Metaverse: Metaverse adoption at mass level likely 8-10 years away: Nasscom report

While at-scale Metaverse adoption is likely to be 8-10 years away, the space is witnessing strong early adoption in India, a Nasscom report has said.

Significant private equity/venture capital investments and strong merger and acquisition commitments were announced in the first half of 2022 in the metaverse space, amounting to more than $120 billion in value.

Now, enterprises are starting to implement metaverse use-cases across the value chain.

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By 2030, sectors such as retail, manufacturing, media, healthcare, telecom, professional services and banking are likely to be major spend drivers of enterprise use cases in the metaverse, according to the study by Nasscom and McKinsey & Company.

“We are beginning to see a more nuanced and thoughtful approach to designing an immersive experience whether it is creating virtualized sales channels with NFTs or digital twins for product design,” said Sangeeta Gupta, Senior Vice President and Chief Strategy Officer at Nasscom.

Emerging use cases in customer engagement, multi-channel customer support, and real-time simulations for product design are gaining traction, the report mentioned.

Several initiatives are underway, such as re-imagining learning and development using gamified AR/VR based learning suites with virtual instructors, creating immersive recruitment and employee onboarding with avatar interaction, networking with employees at job fairs and imagining digital twin offices for employee collaborations and meetings.

However, the technology’s at-scale potential will be determined by factors such as, clarity on return on investment (RoI), technology and talent readiness, and the ability to address societal concerns, the findings showed.

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While at-scale Metaverse adoption is likely to be 8-10 years away, the space is witnessing strong early adoption in India, a Nasscom report has said.

Significant private equity/venture capital investments and strong merger and acquisition commitments were announced in the first half of 2022 in the metaverse space, amounting to more than $120 billion in value.

Now, enterprises are starting to implement metaverse use-cases across the value chain.

Read Also

By 2030, sectors such as retail, manufacturing, media, healthcare, telecom, professional services and banking are likely to be major spend drivers of enterprise use cases in the metaverse, according to the study by Nasscom and McKinsey & Company.

“We are beginning to see a more nuanced and thoughtful approach to designing an immersive experience whether it is creating virtualized sales channels with NFTs or digital twins for product design,” said Sangeeta Gupta, Senior Vice President and Chief Strategy Officer at Nasscom.

Emerging use cases in customer engagement, multi-channel customer support, and real-time simulations for product design are gaining traction, the report mentioned.

Several initiatives are underway, such as re-imagining learning and development using gamified AR/VR based learning suites with virtual instructors, creating immersive recruitment and employee onboarding with avatar interaction, networking with employees at job fairs and imagining digital twin offices for employee collaborations and meetings.

However, the technology’s at-scale potential will be determined by factors such as, clarity on return on investment (RoI), technology and talent readiness, and the ability to address societal concerns, the findings showed.

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