Growth potential of the Metaverse in Latin America

Latin America shows huge growth potential for metaverse in the next 10 years, according to forecasts of companies in the technology sector. statista It is estimated that the use of new technology could grow by up to 400% in the region.

With the promise of such development, companies are loath to miss the potential importance of the market, and are already analyzing business opportunities. In Latin America, interest is growing both in the sector itself, and in training for this technology.

Two notable examples of the region’s industry potential are Mexico and Brazil, the region’s largest economies. The two countries are already in the 10 most active countries in Spark AR Studio, the powerful augmented reality software used by Facebook apps and devices that allows users to deepen their knowledge about the metaverse.

Through disruptive technology, users can create and share augmented reality experiences. According to Meta stats, 52% of Spark AR creators are women, making it a technology that can promote a more equitable economy.

But it is not only involved in the development and growth of the Metaverse in Latin America, where many other companies are looking for an opportunity to enter and prosper from the technological trend.

"It is a new collection of digital experiences where technologies, such as virtual reality or augmented reality, are leveraged with other interfaces," explained the General Director of Meta in Mexico, Marco Casarín, speaking on the metaverse.

He added that technology will push the world towards a “new economy and digital learning”, and expects that the technologies involved will allow all users, including those who are not technically specialized, to access these experiences.

The metaverse has a wide range of potential uses and applications for both work and leisure. Companies will be able to offer training to factory employees on new production processes, without the need to travel, while individuals can attend “live” concerts from their living rooms.

In order to provide training on new technology, Meta has partnered with higher education institutions in several Latin American countries, including the Institute for Research on Internet and Society, ITS Rio, IP.Rec in Brazil, as well as C-Minds Eon Resilience Lab. in Mexico and the University of San Andres in Argentina. It is there that “the pillars of the education of the future are being laid,” says Leticia Juregui, the current global leader of inclusive education at META.

In Mexico, C-Minds Eon Resilience Lab intends to support Latin American experts in discussing and researching economic opportunities in the metaverse, as well as other key areas of interest, such as security, privacy, gender and governance.

Latin American online education platform Platzi revealed that it has already trained more than 6000 AR and VR professionals using Meta technologies.

CEO Freddy Vega believes the metaverse will positively impact global education, and highlights that it will be the next great technology platform on which to host new projects and innovators.

“Many people think that the metaverse is these applications that require virtual reality headsets; however, augmented reality filters are already the technology with which users are interacting with the metaverse”, he underlined.

Brands and companies focus on the virtual world

Many brands are now reorienting their commercial initiatives and marketing strategies towards this potential market. In 2021, the Mexican brewery Corona launched an awareness campaign about pollution caused by the use of plastic, powered by augmented reality.

Meanwhile, French cosmetics brand Sephora teamed up with Meta during the pandemic to launch its new not drinkThe product provided an immersive experience for Instagram users through an innovative advertising campaign that follows the theme of “Smell With Your Eyes.” To achieve this, images suggestive of specific tastes that users can experience have been combined.

Latin America’s commitment to metaviruses is clear, and supported by growth prospects for the coming years, according to Statista. “Today, there are more than 100 million users who buy through augmented reality and these numbers will continue to grow,” explained Ana Daniela Portillo, Head of Market Development at Snap in Mexico.

It is estimated that within the next four years, about 75% of the world’s population will use the new technology. According to the international consulting firm Analysis Group, the metaverse could account for 2.8% of global GDP in 2032 if it grows at a pace similar to mobile technology.

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