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The global metaverse space has evolved significantly over the last few quarters. The growing interest among consumers has driven the popularity of emerging technology among brands as well. From shopping to playing games, brands and firms continue to drive innovation in the segment. However, it is not just individuals or big tech giants that are looking to tap into the immense potential of the metaverse sector. Governments, around the world, also looking to introduce metaverse in their day-to-day governance. For instance,
The growing craze of the metaverse is also catching up with government agencies in other developed and developing nations. In the United States, the military has built a metaverse platform that enables fighter pilots to practice dogfighting against opponents in the virtual world. In the Southeast Asia region, the Indonesian government has also embarked on the metaverse journey. Notably, the Jakarta government forged a strategic alliance with WIR Group to build a metaverse platform. This platform aims to support the smart city vision of Jakarta. In Shanghai, the government has released the five-year metaverse development plan, which also includes the usage of a metaverse in public and business offices.
In the United Arab Emirates, the metaverse segment is gaining increasing momentum, with the country planning to become the global hub for innovation in the sector. The government also announced the launch of the Ministry of Economy headquarters in the metaverse. For instance,
In India as well, the government interest in the metaverse is growing, and this rising interest in India can further advance the growth of the sector globally. For instance,
With India leading the world in modern-day tech innovation, its stake in the metaverse segment is expected to remain a critical factor in the global development of the metaverse industry. Notably, the prospect of emerging tech remains strong in a country with 1.4 billion population. While the interest among consumers is growing across the country, the adoption of the metaverse is also gaining increasing momentum among corporates. For instance,
From the short to medium-term perspective, TechInsight360 expects that more and more governments and corporates around the world will foray into the metaverse world to drive their governance activities. Notably, the metaverse holds a big opportunity for the public sector and these trends depict that the state and national governments have started to take a notice of the potential benefits of the metaverse.
From training employees to connecting with people in new ways, there is a clear value found in the metaverse for the public sector. However, for the public sector, including the state and national governments, to realize the full potential of their metaverse investment, it is crucial to develop policies that are favorable for the growth of the metaverse environment. Furthermore, government agencies will have to forge alliances and partnerships to build the perfect ecosystem wherein governance activities can thrive over the next three to four years.
Overall, the metaverse technological revolution is taking place at a rapid pace. It is crucial for the public sector to assess how the metaverse will impact their daily operations while having a long-term strategy in mind. Of course, the underlying metaverse technology is still in its early stages of development, the technology certainly holds the promise to make governance easier for government agencies. TechInsight360 expects that more and more government institutions will adopt the metaverse to deliver services and interact with citizens in an efficient manner.
TechInsight360’s reports combine detailed view on market opportunity, best practices, emerging business models, and market innovation to help clients identify unique opportunities.
