The local electronics and semiconductor industry should consider venturing into metaverse, a segment that is seen to provide growth opportunities amid the expanding digital economy.
Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (Seipi) Chairman Glenn Everett said at a general membership meeting on Thursday that metaverse is among the emerging technologies that have been rapidly developing given the substantial investments in the industry.
“Tech giants have a vision of this. They envision a virtual world where digital avatars connect using VR [virtual reality] headsets to conduct, work, travel and entertainment,” he said.
Citing reports, Everett said that the metaverse industry is expected to have a compounded annual growth rate of 44.1 percent. Its market size, meanwhile, is projected to reach $872.35 billion by 2028.
Everret said metaverse is a combination of VR, augmented reality and video, where users live within a digital universe.
This technology is traditionally used in gaming, but recent developments showed that metaverse is also being incorporated in remote working—the current trend in work arrangements amid the pandemic-induced mobility restrictions.
“We do so much now with Zoom. It [metaverse] is the next step,” he said.
“Behind it, all cloud computing, interconnections, the devices that support that to happen. It is a remarkable set of opportunities for people in our industry.”
Other emerging technologies cited by Everett include automotive artificial intelligence, advanced driver assistance systems, augmented reality, connected cars, 6G, robotic process automation and financial technology.
What the Philippines needs to do now is attract companies in the said fields to invest locally, the Seipi official said, suggesting the creation of a task force for the said purpose.
“The task force should analyze the business environment and incentive structure of other Asean nations, because these countries are the Philippines’s competitors for new investment. The task force needs to have the power to create a situation in the Philippines that is better than in the other countries,” he said.
With the task force in place, he said new investments will flow into the country, along with the supply chains.
This, he said, will lead to the acquisition of new technologies and more opportunities for high-quality jobs.
This year, the electronics and semiconductor manufacturers are expecting a 10-percent growth on the back of robust demand.
Seipi President Danilo Lachica previously told the BusinessMirror that the industry sees more orders in electronics for medical, communications, automotive and commercial applications this year.