Not only Mark Zuckerberg fuels business interest in AR and VR technologies with his presentation Metaverse. He also helped the whole world see new possibilities for creating a new type of reality.
However, at the intersection of technology, there is something else so important and exciting that the head of Facebook (now Meta) did not tell us. A new technological revolution is ahead of us, which will result in a global connection of the physical and digital worlds. Its name is Phygital. And we predict that the fast-growing market of Phygital will become one of the most promising and attractive in terms of investments by 2030.
A Technological Revolution Awaits Us
In The State of Phygital we as researchers concluded that the digital economy will reach at least 50% of global GDP in the next 15-25 years and will cannibalize further, if not expand at the expense of offline. We are already seeing increasing integration of the virtual environment (digital) into real human life (physical). This is what we call Phygital.
Phygital is essentially an evolution of developments in computing, augmented and virtual reality, which will radically change the way we live, work, communicate, travel, study, have fun etc.
All physical objects in the future will become Phygital, that is, they will work on the basis of a whole set of breakthrough technologies (AR, IoT, M2M, and others). And online environments - social networks, e-commerce, and so on - that today exist only in digital form, will merge with physical objects not just as a supplement, but rather as an integral part of them. This will lead to a dramatic redistribution of wealth and assets, primarily disrupting the offline world and acting as a gateway to the offline economy for modern digital companies.
It is generally recognized that we are currently experiencing the Third Technological Revolution (or, in other words, the information revolution), but at the same time, we see that humanity has already passed this stage and is on the threshold of the next one. That is what we call Phygital. All of this will affect us in a similar way that past revolutions have changed humanity. Part of this picture of the future was shown to us by Mark Zuckerberg in his Metaverse presentation.
What Will Happen to The Economy?
In the State of Phygital study, we showed that over the past 15 years, information technology has grown 2.5 times faster than global GDP. Three years ago, they overtook for the first time the contribution of industries that produce goods to the gross domestic product in value-added, and are now on track to overtake industries whose services still dominate. And in 15-25 years, the digital economy will reach at least 50% of global GDP, a projected $100-200 trillion.
What industries are expected to see the most significant growth in the next ten years?
- Telecommunications (5 times: from $2 to $10 trillion).
- Information technology (4 times: from $5 to $21 trillion)
- electronic commerce (3 times: from $9 to $25 trillion)
As you can see, Phygital will touch all the key industries around us. Telecommunications, which includes social media, will grow the most. It's about time Mark Zuckerberg started talking about the Metaconsciousness and our technological future.
The Metaverse is One of The Routes on Humanity's Path to Self-Perfection
Globally, there is nothing revolutionary in the idea of a Metaverse. Many companies and start-ups are already working in this direction.
The Metaverse, AR, and VR is the new way to improve ourselves and get a superpower. For example, planes were invented to move quickly over long distances - soon, with AR and VR, we will be able to be anywhere in space with a digital copy of our bodies. To have the ability to see better, today, we can use night vision devices. But tomorrow, with AR glasses, we will see through objects, through buildings. The Metaverse is one route on humanity's path to self-improvement through science and technology.
There is no other way! We are heading towards the creation of a Metaworld, which will be part of a larger Phygital world.
The Real and Digital worlds will merge. But the revolution doesn't happen overnight. And we are happy that Facebook (now Meta) will give this process speed and add popularity among the mass consumer.
Welcome to the world of the future - the world of Phygital!