A pan-European industrial cluster is required, according to analysts at the London School of Economics and Political Science, for the EU to compete in Web 4.
A new analysis from LSE Consulting, a company based at the London School of Economics and Political Science (LSE), outlines a possible route for European leadership in the developing Web4 market.
The team believes that the best way for the European Union to compete with the United States, China, and other global leaders in the sector and possibly capitalize on Europe’s current technological and economic potential is to establish an Airbus-style industrial conglomerate devoted to promoting innovation and growth in the metaverse.
Three aircraft businesses from France, Germany, and Spain came together to form the international company known as Airbus in 2000. It has been the top producer of helicopters and airplanes in the world since 2019.
According to LSE Consulting, its cross-border incorporation and corporate focus on making sure Europe stays the leading player in the global aerospace market make it relevant to the metaverse market.
According to the team’s research, the EU may get to the top of the Web4 hierarchy by using an Airbus model for the metaverse:
“Europe will have access to specialized internet engineering talent thanks to an immersed industrial cluster. Immersion technologies have the potential to increase the appeal of engineering and research education programs, even if national and regional governments must generally finance these initiatives.
Numerous case studies from notable European companies, including BMW, Ikea, Bosch Sensortec GmbH, Ericsson, and STMicroelectronics, were highlighted in the report. Drawing from the experiences of these and other European companies investigating metaverse technology, LSE Consulting developed three suggestions to propel the industry forward.
First, the research states that in order for European innovation in the metaverse to compete on the world arena, it is imperative that a multinational conglomerate be formed, based on the Airbus model.
LSE Consulting suggests giving priority to skills supply training in order to prepare the European workforce for the task of metaverse innovation.
The report concludes by urging government assistance in creating novel, cross-border responses to new problems and adoption norms.
“There are multiple viable paths ahead for the continent,” stated Michael Barngrover, managing director of XR4Europe, in a statement. He also added that “the recommendations presented by LSE’s researchers contribute to discussions around the paths we must consider.”
