The global metaverse market is estimated to be worth more than $100 billion by 2022 and to grow to $1.528 billion by 2029. Although still in an early and emerging phase, companies should start to generate value from the concepts and technologies of the metaverse.
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Four scenarios for how the metaverse could benefit business operations:
Build stronger relationships with customers
Gartner estimates that by 2026, around 25% of people will spend at least one hour a day in the metaverse. This represents an opportunity for companies to connect with these potential new customers on these platforms. Using virtual reality (VR)/augmented reality (AR), users get a concrete idea of the product’s touch, feel and size. For example, used car companies are introducing potential buyers into their metaverse so that they can see the car they’re interested in “up close” instead of just in 2D. The metaverse turns new product discovery into a three-dimensional experience.
Show sustainability with AR
Companies want to be more sustainable and socially responsible, but displaying that information can take time and effort. Thanks to the metaverse, information about product origin and carbon footprint can be presented visually, for example, by having users scan products in the metaverse. In this way, companies can show their steps and present themselves as environmental and social leaders.
The metaverse can also be very useful for employees who work from home. Companies can support their remote staff with training and social interaction. For example, employees in the metaverse can experiment with digital twins, a virtual representation of an object or system, and apply that knowledge to the physical world. It also opens the door to collaboration with other employees and clients to develop and configure new projects without having to simultaneously be in the same place.
New levels of maintenance
On-site data visualization and access to information improve productivity. For example, using digital twins can make it easier for someone who has to help another remotely to see what is wrong with the equipment. Thus, the user can get direct instructions on how to fix it. Utilities, for example, can use the metaverse to work on the infrastructure that needs to be developed and test any necessary upgrades or modifications remotely before making them a reality.
In this scenario, the important thing is to know where to start. For this, it is convenient to take into account the following tips:
- Identify what problems you could solve or what benefits you could gain by deploying immersive augmented reality experiences.
- Avoid siled solutions and leverage existing ecosystems and platforms.
- Think about scalability and how each component of the metaverse will work with the other members to create the same experiences that you want to offer as a company
- And above all, maintain the highest level of privacy, security and ethics. The metaverse is still in its infancy, and this early stage is the perfect time to pay additional attention to these issues.
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