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The metaverse has been a topic of much debate, with some dismissing it as overhyped and others predicting it to be the next big thing in business. Despite its current state of not being fully existent, the potential market opportunity is projected to be around worth billions. According to reports by reputable analysts such as Bloomberg, IDC, Statista, and PwC, the Metaverse is set to become a significant revenue-generating opportunity with an estimated worth of $800 billion by 2024. With such a promising prospect on the horizon, it’s natural to wonder which industries will be the most affected by the Metaverse’s growth and transformational power. Read this article where we delve into the industries that are likely to experience a significant transformation as a result of the Metaverse phenomenon.
Metaverse- reshaping the way enterprises operate
We are currently living in a world with no geographical barriers, with provision to immerse in a digital universe equipped with limitless possibilities for entertainment, arts, collaboration, and productivity. Welcome to the Metaverse, a virtual realm that holds the capability of changing the commercial terrain. This avant-garde innovation is at the brink of transforming ways we conduct our business. The metaverse is not just a concept of the future, but it is becoming a reality as companies invest heavily in creating a fully-realized digital universe. With the potential to become the successor to the internet, the metaverse is set to transform the business landscape as we know it, offering endless opportunities for growth and innovation.
The future of virtual worlds is bright, as shown by expert reports predicting the growth of the global metaverse market. Industry professionals have forecasted a remarkable CAGR of 39.4% for the market between 2022 and 2030. From gaming to education, the metaverse is gaining traction in various sectors, and is expected to revolutionize how people interact with digital content. The years to come will witness a significant role of the metaverse in our lives, as evident from this forecast.
The need to blend the digital and physical worlds and improve remote operations’ effectiveness can be reasons for the growing popularity of metaverse. The impact of this emerging technology on the future of business is already being felt, and understanding its potential is crucial for companies looking to stay ahead of the curve. Let’s delve deeper and explore the top few industries that have been identified as the most likely to be transformed by metaverse.
Financial and Banking Industry
With technological advancements, bankstoo are rapidly making the shift from traditional infrastructure towards virtual reality. The primary goal for financial institutions around the world is to upgrade their services and provide customers with seamless experiences. Banks and financial institutions around the world are proactively addressing financial shifts in the upcoming metaverse era and incorporating novel financial service trials and technological abilities. One such example is Bank of America, which has implemented VR training for its employees at 4,300 financial centers nationwide.
Several financial institutions are embracing the trend of integrating virtual reality technology into their services. The objective is to proactively address financial shifts in the upcoming metaverse era and incorporate novel financial service trials and technological abilities. Examples of such institutions include BNP Paribas, Bank of Kuwait, and Citi, among others. South Korea’s KB Kookmin Bank, one of the largest financial institutions, has also joined the bandwagon by developing the KB Metaverse VR Branch Testbed. Customers can utilize a VR device to immerse themselves in a virtual reality realm and access banking amenities, thanks to this cutting-edge technology.
HSBC has also been quick off the mark, and established virtual storefronts ahead of others. They made a smart move by acquiring land in The Sandbox earlier in 2022. Their purpose is to connect with online sports fans and e-sports enthusiasts in an engaging manner. JP Morgan Chase, a renowned global banking leader, has successfully established its presence on the Decentraland platform. They have curated a unique space named Onyx within the platform’s Metajuku virtual mall. This inviting lounge offers valuable insights into the bank’s involvement in blockchain and other technology-driven initiatives. Visitors can explore and discover the bank’s notable endeavors in a vibrant virtual environment.
Real Estate Industry
Real estate professionals can benefit greatly from the metaverse as it provides an easier way to showcase their properties, particularly to buyers from other countries. While 3D models can give clients an idea of what a property looks like, they have their limitations, especially when it comes to estimating room sizes and the overall feel of the area. The metaverse, however, allows buyers to simulate the experience of physically being present in the building. They can explore every inch of the property and evaluate how all the elements come together. Additionally, they can view multiple properties without having to spend a considerable amount of time and money traveling. This enables agents to effectively guide their clients through their options.
New horizons are being unlocked by platforms such as Decentraland, Somnium Space, Sandbox, and Upland, enabling individuals to explore boundless opportunities such as constructing smart cities or towns. According to the Global Metaverse Real Estate Market report, the market for Metaverse real estate is projected to expand by $5.37 billion from 2022 to 2026.
There is a growing speculation that the Metaverse could become an immersive solution for property pre-screening. Its exceptional characteristics encompass the capability to offer a panoramic outlook and a simulated visit, resulting in a one-of-a-kind experience.The digital realm has enormous potential in this aspect, making it a valuable asset for exploration.
