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The metaverse is set to be huge : GlobalData

Meta has patented technologies that use biometric data to power what the user sees;

Members of the Thematic Research Team at GlobalData, a leading data and analytics company, offer their view:

Sarah Coop, Associate Analyst at GlobalData, comments: “Facebook’s plan to target user content based on facial movements are concerning but unsurprising. After all, Facebook is primarily an ad-tech business, so it is unsurprising that hyper-targeted content is the focus for its future metaverse platform.

Also Read : India is going to be a huge part of building the metaverse: Mark Zuckerberg

“The metaverse is set to be huge. GlobalData forecasts augmented reality (AR) will generate revenues of $152 billion by 2030, up from $7 billion in 2020. Meta itself is a huge advocate of the metaverse, with plans to invest $10 billion over the next decade. However, consumer sentiment hasn’t been positive for the company, with GlobalData’s social media analytics database finding that influencers are highly concerned about issues of data privacy, following Facebook’s name change to Meta. Out of 7,692 posts on the subject, a small minority of influencers supported the move. Meta’s past is tainted by data privacy issues, and its future metaverse will face the same issues.”

Emma Taylor, Associate Analyst at GlobalData, says: “The metaverse is already considered a potentially fertile ground for data privacy violations, especially if it follows an ad-funded business model. Meta’s patent applications will give the company the capacity to pursue this model to the extreme by targeting users with ads using their facial expression.

“Consumer trust in Meta is already poor because of the data privacy lawsuits that were previously filed against the company. These patent applications indicate that Meta has not learned its lesson, having been accused previously of storing users’ biometric data without permission. It appears that history is repeating itself. It is likely that the same issues surrounding data privacy from existing social media platforms will be extended, or even exacerbated, in the metaverse.”

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