With Metaverse growth expected to surge to US$679 billion by 2030, its influence and possibilities seem endless. But with great power comes great responsibility. Read on to learn why and how organizations must ensure Trust and Safety (T&S) for metaverse to realize its potential.
The metaverse’s arrival is inevitable and will, for better or worse, be part of our future lives. The metaverse could rival massive shifts in history like the telephone and the internet and, in the next few decades, bring together people in ways we never imagined.
Metaverse growth is expected to increase internet data use by 20 times from sharing personal and financial data, social interactions enhanced by Augmented Reality (AR)/Virtual Reality (VR), and the evolution of video and live streaming content.
But jumping on the metaverse bandwagon won’t be the difficult part – how to keep it secure will be.
Why now is the time to think through the risks of metaverse growth
Organizations that use or provide metaverse services will need to think hard about the implications and work to align with T&S policies, laws, and regulations in parallel to metaverse initiatives to inspire a safe, privacy-sensitive, and regulated environment.
The metaverse promises opportunities for innovation and growth. It could allow companies to reinvent the user experience through an immersive environment and create deeper engagement.
But, if the metaverse is a place where users are meant to communicate, collaborate, co-create, and share ideas, then shouldn’t we expect it to be safe? However, there are incidences already emerging of users being put at risk of security breaches, increased abuse, exposure to the proliferation of objectionable content, and financial fraud.
It will take a village to regulate the metaverse
Organizations will need to align with T&S providers and stakeholders, such as governments, academia, civil society, and possibly others, to identify loopholes and take measures to address gaps before any wrongdoing occurs. Organizations will have to put T&S policies, technologies, and processes in place and think through how they will moderate the metaverse at scale and how it can be done in real time to keep up with the complex forms of interactive live streaming. They will also need to consider how to ensure the well-being of their human moderators, who can be exposed to egregious content over long periods of time. This could mean initiating full teams that work in parallel to the development, deployment, and enrichment of metaverse.
What does this mean for the T&S services industry?
Enterprises across industries are already relying on third-party T&S services to make their current engagement platforms safe for their users. Over the next decade, the demand for T&S services to help maintain metaverse growth and safety will be immense and likely produce an ecosystem of T&S providers and partnerships from various entities. Utilizing T&S service providers, and even specialized service providers, is one-way enterprises can access expertise in risk mitigation and gain guidance and resources for safer metaverse deployments.
The T&S services market is already growing at a blinding speed of 35-38% and is estimated to reach US$15-20 billion by 2024. However, it can see additional 25-30% growth as metaverse scales.
See the exhibit below.
Learn more about the current market surrounding the metaverse and how partnering with third parties can keep the public safe and aligned with legal and regulatory T&S requirements in our report, Taming the Hydra: Trust and Safety (T&S) in the Metaverse. And discover how organizations are addressing the possibilities and challenges of metaverse growth in our upcoming LinkedIn Live session, Trust and Safety (T&S) in the Metaverse – With Great Power Comes Great Responsibility.