The metaverse is anticipated to develop swiftly to a $679 billion market by 2030, yet this expansion will have consequences for trust and safety (T&S). According to an IT research firm Everest Group analysis, they include dangers to user security, greater abuse, the spread of offensive information, and financial scams. According to the report, the metaverse provides several prospects for businesses, including investments and trading in digital assets such as non-fungible tokens (NFTs) and bitcoin.
The metaverse is a virtual environment that may be constructed using virtual reality and augmented reality technology. "The metaverse is garnering enormous investments from technological behemoths like Google, Meta, Microsoft, and Nvidia to make the virtual world a reality, and the applications have limitless economic and societal possibilities for both good and harm," said Rajesh Ranjan, partner at Everest Group. "As organizations construct their metaverse business strategy, trust and safety problems must be among their top priorities."
According to the research, T&S services are one of the fastest growing categories of the business process services industry, with a market value of $15-20 billion predicted by 2024. The market is predicted to expand at a 35-38% annual pace through 2024, then accelerate to a 60-68% annual rate after that as technology and infrastructure progress beyond the early stage.
