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Information Services Group (ISG)  a leading global technology research and advisory firm, said today it is launching a new advisory business to help clients understand the technology and business implications of Web3 and the metaverse, the next phase of the internet’s evolution.
Prashant Kelker, ISG partner and leader of the new business unit, said clients are interested in learning more about Web 3 and the metaverse and are beginning to explore the market opportunities they will bring. Industry watchers estimate Web3 and the metaverse will eventually be a $800 billion to $1 trillion market and note a number of Big Tech players are currently making early investments in the space.
“Although the concept of AR/VR has been around for years, the metaverse really started becoming a part of our collective consciousness when Facebook last year rebranded itself Meta and promised a completely new type of user experience,” said Kelker. “Amid the hype, there is still a lot of confusion about what the metaverse is, and how it will impact business and shape customer experiences as part of Web3.”
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“Although the concept of AR/VR has been around for years, the metaverse really started becoming a part of our collective consciousness when Facebook last year rebranded itself Meta and promised a completely new type of user experience”
In this emerging environment, clients need advice and support to plan their future business models and technology investments, Kelker said. “Our new advisory service,” he said, “will help demystify the metaverse and Web3 and prepare our clients for what lies ahead as they look to capitalize on the business potential of these new, immersive worlds and decentralized economies.”
The metaverse, often described by industry pundits as a 3D version of the current internet, holds the promise of immersive experiences in graphically rich virtual spaces that allow people to work, play, shop and socialize in real time through the use of virtual reality (VR), augmented reality (AR), mixed reality (MR) and extended reality (XR) technology. When coupled with Web3 concepts like non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), cryptocurrencies and blockchain, a new internet emerges that enables ownership and exchange of virtual assets through decentralized markets.
The new ISG advisory service will focus on learning and “reimagining” sessions that will help clients envision and plan for future business opportunities related to the metaverse and Web3. The sessions will leverage in-depth ISG research examining next-generation strategies, tools and technologies to connect physical worlds with virtual worlds for employees, customers, partners and communities. ISG also will advise technology and service providers on developing the right solutions for this emerging space.
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Providing a deeper understanding of the business relevance of the metaverse, crypto economies and blockchain, ISG can help enterprise clients assess the efficacy of their broader transformation initiatives, develop pilot programs, find the right implementation partners, conduct a strategic re-design of their target operating models, define a sourcing strategy, and govern their ecosystem to track success.
ISG sees early applications for the metaverse in retail, media and entertainment, travel, transport, hospitality and healthcare, among other industries, but cautions there is no clear pathway to success for most enterprises currently.
“Web3 is forming in front of our very eyes,” said ISG’s Kelker. He advises clients to approach the metaverse and Web3 holistically by understanding the technology stacks that will enable them and piloting a few lower-risk opportunities.
“The true value of the metaverse,” he said, “can only begin to come into view when one understands how the entire Web3 stack comes together, and when one appreciates new concepts like DAOs, NFTs, blockchain and DApps (decentralized applications).”
The new ISG advisory service will leverage the market analysis of ISG Research, which uncovers and analyzes Web3 and metaverse trends, evaluates provider capabilities, and assesses impacts on clients’ business, people and technology environments. The new business will help clients meet the new challenges—among them cybersecurity, privacy rights and regulatory compliance—that will arise from ongoing development of Web 3 and the metaverse and their component technologies.
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