Honestly, the moment someone says metaverse, we think of a hi-fi gaming environment, which people enter as avatars to play games or for social networking. We also know that companies, ranging from carmakers to banks, have started using this as a platform to engage with customers and showcase their products and services. It is a great place for brand promotion with celebrities and companies selling collectible non-fungible tokens (NFTs), virtual merchandise, and other fancy stuff. Unless you take a deeper look, it looks like just another marketing channel.
Silently, behind all this hullabaloo, industries have started using the metaverse and associated technologies for real tangible gains. This emerging application of the metaverse—generally referred to as the industrial metaverse— is likely to grow even faster than commercial and consumer spaces as the benefits are near-term and measurable. “The metaverse is quickly getting sub-segmented into various streams, influenced by the business domains. A metaverse for gaming has different applications and needs as compared to a metaverse that becomes a shared space for retail experiences. Similarly, industrial metaverse is evolving into a virtual realm where the digital world of factories integrates into a seamless network of supply-chain operations to create a high-touch product and service experience,” explains Umang Garg, managing director, Global Practice Leader, Nagarro.
The metaverse, which according to a recent McKinsey report has the potential to generate up to $5 trillion in value by 2030, is going to be a big force in the digital transformation of industries.
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