Metaverse has become the hottest buzzword following Facebook’s rebranding to Meta in October 2021 and has seen a massive surge in Metaverse projects. Metaverse represents a combinatorial innovation because it requires multiple technologies and trends to work. It is a combination of the digital world where advanced technologies such as augmented reality (AR), virtual reality (VR), mixed reality (MR), artificial intelligence (AI) and blockchains coexist. It will change the way we interact, close deals, and impact the internet and our lives. It basically combines all real world activities like playing games, going to concerts, partying and even owning a piece of land in a virtual space. Recently, Metaverse has stormed the internet and opened up profit and investment opportunities to everyone, and they’re thinking about how to prepare for this new technology.
According to McKinsey’s 2022 report, titled “Value Creation in the Metaverse,” over $120 billion was invested in metaverse-related projects in the first five months alone, more than double the $57 billion for the whole Year 2021. India currently ranks 5th in the list of top countries driving Metaverse market. Tech companies in India and worldwide are all striving for this virtual world. Metaverse will play an important role for cloud service providers due to the massive data storage and processing required to sustain the virtual world.
Many experts and industry leaders believe that Metaverse will offer more opportunities to increase sales. For example, JP Morgan is the first major bank to establish a presence in the Metaverse. The company forecasts a $1 trillion market opportunity and is eyeing virtual real estate. This shows how many opportunities there are for companies to participate in this virtual industry, especially in 2023 when the Metaverse market is expected to witness rapid growth.
Here are some trends that highlight how the metaverse will be game-changing in 2023 and beyond.
Revamp the marketing platforms
According to a Gartner report, 25% of people spend at least an hour a day on the Metaverse for work, shopping, education, social media, and entertainment. This opens up new opportunities for marketers to connect with their audiences in a whole new landscape. With consumers always looking for new ways to connect with their brands, the Metaverse will undoubtedly provide them with a great way to connect with their customers.
Consumer giants like Nike and Gucci are already strengthening their position in the Metaverse market. Additionally, users of Metaverse platforms will pave the way for advertising and marketing efforts that help businesses build, communicate, and deliver engaging customer experiences.
Change the working environment
Today’s workforce prefers a remote work environment. While some organizations are still pushing towards an in-office environment, many have already begun to rely heavily on a remote or hybrid environment. However, one of the biggest challenges employers face is building trust and relationships with employees without face-to-face interaction. Although collaboration and communication solutions have evolved, they still don’t offer opportunities to strengthen the professional bond between the two.
Metaverse offers companies the ability to connect with their employees in an immersive way that is somewhat lacking in today’s collaboration solutions. It will enable employees to create interactive environments within their respective web-dependent platforms. Additionally, people from multiple physical locations can connect and share their experiences in today’s digital world.
In addition, people will be able to build real products and simplify operations in the secure environment of the digital world. This will significantly reduce the costs associated with developing and testing the same in virtual environments.
In hindsight, Metaverse will provide companies with platforms, tools and entire virtual environments where business can be done remotely with the highest efficiency and improved performance.
Enhance education and training experiences
One of the most exciting avenues of the metaverse is through education and training. With the help of Metaverse, organizations can amplify their education efforts and help create a more engaging learning experience. According to a study conducted by PwC, employees who train with virtual reality (VR) simulations learn 4x faster than learners in the classroom and 2x as fast as e-learning. By using Metaverse to teach employees both soft and hard skills, organizations can significantly reduce the costs associated with hiring.
The increase in Metaverse events
With face-to-face interactions restricted during the pandemic, companies had no choice but to host virtual events, conferences and webinars for their prospects and customers. Initially, the virtual event industry seemed to be struggling. However, the advanced technologies improved the engagement and networking opportunities for prospects and companies.
With metaverse, companies plan to take their events to the next level. In 2023 and beyond, organizations will begin hosting Metaverse virtual events, featuring virtual trade shows and booths to improve connections between people around the world.
Additionally, the Metaverse will reach $800 billion by 2024 by tackling live events and advertising, urging companies to ramp up their efforts to seize this opportunity.
Metaverse: Another revolution in the technology sector
The potential of the metaverse to disrupt the corporate sector is enormous. It will allow companies to create a unique brand image of themselves by providing a more immersive experience. While the technology is still in its infancy, it has the potential to transform the way people interact with each other in the digital world. To capitalize on Metaverse in 2023, companies must strategize better, leveraging data and listening to their customers’ feedback to deliver a compelling Metaverse experience.
The views expressed above are the author’s own.
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