Main Metaverse Industry Trends 2024 by Meta

Meta Corporation shared its expectations for the development of the Metaverse industry in 2024. Among the main forecasts are the increased use of virtual and augmented reality in application areas, AI integration, and expanded business communication capabilities.

In the corporate blog, Meta representatives stated the changes taking place in the sphere of Metaverse technologies and shared their forecasts regarding its further development. Three key trends that will characterize the industry soon were fixed, namely:

1. The hype around Metaverse technologies and their more active use in application areas is disappearing. In particular, applications in the Fitness & Wellness category allowed Reality Labs to earn more than $1 billion for the first time. In the future, Metaverse applications are predicted to grow in 3D modeling, a wide range of educational practices, sports and professional skills development programs, and other areas.
2. Partial or full migration of AI processing from cloud services to mobile and peripheral devices. It’ll provide a more personalized experience and minimize latency in information processing. For example, the corporation is already testing a personal AI assistant based on a large language model (LLM) for more options to interact with the environment using AR glasses.
3. Business communications reach a whole new level. Thanks to the development of artificial intelligence and virtual and augmented reality technologies, businesses can communicate with their customers in a more personalized way. Users, in turn, will also be able to communicate with brands and the company they support in this way.

Meta isn’t the only one company recognizing the shift of the Metaverse industry towards more practical applications. A group of Finnish scientists investigated the possibilities of applying Metaverse technologies to manage large teams. Meanwhile, a Metaverse project started its work in Mumbai, which enabled detailed study of all large-scale infrastructure projects in the city in virtual space.

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