Gartner says that about 30% of the world’s organizations will have metaverse products and services by 2026. Businesses & industries have begun to recognize Metaverse as a vantage point for next-level innovations in their domains, making it no longer a pass-over technological trend. Companies can open up value creation opportunities, gain competitive advantage, and even emerge as a frontier in their respective domains by diligently analyzing the metaverse potential and efficiently embracing it.
Now, let’s look into the scope for some significant industries to avail of the wonders that Metaverse can bring.
Gaming is one of the early domains to adopt Metaverse, and there is still great potential to create incredible and immersive gaming experiences. Metaverse can help gamers experience a deeper connection in the environment they are in and create or interact more realistically with game-world objects!
In this three-dimensional gaming ecosystem, game publishers can enable highly customizable game avatars and monetize them in NFT marketplaces, making users enjoy the uniqueness, creative freedom, and ownership. Few popular games that leverage the use-cases that we discussed include,
Media & Entertainment
With the Metaverse’s capabilities, media businesses may host virtual events that give the audience an immersive and shared experience. Official merchandise such as visuals, audio, and art can be sold as digital collectibles in their marketplace powered by NFTs, which generates additional revenue streams for content owners amidst supporting virtual ownership and mitigating copyright conflicts.
Metaverse has tremendous scope in the field of education. Institutions can bring forth immersive 3D learning experiences within the Metaverse platform; students can relish realistic virtual interaction and in-depth understanding of different subject areas that are pretty impossible in conventional learning.
Retail & e-Commerce
Retailers have already begun experimenting with Metaverse to provide their customers with a more engaging shopping experience. For retail and e-commerce businesses, Metaverse improves the multichannel consumer experience, resulting in higher sales conversion. Fashion retailers can allow customers to try on and explore their products with massive personalization virtually. They can develop virtual fashion communities to debut new products, giving their fans a more engaging platform. Retailers will be able to sell interoperable virtual items that may be utilized in various environments, such as games, virtual parties, and events, in the future.
VR-powered telepresence can give competent medical consultations to patients in remote and inaccessible areas. Medical treatment and experiments can be applied virtually to determine the proper and effective medical diagnosis that can be followed in the actual world by developing Digital Twins (aka) Test dummies of the patients. Metaverse may bring together expert healthcare professionals worldwide to give an integrated diagnosis for specialized medical scenarios. AR can help medics learn and train to perform complex surgeries.
Metaverse is compounding the Industry 4.0 capabilities to new heights. Manufacturers can create high-level virtual product prototypes that provide an immersive experience and aid production. The Metaverse allows for collaborative product development; multiple stakeholders can virtually participate in the product development cycle and offer comments, resulting in quicker iterations and shorter manufacturing timeframes.
Companies can reimagine their production process design by using virtual twins of manufacturing plants to run simulations and identify efficient, innovative, and sustainable solutions. The Metaverse can accommodate an intelligent physics engine for advanced simulations and understand mechanical functions better.
Tourism & Hospitality
Since the pandemic, the demand for virtual tourism has been on the rise, and Metaverse is helping to meet it. The Metaverse allows travellers to virtually experience real-world environments and learn more about their travel destinations before they go.
Virtual theme parks powered by XR technology in Metaverse allow customers to enjoy thrill rides as if they were in the real world. They can also use NFT markets to sell official merchandise as digital assets. Historical tourism may flourish with Metaverse, as travellers can explore and have an immersive experience with historical places that no longer exist in the actual world. Physically challenged & older folks who crave travel and exploration may benefit from metaverse tourism.
Banking & Finance
Metaverse can help the banking industry attain the pinnacle of digital customer experience. They can develop virtual banks, where customers can have one-on-one consultations with virtual banking agents and aid in virtual transactions through virtual branches and ATMs. Banks can also improve customer satisfaction significantly by reducing traction in their service delivery process.
Financial institutions may issue mortgage products to allow users to purchase virtual real estate in Metaverse. Launching crypto wallets can be vital in acquiring Gen-Z customers such as gamers, artists, and creators.
The opportunities we have discussed are just a glimpse of Metaverse’s potential. We can expect more strong Metaverse use-cases spanning the depth and breadth of numerous industries, given it is still in its early stages of development.
Getting into the Metaverse is perplexing; it is more than a single entity because it underpins various technologies such as AR / VR, blockchain, artificial intelligence, edge computing, IoT, 3D Modelling, and much more.
Want to know how Metaverse can help scale or redefine your business? We are right here to strategize your metaverse roadmap to deliver business innovations and ultimate value creation. Our teams are continuously learning and experimenting with new ways to help enterprises create a phenomenal customer experience inside the Metaverse.
Metaverse is one of the significant yields of the Web 3 era. If you want to learn about what Web 3 is all about, Check out our Web 3 infographic. You would love it!