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860K Employment to Be Created Via ‘Extended Reality’ By 2025: EU Commission

2023-07-12 16:02:35

In order to establish itself as a world leader in Web 4.0 and the Metaverse, the European Commission has outlined its strategies.


By 2025, the European Commission predicts that extended reality technology, which allows users to interact with virtual environments, would generate up to 860,000 new employment across the continent.  Extended reality, often known as XR, is a general name for immersive technologies such as virtual reality, augmented reality, and mixed reality. According to the Commission, XR is a major technology enabler for virtual worlds. The impact on labor is anticipated to be highly significant, the report stated, stressing that an additional 1.2 million to 2.4 million jobs will be directly or indirectly generated in other industries by 2025. The Commission did observe that South Korea, China, and the United States now account for the majority of the Metaverse's innovation.

There is much room for further applications, including in retail, healthcare, army and defense, and manufacturing, but the majority of AR/VR industry activity in Europe is concentrated on gaming, media, and entertainment. The Commission stated that the next generation of the internet, known as Web 4.0, where both digital and physical items interact in virtual settings in real time, is made possible by virtual worlds, which are made possible by these XR gadgets.

Web 4.0, a major technological advancement, has barely started. Virtual worlds are a key Web 4.0 enabler that can fundamentally transform how people live their everyday lives and offer up a wide variety of opportunities in various commercial and industrial ecosystems, the report stated. Examples include utilizing digital twins to maintain historically significant structures, using virtual worlds to teach surgeons for intricate medical operations, or even using 3D models to combat global warming. The Commission outlined its strategy for becoming a world leader in Web 4.0 and the Metaverse in the working document it submitted to the European Parliament.

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Thierry Breton, the European Commissioner of the Internal Market, declared that today, Europe puts its hat in a bid to become an international leader in Web 4.0 and virtual worlds. The Commission has suggested a total of ten initiatives to accomplish this, such as luring specialists into the area, establishing regulatory sandboxes to test new concepts, and establishing international standards for compatible metaverses.

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