The metaverse has been getting lots of attention ever since Facebook changed their name to Meta several months ago. However, in the real world we have been talking about it in the industry for quite a long time using different names and terms. That being said, metaverse means different things to different CEOs of different companies, both in the US and around the world.
Cristiano Amon, CEO of Qualcomm, talks about seeing metaverse growth opportunities in many new ways. This is not just a social media story with Facebook, or Meta and the like. He says this impacts many companies and industries going forward.
And that is a huge growth opportunity for Qualcomm as the metaverse continues to grow and expand.
In fact, Qualcomm has been in the metaverse for quite a few years already. They have used several different names for different areas, but it is all the metaverse.
This means that the term metaverse is not a completely new technology. Rather, the metaverse is an evolution of technology that will continue going forward.
In one area, Facebook Oculus Quest use Qualcomm Snapdragon. This has been customized for VR and AR. This produces a richer experience giving the user the feeling they are actually there, not just sitting at home playing a game.
Oculus Quest uses Qualcomm Snapdragon for VR, AR
Amon says metaverse technology represents one of the next, big areas of growth we will see. And that’s why Qualcomm is positioning itself to be one of the leaders in the space.
In fact, Qualcomm has been positioning itself as a leader in this new space over the last decade already.
There will be many stories from various different companies that will make headlines in coming years from every corner of the business world. They will make it sound like they are among the first into this new area.
However, when we pull the camera back and take a longer-term historical perspective of the metaverse, we see much more. This has been with us for years already as the technology grows, expands and matures.
True, this will impact the consumer world. However, what gets less attention is how this will also impact the business world. How it will change existing companies. How it will change the way we do business, create new companies with new ideas and so much more.
Example: Think about how social media has changed our world over the last decade or two. And that transformation continues. The metaverse will transform social media even further.
And social media is just one slice of the larger metaverse pie. This same kind of transformation will occur for every consumer and every company in every industry.
The metaverse will be an incredible growth opportunity for companies, workers, executives and investors.
Today, we are at the very early stages of what may become a long-term, metaverse revolution.
Social media will be one slice of the metaverse pie. Gaming will be another.
However, there are so many other new and exciting growth opportunities for other companies and other industries.
The metaverse will play a growing role in the industrial world.
Example: Think about the Qualcomm/Microsoft partnership. This uses Qualcomm chips in Microsoft’s mixed-reality smart glasses. This indeed may turn into a huge new growth opportunity, and this is just one of many.
I expect to see many other similar partnerships form as we move forward.
In fact, we have seen this before.
Some ideas have exploded with growth. Think of Facebook, LinkedIn, Twitter, Instagram and all the others.
Other ideas have struggled. Think of the wireless and smartphone move by Microsoft, Facebook, Amazon.com and others about a decade ago which was a failure.
The Facebook name change to Meta illustrates how we are now entering the next stage of industry expansion. Suddenly, the metaverse industry is center stage and in the spotlight.
That means there will be huge new growth opportunities both for existing companies in existing industries as well as new companies with new ideas in new industry segments.
Amon discusses an example of using the metaverse in car repair. He talks about having a digital duplicate of your car in the metaverse where the mechanic can easily find and repair what’s wrong.
This raises an important question. There is a debate raging in the automotive industry. Either automobile mechanics will have to become computer savvy, or computer savvy workers will also become mechanics.
Many in the automobile industry think it’s easier to train a computer person to become a mechanic than the other way around.
This is one of many examples of the stresses in the changing business world and where we may be heading.
Wall Street investment dollars will now focus on this potentially huge growth opportunity. Every investor knows it is important to get in on the early stages of the next big movement. After all, who wouldn’t want to buy in the very early years of Google, Facebook, Amazon and others. Or new technology like Cybercurrency.
So, is the metaverse really the next, big thing?
We won’t know for sure for a while, but it’s off to a brisk start. Ten years from today it will either continue to be with us as it grows and changes, or it will not. It will either be dominant, or it will be a smaller slice of the larger pie.
That’s the gamble every investor, every company, every CEO, every executive and every worker is wrestling with.
However, any way we slice it, no one can afford to ignore this potential growth opportunity. This is not the time to sit this potential bonanza out. But it is also time to tread carefully.
The metaverse looks like it could indeed be the next, big industry impacting every company and every industry. It could impact the way we entertain ourselves, communicate, drive, travel, get our cars repaired and everything else we do on a regular basis.
It will impact both the consumer and business or B2B marketplace.
Today, we think of the metaverse as the next stage of social media. However, we should listen to Qualcomm who says it will be much more impactful on other companies in other industries as well over the next decade.
The growth opportunities are potentially huge if you choose the right companies to invest in.