According to the European Commission, we are heading towards a future in which ‘extended reality’ is expected to create as many as 860,000 jobs in Europe by 2025. This ‘extended reality’ or XR, is an umbrella term for immersive technologies including virtual reality, augmented reality, and mixed reality and it’s considered to be a major enabler for the creation of virtual worlds.
While this projection might be great news for job seekers and enthusiasts of these technologies, it’s worth noting that most of the present innovation around the Metaverse happens in other countries such as the United States, China, and South Korea. Unlike these countries, the EU currently lacks any tech giants who may lead the investment in the development of virtual worlds over the next decade.
Today, the focus of the AR/VR market activity in Europe is primarily based on gaming, media, and entertainment. However, the Commission acknowledges that there is plenty of room for extensions into other areas such as retail, healthcare, military and defense, and manufacturing.
Of particular interest to the Commission is the potential of virtual worlds to play a vital role in the emergence of Web 4.0, envisioning a future where physical and digital objects converge in real-time within immersive virtual environments. It’s a significant transition, opening a wide array of opportunities in numerous business and industrial ecosystems.
This belief in the transformative potential of virtual worlds goes beyond mere words. In its working document submitted to the European Parliament, the Commission proposed a plan to make Europe a “world leader” in Web 4.0 and the Metaverse.
Despite Europe’s high expectations and grand plans, inherent challenges still need addressing. The focus of AR/VR market activity in Europe is primarily gaming, media, and entertainment. While other sectors have a potential for adoption, Europe’s lack of tech giants may delay the development of these transformative technologies. Against this backdrop, the EU must attract specialised virtual world talent to the region while developing regulations and global standards for interoperable metaverses.
Despite the challenges, Europe is not deterred. Thierry Breton, the European Commissioner for Internal Market, was quoted saying that Europe is ready to become a world leader in Web 4.0 and virtual worlds. Indeed, he believes that Europe is well-equipped to lead this next technological transition given its innovative start-ups, rich creative content, industrial applications and its role as a global standard-setter within a predictable, innovation-friendly legal framework. While the future holds many uncertainties, the dawn of the Web 4.0 era holds great potential. Europe appears ready to embrace this opportunity despite its challenges.
Source: Cointelegraph