LynKey and similar ecosystems are devising strategies to provide engaging advantages to their global property owners through immersive experiences.
Education Industry: The budding up of ‘Metaversities’
Due to the impact of the pandemic, the education sector has undergone a significant transformation by rapidly adopting online platforms, thereby making remote learning a viable option that was previously not available. The advancements in technology have made a significant shift possible. By leveraging metaverse and blockchain technology, students now have a dependable means to explore opportunities that were previously inaccessible. This has opened up new possibilities that were once hidden.The concept of the metaverse has the potential to overcome persistent barriers to learning, such as geographic restrictions, language barriers, and limited access to education. By leveraging metaverse technologies in education, a range of applications can be explored, including blended learning, enhanced collaboration, and competency-based teaching. With the metaverse, students can access diverse learning activities even in remote environments, enabling collaborative work and virtual field trips alongside traditional lectures.
Moreover, the metaverse offers inclusive learning opportunities that transcend the boundaries of location, identity, and ability. This technology can enable extensive competency-based learning, providing students with practical training in areas that would otherwise require costly resources. For example, students can closely observe surgeries or participate in constructing complex vehicles using realistic parts.
The metaverse has the potential to transform the way we approach education by providing inclusive, diverse, and competency-based learning opportunities that can overcome traditional obstacles to learning.
Travel and Tourism Industry
The potential of the metaverse is being extensively utilized in the travel industry. This sector was severely affected by the pandemic, but the metaverse has provided a much-needed solution by providing essential tools for efficient and intelligent tourism. The industry is now able to leverage technological advancements in various areas, including logistics such as bookings, transfers, local cuisine, leisure, and entertainment. Additionally, the metaverse has opened up a new realm for the industry by offering virtual tours, which was previously unimaginable.
Emirates has been actively exploring metaverse tourism solutions, incorporating virtual reality experiences into its core offerings. A notable example is the Emirates website, which allows users to embark on a captivating 360-degree virtual tour, enabling them to explore the intricacies of an Emirates aircraft cabin.
Like the Emirates, there are several enterprises in the travel and tourism sectors that are embracing the potential of the metaverse. Among them are New Frontier, Coachella, Vueling, Seoul, Rendezverse, Mövenpick, Qatar Airways, Pinktada, Barbados Government, and Millennium Hotels. These companies are leveraging the metaverse to enhance the travel experience and offer unique virtual destinations, ensuring a seamless blend of technology and exploration for their customers.
Media and Entertainment Industry
The impact of technology on our media consumption habits cannot be denied. Whether it’s traditional media or social media, live television or online streaming, the metaverse presents a new avenue for creating and accessing content. This platform transcends physical limitations and satisfies our innate need for social connection, storytelling, and shared experiences. VR shows like the ones offered by Imagine Dragons and Ariana Grande have paved the way for immersive experiences in the digital realm. Disney’s VR parks have likewise revolutionized audience engagement through unique personal encounters. It is clear that the metaverse is revolutionizing the entertainment landscape and how people interact with it.
The metaverse is transforming how individuals engage with entertainment. It enables people to partake in live sports matches or concerts from the comfort of their own homes, providing an immersive experience as if they were physically present. By entering a virtual stadium or concert hall, users can experience a truly interactive environment. Moreover, the metaverse enables users to explore fictional and non-fictional settings, much like a theme park, and engage with others to create a lively and bustling space.
The International Boxing Association (IBA) is taking a major step towards enhancing the boxing community’s experience by introducing the Global Boxing House Metaverse. This innovative virtual platform is designed to offer millions of boxing enthusiasts an immersive experience, complete with live boxing broadcasts, VR boxing training, and a space to connect with fellow fans. The association hopes that this project will usher in a new era of boxing and enhance the overall experience for sports enthusiasts.
Healthcare Industry
Metaverse is proving to be valuable in the field of 3D visualisation of the human body, allowing for virtual surgical procedures to be performed prior to actual surgeries. In the United States, Treatment, a healthcare technology company, has launched an innovative initiative called Medical Metaverse. This project is dedicated to providing cutting-edge AI-powered solutions to healthcare stakeholders while also promoting interdisciplinary cooperation in the fieldIn addition, Veyond Metaverse is dedicated to establishing the first Metaverse hospital and building an ecosystem that caters to patients, healthcare workers, and physicians.
eCommerce and Retail Industry
The remarkable ascent of prominent ecommerce giants like Amazon, eBay, and Shopify has sparked interest in the potential for the metaverse to become the next significant retail frontier. Numerous individuals are currently accessing various metaverses every day, creating a significant avenue for brands to leverage in terms of generating fresh income sources and organic marketing.
