According to research company MarketsandMarkets, the metaverse market is expected to be valued at $427 billion by 2027.

This would mean a Compound Annual Growth Rate (CAGR) of 47% over the next five years from its current $62 billion market cap.

With that being said, it’s no wonder more and more companies are racing into developing and launching projects in the virtual domain and profit from it.

Telefonica, for example, is set to be one of the latest companies to make its own move in order to bring “metaversal” experience to its customers.

In order to preserve and further their position as “leaders” in Extended Reality (XR) and the Metaverse, Telefonica and Qualcomm are embarking on a virtual partnership.

The joint venture between the renowned wireless chip maker and one of Spain’s major telco carriers will revolve around the development and enhancement of the Extended Reality ecosystem.

Both companies are expected to bring their aces into the partnership, with Qualcomm taking advantage of its Snapdragon Spaces XR and Telefonica offering its vast mobile network infrastructure.

The two companies have also agreed to roll out various XR and metaverse products and services and to be on the look-out for potential business opportunities.

Daniel Hernandez, vice president for Devices and Consumer of Telefonica, sounded optimistic and forward-looking when he talked about their partnership with Qualcomm.

According to Hernandez, their initiative with Extended Reality will allow their customers to discover new ways in communicating, doing business, socializing and entertaining as it opens new pathways for the digital and the real world.

Hernandez also said their partnership with Qualcomm is in preparation for the future, as they work to boost infrastructure, upgrade equipment and enhance their services.

Meanwhile, earlier this May, Qualcomm CEO Cristiano Amon, shared his thoughts about the metaverse, saying it presents big opportunities for all companies involved.

Amon’s company is not new in this kind of partnership, as it recently closed a deal with Meta to develop a special kind of silicon intended for a new line of metaverse-calibrated headsets.

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