Metaverse Adoption Journey in India
What is metaverse?
The metaverse has taken the tech world by storm. Metaverse is a blockchain-based platform that could potentially change how we live, work, play, and even socialize like once facebook did. It offers an Immersive Digital World creating an interconnected network of virtual spaces for users to interact with each other in real-time. It helps the users to have a whole new and unique form of digital identity and ownership management in the metaverse ecosystem. The digital assets in the Metaverse can be used for many things like buying or selling goods and services, participating in Decentralized Finance (DeFi) activities, or creating their own digital assets.
What is its scope?
Metaverse is vast and it extends far beyond what we all currently know. The potential innovation with the metaverse and disruption of the current tech world can be immense, and it is likely to change the way we live and work in the coming years. It will revolutionize industries such as education, healthcare, retail, and even entertainment. As we speak the tech world and Metaverse is evolving at an exponential rate. We’re eager to experience its exciting and innovative uses that’ll come in the future, but still, there’ll always be concerns about privacy, security, and ownership in the new digital age we’re going to step into.
How is it affecting the corporate world?
Companies are exploring new ways to integrate it with their businesses and enhance their operations with increased efficiency. Metaverse is offering a unique platform for businesses to interact with their customers and employees in this virtual world which will lead to an increased level of engagement and interaction. Companies will be able to host events, training sessions, and even product launches making it the most cost-effective yet innovative experience. We’ve just started scratching the surface of what Metaverse is capable of and there’s a lot to look for in coming years.
IT firms are experiencing early signs of metaverse adoption
IT Services companies in India are observing early signs of metaverse adoption. They are developing internal use cases for the metaverse that can later serve client needs. These companies are also identifying replicable demand across verticals, investing in targeted offerings, and driving proofs-of-concept (POCs) with clients. The metaverse in India is supposed to Grow at a great CAGR(Compound annual growth rate) of 37.1% and touch an incredible $758 billion by 2026. Last year, Infosys launched the metaverse foundry to streamline and fast-track the exploration of the metaverse. Tech Mahindra launched TechMVerse, its own kind of metaverse to give interactive and immersive experiences in the metaverse for its users. Tata Consultancy Services (TCS) also worked on several metaverse-related use cases across verticals, such as online shopping and work environment experience.
To understand the metaverse’s potential, Wipro started a worldwide survey of 550 business and tech executives, which uncovered that “the metaverse is here to stay despite recent technology-sector turbulence and market skepticism.” As per Deloitte, The adoption level of the metaverse may differ across businesses relying upon the feasibility of the use cases in every area. The progress of metaverse entrance will depend upon the organization’s digital maturity to take advantage of its core levels of phygital immersive experience, trust layer, economic infrastructure, and creator economy to their business and the speed of development of the ecosystem. Generally, Indian IT service companies are equipped to make the most of the open doors introduced by the metaverse and are putting vigorously into fostering their abilities and contributions to serve their clients.
How is it being used in India?
Metaverse is gaining popularity and being used in a variety of ways in India. But, it is still in its infancy in our country. Many well-established companies and startups are exploring its possibilities by hosting virtual events and conferences and even giving their users a virtual shopping experience, because of its immersive experience it is being embraced by businesses and also the users. The Indian Gaming Industry has been the quickest to adopt this new technology and also seeing early signs of success which in turn is increasing the use of VR and AR. Whereas, the Indian government is also looking forward to adopting the metaverse as they also have recognized the potential of the metaverse. While the metaverse is still a new concept in India to grasp, it is going to change the way how we Indians interact with each other and the world around us.
Is Metaverse the future that banks need?
Metaverse has the potential to create a new way of interacting with institutions like banks and managing our finances. In the Metaverse, Institutions like banks can create more secure, efficient, and user-friendly banking experiences for customers who will visit their virtual branches and access financial services and products in a more immersive and interactive manner. This will improve their business operations and customer experiences. Many banks are already using virtual and augmented reality technologies in order to attract customers.
Metaverse can also help banks to improve their internal processes by providing more interactive and engaging experiences for employees during their training and onboarding. It will offer a low-cost and efficient alternative to traditional banking, eliminating the need for intermediaries and reducing transaction costs. With Blockchain’s security and transparency, Metaverse will present exciting ways to manage and interact with digital assets in financial banking.