Indian firms to integrate metaverse into various business activities, says PwC India

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    India’s metaverse ecosystem is still in its early stages, but seven in 10 business executives say they plan to integrate the metaverse into their organizational activities, according to a new survey released Wednesday. .

    The Metaverse is a collective virtual shared space created by the fusion of virtually augmented physical and digital realities.of Report published by consulting firm PwC India Despite being an emerging market, 25% of companies in India say their metaverse plans will be fully integrated into their operations within a year, with 47% saying it will take place in two to three years. These activities include sales and marketing, training, events and conferences, new product creation, and more.

    According to the report, businesses around the world have begun seeking partnerships with key players in the metaverse to explore business opportunities. For example, the Chinese government said in a report: Posted in Wired On Wednesday, as it matures, the Metaverse will focus more on healthcare and other business activities than on fun and shopping.

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    The report further showed that more than 60% of business leaders surveyed claimed to have a detailed or thorough understanding of the metaverse. Of those companies that say they have a detailed understanding of the Metaverse, 22% are telecoms, media and technology, 19% are financial services, 16% are pharmaceuticals and healthcare, 15% are retailers and consumers, and 12% are industrials. Products, 9% government, 7% automotive and edtech, says the study.

    “The opportunities in the Metaverse are enormous and we expect exponential growth…” said Ashootosh Chand, Digital and Emerging Technologies Partner at PwC India. According to him, consumers are open to adopting new technologies and businesses are investing heavily in the infrastructure needed to take advantage of the metaverse. “We can already see brands experimenting with the metaverse to delight their customers,” he said.

    The survey found that at least 39% of Indian respondents see the Metaverse as their social platform. Nearly 20% believe it will revolutionize their business and create a mega gig economy, and 9% see it as the next incarnation of the Internet. However, 24% are unsure about the potential impact of the metaverse.

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    Research shows that Indian companies are most likely to create virtual content for their customers to engage on the metaverse. Additionally, 13% of his respondents plan to provide onboarding and training through the metaverse, and 11% aim to use the metaverse to create communities, the report states. increase.

    However, a PwC India report highlights that 36% of surveyed individuals believe cybersecurity is the biggest risk for Indian businesses. Technical limitations come second, with 28% of respondents expressing concern about potential challenges in this area.

    Indeed, other reports also point to various concerns about the metaverse. According to a report by interactive streaming platform Agora published last May, the developers of the Metaverse also said data privacy and security are the biggest hurdles the Metaverse will have to overcome.

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    in the same month report The metaverse is also becoming one of the least interesting areas for executives, according to market research firm Gartner. In fact, 63% of CEOs believe the metaverse is either not applicable or has little chance of becoming a major technology for their business compared to digitization and cybersecurity. Business priorities for the coming quarters.

    Despite the hurdles, experts believe the Metaverse has tremendous potential if well understood and implemented.American multinational investment bank Citi Estimate Last year, it was predicted that the market covered by the metaverse economy could grow from $8 trillion to $13 trillion by 2030. It will also reshape consumer behavior and industrial production.

    Sudipta Ghosh, data and analytics partner and leader at PwC India, says much of the success of the Metaverse hinges on using data effectively. ecosystem,” she added.

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