DBI warns Ireland in danger of losing out on potential of Metaverse

Government urged to come up with national strategy or risk losing out to international competition in digital space

Life

Digital Business Ireland (DBI) has called on Government to introduce a comprehensive national strategy for the Metaverse, or risk losing out on economic growth possibilities associated with the initiative.

According to a recent report commissioned by Meta and conducted by Deloitte, the Metaverse in the European Union could potentially contribute up to €489 billion annually to the region’s GDP by 2035.

DBI said Ireland must follow the lead set by Finland who recently initiated the first Metaverse strategy in Europe, focused on cultivating a robust European metaverse ecosystem for business. This move aims to cultivate substantial business value within Europe and aligns with the European Commission’s Digital Decade vision which aims for member states to establish a resilient digital foundation.

Ashley McDonnell, chairperson of Digital Business Ireland, said: ” The emergence of new markets and enterprises, stemming from the expansion of the metaverse, offers a distinctive pathway for advancing the digital economy in Ireland in a tangible way. However, failure to grab the opportunities present will not only leave the country and our business community behind, but it will also undermine our status as a global digital hub. For that reason, it is crucial that we build our digital resilience in a strategic way… To fully seize this potential, we must emulate the precedent set by Business Finland in establishing Europe’s inaugural Metaverse strategy.”

Camille Donegan, director of Eirmersive, the body representing companies in the immersive technoogy space, said: “The Metaverse strategy for Finland defines the metaverse as ‘the convergence of the physical and digital worlds in the next revolutionary stage of the internet, social networks and emerging technologies’. Our latest data finds that the Irish Immersive sector comprises organisations generating €90 million annually. This figure represents an increase from €43 million recorded in 2022, signalling a significant increase in activity… Building upon a great exemplar from Finland, a Metaverse Strategy for Ireland is essential to position ourselves as a global leader in this space. We firmly believe that the integration of immersive technology is not just an opportunity but a necessity for the future of business growth and transformation in our country.”

TechCentral Reporters

Read More: E-commerce metaverse virtual reality VR