The concept of the enterprise metaverse, an immersive virtual environment enriched with AI, blockchain, 5G, AR, and VR technologies, is poised for significant growth in the coming years. While the consumer-oriented side of the metaverse has been the center of attention, industry experts are increasingly recognizing the substantial potential it holds for businesses.
Ashaootosh Chand, a partner at PwC India, asserts that most businesses are currently exploring optimal use cases for the enterprise metaverse. Despite ongoing economic challenges, Chand remains optimistic about sustained corporate interest and investment over the next 3-5 years.
However, a formidable challenge looms over the metaverse’s development: the lack of interoperability between distinct platforms. Brands are crafting immersive experiences to engage customers, but current metaverse ecosystems lack the capability for users on one platform to seamlessly communicate and share data with users on another. Interoperability stands as a critical factor in the future success of the enterprise metaverse.
A recent report from PwC India underscores that 25% of surveyed Indian businesses plan to integrate the metaverse into their organizational activities within a year. The potential benefits are diverse, with digital twins, virtual representations of physical objects or infrastructures, being a notable example. These digital twins find applications in scenario planning, product enhancements, logistics, manufacturing, quality assurance, remote support, training, and collaboration.
India, endowed with a robust tech ecosystem and skilled workforce, is well-poised to embrace and leverage the opportunities presented by the enterprise metaverse. However, several challenges must be addressed, including privacy concerns, data security issues, and ethical considerations associated with AI-driven simulations.
Moreover, comprehensive infrastructure development is imperative to facilitate widespread adoption of the enterprise metaverse. Reliable connectivity, robust computing power, and a skilled workforce are pivotal factors that require attention to unlock the full potential of this technology.
Notwithstanding these hurdles, the potential of the enterprise metaverse is monumental. Bain & Co. predicts that the metaverse will burgeon into a $900 billion industry by 2030. Companies that invest in metaverse development in its early stages are poised to emerge as market leaders.
Leading tech firms such as Tech Mahindra and Lenovo Intelligent Devices Group are already witnessing a surge in demand for metaverse projects across various sectors. Tech Mahindra’s metaverse practice, TechMVerse, has empowered the company to reshape customer experiences and deliver tangible business outcomes.
While there is still much work to be done, industry experts remain sanguine about the metaverse’s progression. Extended reality (XR) solutions for enterprises are already flourishing and will serve as the bedrock for the future metaverse experiences that consumers will come to embrace.
The enterprise metaverse opens up a realm of thrilling possibilities for businesses and industries to augment their operations, enhance customer experiences, and foster collaboration. With the right infrastructure development and a concerted effort to tackle challenges, the metaverse has the potential to catalyze a transformative shift in various facets of our society.
