Research firm GlobalData forecasts a consumer “metaverse winter” in 2023, as investors and software developers begin to rethink their earlier enthusiasm for investing in immersive technology.

This is one of the key predictions revealed in the data and analytics company’s latest research report, released this week, on what to expect in 2023 from consumer telecom services, platforms and devices in 2023.

In the report, GlobalData points out that aAs businesses grapple with the economic turbulence, they are cutting non-essential spending and redirecting some investments in technology and modernization initiatives.

While the metaverse gained popularity in 2021/2022 as more companies hoped to deliver revenue and operational improvements, there is expected to be less interest in…