As businesses around the world adopt the Metaverse, according to a PwC India report, nearly 70% of Indian executives plan to integrate the Metaverse into their organizational activities. “Our View – Embracing the Metaverse” Additionally, 63% of companies actively engaged in the metaverse said they plan to fully integrate the metaverse into their organization’s activities within a year.
Ashootosh Chand, Partner – Digital and Emerging Technologies, PwC India, “The opportunities in the metaverse are enormous and are relevant across genders, geographies and generations, so we anticipate exponential growth. Consumers are open to adopting new technologies and businesses are leveraging the metaverse.” We are investing heavily in the infrastructure needed to do this, and we can already see brands experimenting with the Metaverse to delight their customers.”
Discussing how much of the metaverse’s success depends on effective use of data, Sudipta Ghosh, Partner & Leader – Data & Analytics, PwC India “With the Metaverse, organizations can connect their customers, employees, and
A wider ecosystem. There is ample evidence that ‘hype’ is being replaced by better ratings
As the technology becomes more mature, it can drive tangible business outcomes. ”
Key points of the report:
Understanding the metaverse: Over 60% of business leaders surveyed by PwC India said they have a detailed or thorough understanding of the Metaverse. Of the companies surveyed, 22% were telecom, media and technology (TMT), 19% FS, 16% pharmaceutical and healthcare, 15% retail and consumer, 12% industrial products, and 9% government , 7% representing Automotive and Educational Technology. 79% of the TMT sector say they have a detailed or thorough understanding of this area.
Integrate the metaverse into your business: Globally, companies are beginning to seek partnerships with key players in the metaverse to explore business opportunities. However, India’s metaverse ecosystem is still in its early stages. Twenty-five percent of his Indian respondents said the Metaverse plan would be fully integrated into his activities within one year, and 47% said this would take place in his two to three years.
Creating new opportunities: At least 39% of Indian respondents who took part in the survey said the Metaverse will be their social platform. Nearly 20% feel it will revolutionize their business and create a huge gig/creator economy for him. 9% believe this is the next incarnation of the Internet. But some haven’t decided yet — 24% aren’t sure how they feel about the impact of the metaverse.
Leveraging the Metaverse: India has the highest number of companies (17%) creating virtual content that engages customers on the metaverse. 13% want to offer onboarding and training through the metaverse, and 11% want to use the metaverse to create communities.
Concerns and risks: 36% of those surveyed say cybersecurity poses the greatest risk to Indian businesses. 28% of respondents feel that technical limitations can pose challenges.
Even in the US, cybersecurity tops the list, followed by privacy risk, the third most important risk area for Indian respondents.
