Metaverse to Become Widespread in Latin America by 2028

Emerging economies such as Brazil, Colombia and Mexico are working to specialize in the technologies that are creating the metaverse. But the implementation of this technology could be delayed due to Latin America’s limited network infrastructure, as the connection capacity to fully deploy this tech is not available today. 

Metaverse technologies are expected to grow by 400 percent in the next ten years, according to market consulting firm Statista. The metaverse is not expected to become widespread in Mexico and Latin America until 2028, José Maria Alonso Cebrián, Chief Digital Officer, Telefónica, told Bloomberg. 

Within the next four years, it is estimated that about 75 percent of the global population will be using new technology. According to international consulting firm Analysis Group, the metaverse could account for 2.8 percent of the world’s GDP in 2032 if it grows at a similar pace to mobile technology. “It is a new collection of digital experiences where technologies, such as virtual or augmented reality, are leveraged with other interfaces,” Marco Casarín, General Director, Meta Mexico, told Expansión.

However, the region still has “a long way to go because the networks are not ready and we do not have the sufficient computing capacity to develop this meta-universe as presented by Meta/Facebook,” said Alonso. The region lacks key infrastructure for the metaverse, including networks that enable connection at high speeds and without delays. The region also needs edge computing, which is the technology that will allow the development and transmission of large digital content in real-time.

According to a survey developed by Comscore, the main professions interested in developing and adapting metaverse technology are artists, executives, software and IT developers, teachers, journalists and researchers. This interest is centered in the technology, gaming, fine arts, business, music and television sectors. However, many still doubt what this combination of realities can represent.

Brands want to be included in this new platform to reach their target markets. To take advantage of this new way of communicating the arrival of new products, Casarín points out that brands must take into account the pillars of the metaverse: “The experiences must have a feeling of presence, an interoperable environment must be maintained and an immersive experience will be sought, where technologies such as augmented, virtual or mixed reality can be used.”