Virtual reality

Your connection between real and virtual world

​Metaverse does not meet the company’s expectations

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Although major companies like Apple and Meta are pushing their versions of virtual reality, a Gartner report suggests that the metaverse doesn’t quite live up to all the expectations. VR games fail to fully meet customer expectations, and virtual meetings, which should bring live events to life, unfortunately don’t differ significantly from regular video calls, making it unprofitable for businesses to embrace the metaverse.

Numerous tech giants, from Meta Platforms to Disney, have invested billions of dollars in the metaverse, yet tangible success remains elusive. Meta’s metaverse division reported an operating loss of $13.72 billion in 2022. They have also admitted that many metaverse products might not be fully realized for another 10 to 15 years.

Originally, the metaverse was predicted to have tremendous revenue potential, but it still needs to prove its success to attract larger investments from companies, as highlighted by KPMG’s research. In 2023, the majority of surveyed companies (70%) allocate less than 5% of their technology budgets to the metaverse, while 27% have not committed any funds to it at all.

Interestingly, Gartner notes that Generation Z is the only group showing any measurable interest in the metaverse. However, even among them, 85% aren’t particularly keen on brands operating within the metaverse.

Nevertheless, there are instances where virtual reality headsets can prove useful. Microsoft, for example, has assisted Porsche technicians in car servicing and staff training using their HoloLens technology. These same headsets, though, had previously faced delays for the U.S. military due to discomfort and visibility issues.

As for virtual meetings, they are still far from becoming mainstream. Many workers believe that, no matter how advanced the technology becomes, avatars can never truly replicate the physical cues that are integral to our conversations.

This leaves us with the question of whether society is ready for the metaverse or if the metaverse itself is not quite ready for us.