According to the European Commission, the adoption of extended reality (XR) technologies, encompassing virtual reality, augmented reality, and mixed reality, is predicted to generate up to 860,000 jobs in Europe by 2025. The commission stated that XR is a primary technology enabler for virtual worlds and emphasized the significant employment impact it will have. Additionally, the report suggests that by 2025, an additional 1.2 million to 2.4 million jobs will be created directly or indirectly in various industries due to XR.
While the United States, China, and South Korea currently lead in XR innovation, the European Union (EU) lacks major tech giants that can spearhead the development of virtual worlds over the next decade. Although gaming, media, and entertainment dominate the AR/ VR market activity in Europe, there is considerable potential for XR applications in sectors such as retail, healthcare, military and defense, and manufacturing. These XR devices facilitate a virtual world that forms a crucial component of Web 4.0, where physical and di gital objects converge in real-time within a virtual environment.
The European Commission sees itself at the early stages of a significant technological transformation known as Web 4.0. They acknowledge the virtual world as a vital enabler of Web 4.0, capable of profoundly impacting people's lives and unlocking numerous opportunities across business and industrial ecosystems. The commission's Working paper outlines plans to establish Europe as a global leader in Web 4.0 and the Metaverse. It aims to attract virtual world professionals to the region, create regulatory sandboxes for testing new ideas, and develop global standards for an interoperable metaverse .
EU Internal Market Commissioner Thierry Breton highlights Europe's potential to lead the forthcoming technological transformation, citing innovative startups, rich creative content and industrial applications, a prominent role as a global standard-setter, and a pro-innovation and predictable legal framework. To achieve this goal, the committee proposes ten actions, including initiatives to attract XR professionals, regulatory sandbox environments, and the establishment of global metaverse standards.
