Last Update: January 25, 2023, 12:38 PM IST
A survey conducted by McKinsey & Company found that 57 percent of CXOs in 2022 have a metaverse initiative underway. (Image: meta)
According to a report by industry association Nasscom, metaverse technology is seeing a strong initial pickup, although scale adoption is likely to be 8–10 years away.
According to a report by industry association Nasscom, metaverse technology is seeing a strong initial pickup, though mass adoption is likely to be 8-10 years away.
There are many interpretations of the metaverse. However, with growing consensus regarding the key features of this technology, the metaverse refers to a persistent and immersive virtual world experience with digital–physical fusion that allows interoperability, and allows the user to interact meaningfully, Enhances the ability to transact and transfer virtual identities, assets. and data from one world to another.
“While large-scale adoption of the metaverse is likely to be 8-10 years away, and most implementations are in the PoC (proof of concept) or MVP (minimum viable product) stage, the space is witnessing strong early adoption, Reported by the National Association of Software and Services Companies (NASSCOM) with McKinsey & Company as Knowledge Partner.
The report looks at the key trends in adoption, potential applications of the metaverse, and opportunities for service providers to play an active role in this growth.
Enterprise metaverse adoption maturity trends are similar to AI trends in 2017.
A survey by McKinsey & Company found that 57 percent of CXOs in 2022 have metaverse initiatives underway in both the long and short term.
The Metaverse has taken a position at the forefront with recent technology advances potentially becoming the next evolution of the Internet.
While the term ‘metaverse’ has existed for about two decades, the novel Internet avatar has seen a rapid evolution driven by the technology revolution, consumer readiness, and the rise of consumer-based marketing.
A NASSCOM statement said, “Significant PE/VC investments and strong merger and acquisition commitments have been announced in the first half of 2022, valued at over USD 120 billion (as per estimates between Jan-May’22). basis).”
Enterprises are beginning to implement metaverse use cases across the value chain, such as retail, manufacturing, media, healthcare, telecommunications, professional services, and banking, with enterprise use cases in the metaverse expected to be major spend drivers.
According to a NASSCOM report, emerging use cases in real-time simulation for customer engagement, multi-channel customer support and product designing are gaining traction.
It is also expected to “simplify” the future of work and workforce collaboration. Various initiatives underway such as re-imagining learning and development using a gamified AR/VR (Augmented Reality/Virtual Reality) based learning suite with virtual instructors, creating an immersive recruitment and employee onboarding and job search with avatar interactions Digital twin offices for networking and Imagination employee collaboration and meetings with employees at the Faire.
That said, the scale-up potential of the technology will be determined by factors such as investment, clarity on technology and talent readiness, and ability to address societal concerns.
According to an independent study by McKinsey & Company, 30-40 percent of CXOs surveyed report uncertain returns on their Metaverse investments, and the initiative remains experimental.
It added that the emerging talent pool in the areas of 3D/Technical Artists, Motion Designers, Graphics Engineers, AR/VR and Software Engineers etc. will be the key to achieve large scale Metaverse capacity building in the future.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)