Brace for Metaverse Impact
Earlier this year, Dubai announced its plans to catapult itself to the top echelon economies in metaverse. With its new strategy, it aims at building the sector to support 40,000 additional virtual jobs and increasing the city’s GDP by $4 billion in the next five years. This shows the significance of metaverse and proves why tech companies are betting big on it. Reports suggest that the global metaverse market is expected to grow at a CAGR of more than 30 per cent till 2030. The growth is being attributed to increasing focus on integrating digital and physical worlds and the rising adoption of augmented reality and virtual reality.
An assessment of its potential impact on the industry leads us to the major areas such as gaming, retail, and manufacturing. Experts believe that these fields will witness the maximum influence of metaverse in the way they hitherto operate. Let us dive in to understand the change which is on the horizon.
Upheaval in Gaming
Immersive experience will take on a new meaning as metaverse spreads its wings to the world of gaming. More than 50 percent of gamers are of the opinion that metaverse will change gaming drastically. In the revolutionary three-dimensional gaming environment, the interaction between users and gaming elements will become more personal. Making their foray into this field, gaming companies have already started putting their future products on the anvil and building early prototypes of the metaverse. Slated to be the early adopters, they are expected to lead the change that metaverse is going to bring about.
“Metaverse will surely enhance the gaming industry by growing more and more and will advance to a higher level by providing an immersive user experience that can keep the gamers entertained and engaged with the platform for a long period of time. The features of Metaverse, such as the actual surrounding of the gaming platform and the trading of gaming equipment, will attract more gamers to the platform than ever. Without a doubt, the integration of the Metaverse platform with the gaming industry will soon create more steady revenue generation opportunities for both gamers and game development companies,” says Harnil Oza, Founder & CEO of Hyperlink InfoSystem.
Recreating the Retail Experience
The impact which metaverse is expected to make on retail experience will be measured on the scale of replication of real-world experiences. Although augmented reality and virtual reality promise experiences which are like that of the real-world, there are senses such as smell, touch and taste that are out of bounds to them. As the study of human psychology suggests that first few seconds are crucial to instigate action, visually appealing environments will be instrumental in the success of a brand.
Decentraland, a metaverse platform known for gaming, is combining real-world moments with virtual experiences. It organized a Metaverse Fashion Week in March this year which received considerable industry attention. Leading fashion brands such as Tommy Hilfiger, Dolce & Gabbana, and Hugo Boss participated in the virtual event offering new wearables to buyers.
In the manufacturing sector, metaverse will find applications through digital twins and virtual representations of business functions. Right from training the employees to simulations before actual deployments, metaverse will play a crucial role. Learning to operate equipment through VR enabled devices can offer the convenience of not having to undergo training in a dangerous work environment. When it comes to production, product design can be compared with the actual product to iron out the flaws through digital twin technology. Moreover, through VR, design engineers from across the world can work together to virtually design a new product.
One of the real-life examples of the application of metaverse in manufacturing is of BMW. The company has a virtual factory for simulating the production line for the drivetrains of its electric vehicles. It helped the company streamline its processes before a real factory came up in Bavaria, Germany.
It is with these advantages that metaverse makes a compelling case for its application across industries. The value generation on the horizon is expected to continue galvanizing the industry towards accelerated adoption of the technology.