India’s metaverse is growing rapidly and companies want to tap into its potential. According to a PwC India report, nearly 70% of his Indian business executives have plans to integrate the Metaverse into their organizational activities. Meanwhile, 63% of companies actively engaged in the metaverse expect to fully embed the metaverse into their operations within a year.
How big is India’s metaverse?
According to the same report, 63% of companies already committed to the metaverse expect to fully integrate it into their workflows within a year.
Partner Ashootosh Chand PwC Indiapoints to the huge growth potential of the Metaverse and highlights its relevance across demographics and industries.
Sudipta Ghosh, another partner at PwC India, emphasizes the importance of effectively using data in the metaverse. As technology matures, tangible business outcomes will take precedence over hype.
A PwC report shows that over 60% of Indian business leaders surveyed have a detailed or thorough understanding of the Metaverse. In the telecom, media and technology sector, the figure climbs to 79.
What kind of application is it?
India’s metaverse ecosystem is still in its early stages, with 25% of respondents expecting it to be fully integrated within a year and 47% within 2-3 years.
Research participants envision a range of metaverse applications, from social platforms to innovative business models to the next iteration of the internet. Indian businesses are most likely to create virtual content for customer engagement, followed by onboarding and training, and community building.
But concerns remain. Of his 36%, cybersecurity is identified as the biggest risk for Indian businesses, followed by technological limitations. Privacy risks have also emerged as a key concern in both India and the United States.
Metaverse is a business opportunity
The metaverse offers many opportunities for businesses to innovate, engage with customers, and develop new revenue streams. Businesses can leverage the metaverse to enhance customer experiences, build loyalty programs, and gather feedback in an immersive way.
By transforming the physical world into digital data, B2B companies can unlock the power of virtual representations and harness their valuable data.
Potential use cases for businesses include immersive entertainment experiences that are particularly appealing to young consumers. More and more companies are creating metaverse-like experiences in Decentraland and The Sandbox to educate and engage their customers in the digital world. Luxury fashion brands, on the other hand, sell virtual versions of their products.
Economic activity in the metaverse may rely on non-fungible tokens (NFTs) as the basis for value creation. Businesses can also implement their own marketing techniques, such as setting up an online store or selling digital products on the metaverse.
The Metaverse is expected to offer a multi-trillion dollar opportunity in the long term. In fact, it has the potential to change many aspects of everyday life. As a result, businesses must develop strategies and adapt to the rapidly evolving metaverse environment.
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