Analysis and industry watchers estimate Web3 and the metaverse will eventually be a US$800bn to US$1tn market, with a number of Big Tech players currently making investments in the space.
Seeing this as a new change in the internet, Information Services Group (ISG) has launched a new advisory business to help clients understand the technology and business implications of Web3 and the metaverse.
Prashant Kelker, ISG partner and leader of the new business unit, said clients are interested in learning more about Web 3 and the metaverse and are beginning to explore the market opportunities they will bring.
New opportunities that the metaverse and Web3 hold
According to ISG, the new advisory service will focus on learning and “reimagining” sessions that will help clients envision and plan for future business opportunities related to the metaverse and Web3.
The sessions will leverage in-depth ISG research examining next-generation strategies, tools and technologies to connect physical worlds with virtual worlds for employees, customers, partners and communities.
“Although the concept of AR/VR has been around for years, the metaverse really started becoming a part of our collective consciousness when Facebook last year rebranded itself Meta and promised a completely new type of user experience,” said Kelker. “Amid the hype, there is still a lot of confusion about what the metaverse is, and how it will impact business and shape customer experiences as part of Web3.”
In this emerging environment, clients need advice and support to plan their future business models and technology investments, Kelker said. “Our new advisory service will help demystify the metaverse and Web3 and prepare our clients for what lies ahead as they look to capitalise on the business potential of these new, immersive worlds and decentralised economies,” he added.
Understanding new risks of Web3 and the metaverse
The new ISG advisory service will leverage the market analysis of ISG Research, which uncovers and analyses Web3 and metaverse trends, evaluates provider capabilities, and assesses impacts on clients’ business, people and technology environments. The new business will help clients meet the new challenges—among them cybersecurity, privacy rights and regulatory compliance—that will arise from ongoing development of Web 3 and the metaverse and their component technologies.
ISG sees early applications for the metaverse in retail, media and entertainment, travel, transport, hospitality and healthcare, among other industries, but cautions there is no clear pathway to success for most enterprises currently.
Kelker advises clients to approach the metaverse and Web3 holistically. “The true value of the metaverse can only begin to come into view when one understands how the entire Web3 stack comes together, and when one appreciates new concepts like DAOs, NFTs, blockchain and DApps (decentralised applications),” concluded Kelker.