In order to establish itself as a “world leader” in Web 4.0 and the Metaverse, the European Commission has outlined its strategies.
By 2025, “extended reality” (XR) technology might provide up to 860,000 employment in Europe, according to the European Commission. According to the Commission’s announcement on July 11, XR includes immersive technologies like virtual reality, augmented reality, and mixed reality and is seen as a key driver for virtual worlds.
A further 1.2 million to 2.4 million jobs are predicted to be created directly or indirectly in other industries by 2025, according to the Commission, which cited XR as a key technology enabler and underscored the expected considerable impact on employment.
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The Commission did concede that South Korea, China, and the United States presently account for the majority of XR innovation in the Metaverse. The EU, on the other hand, lacks the tech behemoths that might spearhead investments in the creation of virtual worlds during the following ten years.
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Although the majority of XR market activity in Europe is concentrated on the gaming, media, and entertainment industries, the Commission underlined the potential for broader applications in industries like manufacturing, retail, healthcare, and military and defense. It noted that the XR market in Europe has plenty of possibilities for expansion and diversity.
Europe throws its hat in the ring to become a world leader in Web 4.0 and virtual worlds.
— European Commission (@EU_Commission) July 11, 2023
The new internet will impact the way people live together, bringing many benefits.
And we need to have people at the centre and shape it according to our EU digital rights and principles. pic.twitter.com/rc0R3qUm0y
The Commission added that the “next generation” of the World Wide Web, known as Web 4.0, must include virtual worlds, which XR technology makes possible. Real-time convergence of analog and digital elements occurs in virtual worlds in Web 4.0. This technological shift has the power to transform daily life, present fresh opportunities across numerous industries, and influence the future of the digital world.
The Commission provided numerous examples of XR’s possible applications, including using virtual worlds to teach surgeons for intricate medical procedures, creating “digital twins” of historic structures to preserve them, and using 3D models to combat global warming.
The Commission put up a strategy consisting of 10 crucial steps to establish itself as a global leader in Web 4.0 and the Metaverse. These initiatives include luring highly qualified personnel in the virtual world industry to Europe, constructing legal sandboxes to encourage the testing of novel concepts, and creating international standards for interoperable metaverses.
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The European Commission wants to take advantage of XR technologies, promote innovation and economic growth, and strengthen Europe’s position as a global leader in the rapidly developing fields of Web 4.0 and virtual worlds. The EU aims to create its digital future and take advantage of the potential provided by XR and the Metaverse by adopting these technologies and fostering an enabling environment.