1 in 4 people to spend at least 1 hour daily in metaverse by 2026

One in 4 people is expected to spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment by 2026, a Gartner report forecast on Monday.

However, the adoption of metaverse technologies is nascent and fragmented, and the research cautioned organisations about investing heavily in a specific metaverse.

"It is still too early to know which investments will be viable in the long term, but product managers should take the time to learn, explore and prepare for a metaverse in order to position themselves competitively," said Marty Resnick, research vice president at Gartner.

The new technology buzzword is led by Meta (formerly Facebook) which is investing $10 billion towards building metaverse.

According to the latest data from market intelligence platform Sensor Tower, 522 mobile apps are already using the buzzword to gain new users and earn more money via various app stores.

Gartner said that enterprises will provide better engagement, collaboration and connection to their employees through immersive workspaces in virtual offices.

"Enterprises will have the ability to expand and enhance their business models in unprecedented ways by moving from a digital business to a metaverse business. By 2026, 30 per cent of the organisations in the world will have products and services ready for metaverse," Resnick added.

Metaverse is defined as a collective virtual shared space, created by the convergence of virtually enhanced physical and digital reality.

It is persistent, providing enhanced immersive experiences, as well as device independent and accessible through any type of device, from tablets to head-mounted displays.