Growth Of Metaverse Increases Trust And Safety Risks: Report The report also said that the T&S service is among the fastest-growing segment of the business process Services market which is expected to reach $15 to $20 billion by 2024

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pixabay

The IT research firm, Everest Group, has released a report entitled, 'Growth of metaverse increases trusts and safety (T&S) risks to enterprises, users', has stated that the metaverse is expected to grow rapidly to a $679 billion industry by 2030, but the growth has implications for T&S, such as threat to user security, increased abuse, proliferation of objectionable content and financial frauds.

"The metaverse is attracting large investments from technology giants such as Google, Meta, Microsoft and Nvidia to make the virtual world a reality, and the applications hold unlimited economic and social potential for both good and bad. As organizations develop their business strategies for the metaverse, trust and safety issues need to be among their foremost considerations. Enterprises may be able to adapt some best practices of today, but they will also need to address scenarios and use cases that are unique to the metaverse. Solving for those novel challenges will require a collaborative approach among enterprises, policymakers, academia, and T&S service providers to realize the full potential of metaverse as an immersive yet safe place for users," said Rajesh Ranjan, partner at Everest Group.

While exploring the impact of the metaverse on the third party T&S market, the report also said that the T&S service is among the fastest-growing segment of the business process Services market which is expected to reach $15 to $20 billion by 2024. The market is expected to grow 35 to 38 per cent through 2024 and accelerate to 60 to 68 per cent growth beyond 2024 as technology and infrastructure advances beyond the nascent stage.

The Everest Group's report also proposes the metaverse risk mitigation strategies for T&S risks which include abuse of virtual avatars comprising invasion of personal space, impersonation, harassment, assault, bullying, stalking and spying. The report further noted the concerns around data privacy and user safety, safety of virtual assets from financial crimes and identity theft, well-being of content moderators who may face physical and mental health hazards from prolonged exposure to VR headsets and content, as well as regulatory ambiguity.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

'Everyone Can Profit From It': What Is DeepSeek? China's 'Cheap' to Make AI Chatbot Climbs to the Top of Apple, Google U.S. App Stores

DeepSeek researchers claim it was developed for less than $6 million, a contrast to the $100 million it takes U.S. tech startups to create AI.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Bizloan Sets Ambitious Growth Plans After Securing INR 35 Cr in Series A Funding

The round was led by the Michael & Susan Dell Foundation and BLinC Invest, with Resurgent India serving as an advisor.

News and Trends

I'm Very Bullish About Our Growth in India: Zoho's Sridhar Vembu

The CEO and co-founder also said that the SaaS major saw 37% growth in India in 2022 while announcing the launch of Cliq Rooms, a smart conference rooms solution on Monday

News and Trends

Red.Health Acquires Majority Stake in TACT Academy to Strengthen Emergency Care Training

The strategic move aims to create a global center of excellence in allied healthcare, emphasising emergency medical services and pre-hospital care, while building a skilled workforce to address healthcare challenges in India and globally.