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The Growth Potential Of The Metaverse In Latin America

The Growth Potential Of The Metaverse In Latin America

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Latin America has a huge growth potential for the metaverse in the next 10 years, according to the predictions of technology companies. Statesman estimates that the use of new technology could increase in the region by up to 400%.

With the promise of such a development, companies do not want to miss the potential importance of the market and are already analyzing business opportunities. In Latin America, interest is growing both in the field and in the training of this technology.

Two prominent examples of the industry’s potential in the region are Mexico and Brazil, the largest economies in the region. The two countries are already among the 10 most active countries in Spark AR Studio, a powerful augmented reality software powered by Facebook apps and devices that allows users to deepen their knowledge of the metaverse.

Disruptive technology allows users to create and share augmented reality experiences. According to Meta’s statistics, 52% of Spark AR’s creators are women, making it a technology that can contribute to a fairer economy.

But it is not only Meta that is involved in the development and growth of metaverses in Latin America, many other companies are looking for the opportunity to enter and succeed thanks to the technological trend.

"It is a new collection of digital experiences where technologies, such as virtual reality or augmented reality, are leveraged with other interfaces," explained the General Director of Meta in Mexico, Marco Casarín, speaking on the metaverse.

He added that technology is pushing the world toward a “new economy and digital learning,” and predicts that the technologies involved will allow all users, including those who don’t specialize in the technical aspects, to access these experiences.

Metaversum has a wide range of usage possibilities and applications for both business and leisure use. Companies can offer factory workers training on new production processes without anyone having to travel, while individuals can attend “live” concerts in the privacy of their own living rooms.

To train the new technology, Meta has partnered with several universities in Latin American countries, including the Internet and Society Research Institute, ITS Rio and IP.Rec in Brazil, as well as C-Minds Eon Resilience Lab in Mexico and San Andrés University in Argentina. That’s where “the pillars of future education are being laid,” says Leticia Jáuregui, current global head of Meta’s Immersive Learning.

In Mexico, the C-Minds Eon Resilience Lab plans to support Latin American experts to discuss and explore the economic potential of metaverses, as well as other key concerns such as security, privacy, gender and governance.

Latin American online training platform Platzi revealed that it has already trained more than 6,000 augmented and virtual reality professionals using Meta’s technologies.

The company’s CEO, Freddy Vega, believes that the metaverse will have a positive impact on global education and emphasizes that it is the next great technological platform to host new companies and creators.

“Many people think that the metaverse is these applications that require virtual reality headsets; however, augmented reality filters are already the technology with which users are interacting with the metaverse”, he underlined.

Brands and companies focus on the virtual world

Several brands are now orienting their business initiatives and marketing strategies towards this potential market. In 2021, the Mexican brewery Corona launched an awareness campaign supported by augmented reality about the pollution caused by the use of plastic.

During the pandemic, the French cosmetics brand Sephora collaborated with Meta to launch its new fragrance.Do not drink“. The product offered an immersive experience to Instagram users with an innovative ad campaign themed around “smell with your eyes”. To achieve this, images were included that suggested specific flavors that users could experience.

Latin America’s commitment to the metaverse is clear, and is supported by growth forecasts for the coming years Statesman. “Today, more than 100 million users make purchases through AR, and these numbers continue to grow,” explained Ana Daniela Portillo, Snap’s director of market development for Mexico.

It is estimated that in the next four years, about 75 percent of the world’s population will use new technology. According to international consulting firm Analysis Group, the metaverse could account for 2.8% of global GDP in 2032 if it grows at the same rate as mobile technology.

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