Wondering what the next big thing is for growing businesses? Going virtual!
Metaverse merges the real world with the virtual world and provides businesses with an open, shared, and persistent virtual environment.
This blog talks about emerging business growth opportunities in the Metaverse, which has evolved on the back of the internet revolution.
Metaverse is the new revolutionary concept that is paving its way toward evolving technological infrastructure which includes decentralized systems, crypto, non-fungible token (NFTs), Augmented Reality (AR), Virtual Reality (VR), Extended Reality (ER), blockchain technology, internet infrastructure, mobile device processors, and the growing maturity of artificial intelligence (AI) and others that offers a solid base to make businesses, users, and the digital world more interactive so that users can easily communicate and collaborate virtually. Metaverse seems to be a new concept, but the idea of immersive experience has been around for years. For instance, in 2003, Second Life was the first metaverse game that explored many aspects of the 3D world with representative avatars. Later, many movies and other games gave the idea of a multi-platform digital world a boom to develop an enhanced user experience. In the current scenario, companies like IKEA have combined their offerings with augmented reality to combine virtual information with the real world, including multi-media, realistic rendering, true to scale 3D products, intelligent interaction, and sensing. These embedded technologies provide a personalized experience to the end-users, thus enhancing business opportunities. Other companies like Lenskart, Snapchat, and Facebook (Meta) also embed 3D imaging/mapping, brain-computer interfaces, and filter avatar lenses that utilize AR.
What is Metaverse?
“Metaverse is an expansion of network that renders real-time 3D worlds and effectively synchronizes with real-world users, giving them an immersive experience of the virtual world where they can work, play, relax, and socialize. Organizations are forming ecosystems in the metaverse universe to offer a deeper, immersive, and lifelike experience to its users.”
Metaverse—An Evolution of the Internet
With the impact of digitalization, brands are focusing on online channels to sell products and improve customer experience since it is the easiest way to conduct a business and capture larger markets. Metaverse will be the next step of the internet evolution. It is the convergence of physical, augmented, and virtual reality in a shared online platform that is continuously evolving to become a new digital platform that allows users to interact & socialize with other humans provides customers with an enhanced shopping experience by allowing them to experience physical goods in the virtual world and give rise to new business opportunities.
A Few Meta Reasons to Dive into the Metaverse
Digital Interaction with Humans: Many large organizations are cutting down huge costs by using metaverse to train a large number of people through a single point of source while driving maximum efficiencies from limited resources. For instance, organizations adopting a digital workplace environment are onboarding and training avatars of the employees in the metaverse and giving them appropriate feedback, which allows employees to act on their performance in the real world.
User Experience: As the world is moving toward digitalization, user experience and customer satisfaction are the driving factors for successful business implementation. With the emergence of the metaverse, organizations are making huge investments in haptic sensors and devices, AR/VR headsets, Omni treadmills, programming engines, and other services to delight their customers and provide maximum customer satisfaction. Providing an immersive experience to users not only enhances operational excellence but also reduces customer churn.
Spatial Computing: With the emergence of spatial computing, the virtualization of activities such as interacting between machines, men, and objects enables users to triangulate the precise location of the data in the environment. It utilizes AI to augment the digital world with the real world through three-dimensional spaces. This technology will allow users to enter and make changes in 3D spaces and utilize the information in the real world to enhance operational efficiency.
Digital Twin: Digital twin technology will play a major role in creating a metaverse of an industry by combining the digital twin of the product, components, and processes. The real-time simulation of the virtual world provides feedback to modify, map, enhance, and improve the physical world’s products, processes, and components.
While the metaverse is still in the emerging phase, many organizations are exploring its potential by investing in technologies like AR/VR, artificial intelligence, and machine learning tools. Moving forward, with the maturity of AI technology, we are likely to see more exciting features and new business opportunities in these virtual worlds. Metaverse will also push many new technologies that will change the way of working, living, and thinking in the coming future.
Authors
Analyst – Data, Analytics, and AI
Quadrant Knowledge Solutions
Analyst – Data, Analytics, and AI
Quadrant Knowledge Solutions
