The metaverse is causing significant changes across various industries worldwide. According to a report from the consulting company Arthur D. Little, it is expected to create a $13 billion opportunity globally. India’s metaverse and Web3 markets are also forecast to reach $200 billion by 2035. The adoption of Web3 and the metaverse in India is expected to be driven by the retail and financial services sectors. The report titled “Web3 & Metaverse – The Rise of the New Internet & the India Opportunity” emphasises how emerging technologies, with a potential value of $200 billion, could be a game-changer for India.
The metaverse is no longer limited to gaming or social media, and various sectors, such as retail, real estate, education, healthcare, and entertainment, are experiencing transformations through this technology. Examples of use cases across sectors include virtual retail stores, virtual campuses, interactive 3D lessons in education, virtual medical consultations, interactive movies, concerts, product launches, fashion shows, and virtual property tours.
India is gradually entering the metaverse world, with instances such as an insurance giant launching a 3D virtual lounge, tech companies using the metaverse for client and employee engagement, and the education sector exploring its potential. According to findings from a study conducted by PwC India, approximately 70% of business leaders in India plan to integrate the metaverse into their company’s strategies and daily activities.
However, the adoption of the metaverse comes with challenges. Concerns include issues related to cybersecurity and data privacy, ethical dilemmas surrounding digital identities, the accessibility of the technology, and the potential disconnection from the real world. Developing metaverse experiences that are as realistic as the real world poses a significant challenge.
As consumer and enterprise applications become more immersive and collaborative, the metaverse is unlikely to emerge as a single platform. On the contrary, platforms boasting extensive user bases might enhance their immersive features, while smaller environments resembling the metaverse will strive to attract larger audiences. These virtual worlds are expected to remain independent, with private companies aiming to recoup their investments by leveraging the value of the underlying data sets.
