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Trust and Safety services’ market to reach $15-20 billion by 2024 as metaverse continues to evolve

Trust and safety

The metaverse continues to grow in popularity offering users a chance to create digital identities and interact with others in virtual spaces. The economic value of the metaverse is going to increase a lot in the future. This will happen because people from lots of different places, genders, and age groups find it appealing. People are already spending money on digital assets, and they are willing to try new technologies. Reports forecast that the metaverse may generate up to $5 trillion by 2030. 

With so many people using the metaverse, it’s important to make sure that the interactions are safe and secure. That’s where the role of trust and safety providers comes in. As the industry grows, trust and safety providers will become more important than ever. IT research firm Everest Group advises enterprises to address the heightened risks the metaverse will pose as they increasingly apply their best creative and strategic thinking on taking maximum advantage of the metaverse. 

Metaverse opportunities and risks for enterprises 

A metaverse is a place where people can connect to different virtual worlds. People can do many things there, like buy digital assets or go on different adventures. The metaverse is expected to grow a lot in the future, which will open up new possibilities for businesses. Some examples include trading cryptocurrencies and non-fungible tokens (NFT), using virtual reality for marketing, improving customer experience, and better training options for employees. Technology giants such as Google, Meta, Microsoft, and Nvidia are investing a lot of money in the metaverse.   

With the metaverse expanding and businesses developing their strategies for the metaverse, trust and safety have become rising concerns. Enterprises will have to deal with new trust and safety challenges, such as the exploitation of virtual avatars and the safety of virtual assets. Organizations will have to devise risk mitigation policies for making the metaverse a safe space for users. 

For this, there must be a collaborative effort from enterprises, policymakers, academia, and trust and safety service providers. By working together, enterprises can realize the full potential of the metaverse, making it a safe and immersive space for users. 

Suggested reading: Tech giants like Meta, Microsoft, and Huawei join forces to form the Metaverse Standards Forum 

Metaverse risks 

Enterprises need to address some of the following risks that metaverse users can face. 

  • Abuse of virtual avatars by invading personal space, impersonation, assault, bullying, harassment, stalking, and spying. 
  • Data privacy and user safety concerns regarding personal and sensitive information like user habits and physiological characteristics. 
  • Protection of virtual assets from risks like financial crimes and identity theft. 
  • Content moderators may face physical and mental health hazards due to prolonged exposure to Virtual Reality (VR) headsets and content. 
  • Regulatory ambiguity may exist, especially policy gaps with respect to the definition of ownership, data privacy, and user interactions. 

Opportunities for third-party trust and safety service providers 

Enterprises are outsourcing trust and safety services (T&S) more and more to match the growth of user content. The metaverse is expanding, so the market for T&S services is also growing quickly. At present, T&S services is a fast-growing Business Process Services market segment. It’s expected to reach $15-20 billion by 2024. The trust and safety services market will grow 35-38% through 2024 and accelerate to 60-68% growth after 2024 as technology and infrastructure advance beyond the nascent stage. 

In this continuously evolving market, T&S service providers have the opportunity to utilize their expertise to proactively help enterprises in developing risk mitigation strategies. The growth potential of the metaverse T&S market is expected to attract new service providers. It will spur specialization and give rise to ecosystem partnerships for addressing the complexity of policy advisory, process acumen, technological expertise, and localization of services demanded by the evolving metaverse. 

Wrapping up: The trust and safety market is growing quickly as the metaverse expands, providing enterprises with opportunities to outsource these services. As a T&S service provider, you have the opportunity to utilize your expertise to help develop risk mitigation strategies for your clients. Proactively looking out for potential metaverse risks and helping companies understand how to mitigate them can be a successful strategy in this rapidly evolving industry. 

Source: Everest Group

Read next: Metaverse to generate $5 trillion by 2030, forecasts McKinsey. How can you capture the opportunities here? 

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