It is expected to grow by an average of 47% per year to reach more than 1,527 billion USD by 2029, according to Fortune Business Insights.Īlready, brands are testing the metaverse’s potential to reach new audiences, improve brand awareness, and create new opportunities to sell products. The global market is currently worth just over 100 billion USD. However, its growth has accelerated since the COVID-19 pandemic, which drove unprecedented demand for remote working tools. The concept of the metaverse has been around since the 1990s. While it might seem intangible, its real-world potential for supply chain management is unmistakable. It’s a fusing of the digital and physical worlds powered by technologies, including virtual reality (VR) and augmented reality (AR), blockchain, artificial intelligence (AI), and the internet of things (IoT) that connects smart devices. The metaverse is the next evolution of the internet. The metaverse – and all the technologies it encompasses – has enormous potential to transform supply chain management.
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