The metaverse presents a unique opportunity for the UK to reaffirm itself as a global leader in technological innovation and influence the development of the next version of the internet, though it will be up to legislators and regulators to ensure that safety and wellbeing are considered as it develops.
The UK has the fastest growing market in Europe for VR and AR, with spending expected to grow at 78% annually.
VR and AR is expected to add £63 billion to the UK economy by 2030. The UK is already benefiting from the metaverse. Over 1,000 companies are now part of the UK VR market, worth £1.2 billion and growing fast.
