Strategies for becoming a global leader in Web 4.0 and the Metaverse have been laid out by the European Commission. The move aligns to the European Commission belief that by 2025, ‘extended reality (XR)’ will result in the creation of up to 860000 jobs across Europe.
On July 11, it revealed that XR involves immersive techs including augmented reality, virtual reality, and mixed reality. Besides, it is a significant technology enabler for virtual words.
The Commission also claimed that the effect on employment is anticipated to be highly substantial. By 2025, there would be the direct or indirect creation of another 1.2 to 2.4 million jobs.
China, US and South Korea Dominating the Metaverse Innovations
Nevertheless, the Commission claims that currently, a majority of innovations concerning the Metaverse happen in China, the U.S, and South Korea. In this case, the European Union lacks tech giants to guide investments in virtual world development over the next ten years.
A majority of Europe’s AR/VR market activities focus on media, gaming, and entertainment. However, room for additional applications exists for healthcare, military, manufacturing, and retail.
The European Commission also revealed that XR devices-enabled virtual worlds form one of the technologies that will enable Web 4.0, the next generation of the world wide web.
In this case, digital and physical elements combine in virtual environments in real time. The Commission claimed that Web 4.0 is the beginning of a significant shift in technology.
Web 4.0 Capable of Changing People’s Daily Lives
Virtual worlds are a crucial Web 4.0 enabler, and this technology can massively change people’s daily lives and open numerous opportunities across industrial ecosystems and businesses.
Examples of how it will be used include training surgeons for intricate medical procedures using virtual words, addressing global warming using 3D models, and utilizing ‘digital twins’ for the preservation of cultural heritage structures.
The working document provided to the European Parliament shows the Commission’s intention to be a global leader in Web 4.0 as well as the Metaverse. Thierry Bretton, the European Commissioner for Internal Market, revealed Europe’s intention to be a global leader in virtual worlds and Web 4.0.
European Commission Prioritizes Attraction of Virtual Global Talent
The Commission has suggested 10 actions to aid in achieving this goal, including attracting specific virtual global talent to the region, developing governing sandboxes to enhance the testing of new ideas, and creating international standards that enhance the operability of metaverses.
Breton added that Europe is capable of leading the next shift in technology, including excellent creative content, innovative startups, and industrial applications. Besides, the continent can play a robust role in setting global standards while guaranteeing continued development by leveraging the innovation-friendly and predictable legislative framework.
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