is now the real opportunity. Technology providers have established hyperscale platforms that have greatly empowered innovation and operations, while delivering new generations of hardware that continue to support and amplify larger and more complex tasks. 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