The integration of 3D and AR technology has provided customers with the ability to visualize their prospective purchases with greater clarity, resulting in more informed buying decisions and a reduction in product returns through the creation of digital avatars. According to statistics, Shopify sellers who incorporated 3D images into their online stores witnessed a significant increase of 94% in conversions. As more and more e-commerce businesses embrace 3D and AR, the next logical step is the adoption of VR and the metaverse.
Roblox lets fans explore the Forever 21 World, a virtual realm where users can shop for avatar items and socialize in plazas. Nike is a notable brand that has embraced metaverse eCommerce. In late 2021, Nike launched “NIKELAND” on Roblox, establishing its presence in the metaverse. NIKELAND provides a virtual environment where users can explore, play games, socialize, and buy digital goods in the showroom. The venture has proven successful, attracting nearly 7 million users globally within four months of its launch, resulting in significant in-game purchases.
Gucci and Louis Vuitton introduced NFTs, enabling users to design and customize virtual clothing, revolutionizing fashion in the metaverse.
According to experts, the metaverse has the potential to revolutionize the retail industry in a way that hasn’t been seen since the advent of physical stores. As consumers become more familiar with mixed reality technology, the future of e-commerce is taking shape and evolving into a new era.
Manufacturing Industry
Envision a virtual platform capable of simulating an entire production cycle, allowing for seamless testing and optimization of changes and modifications without any real-world impact on production. BMW implemented this technology, resulting in increased efficiency and empowering manufacturers to pursue design and innovation.
Augmented reality can help reduce the costs associated with operations such as product design, production, and training, which can involve complex commodities like construction equipment or aircraft. In the manufacturing industry, this feature proves particularly useful since professionals can simulate their products before starting production. Additionally, augmented reality can help businesses save money on employee training since they no longer have to use actual parts for education. Furthermore, AR is also being used to create product designs. By using AR, designers can create a 3D model of a product and see it from different angles. This also allows for a more collaborative approach to design. Augmented reality has the potential to boost the effectiveness of meetings and planning procedures by making them more accessible and interactive. Siemens, a technology company, has already begun exploring the use of the metaverse in manufacturing, starting with digital twins. By superimposing digital products onto their corresponding physical objects, this technology enhances manufacturing processes and produces superior quality products.
Gaming Industry
Gaming has emerged as a dominant force in the Metaverse, bringing together individuals from all over the world through a diverse range of devices. In well-known games like Fortnite, Roblox, and Minecraft, users have the ability to engage with one another through the use of avatars. One game that stands out is Win NFT Horse, a GameFi offering from Tron, which is gaining traction among players due to its innovative use of NFTs to engage its audience. This dynamic game represents a significant step forward in the evolution of gaming.
Some of the initial immersive games, such as Sim City, Minecraft, and Second Life, already incorporated various elements of the metaverse, including the creation of 3D avatars and virtual world-building.
Roblox, which offers a collection of games and metaverse experiences, is one of the leading players in the metaverse scene. Its daily active users increased from 32.6 million in 2020 to almost 50 million in 2021. Additionally, it has signed various brand partnerships, including with the NFL, Ralph Lauren, and Nike. Epic Games has recently declared a funding round of $1 billion to engage in competition with its competitor.
The gaming industry surpassed the combined market size of movies and sports in 2020, showcasing its impressive growth. With the emergence of the metaverse, gaming companies are poised to unlock even more revenue streams through avenues like virtual concerts, monetizing digital goods, and securing significant brand partnerships. Consequently, job opportunities in this sector, including play-to-earn roles, are expected to experience a substantial increase.
Architecture and Engineering Industry
Architects are presented with an exciting opportunity in the metaverse, a realm free from the limitations of the physical world. They will play a crucial role in meeting the extensive content demands of the metaverse, designing the structures, urban landscapes and property necessary to accommodate all metaverse operations. Moreover, the metaverse will provide architects with an innovative and efficient workspace where they can exercise their creativity to the fullest.
Advanced technologies such as AR, which facilitates reliable two-way audio and video annotations, and Scene Tracking are being utilized to develop urban centers and real estate undertakings. Various screens and software are employed to construct a virtual world, enabling architects, engineers, and designers worldwide to cooperate on identical 3D assets from any location. Nvidia’s Omniverse, in collaboration with 3D content creators, offers a virtual platform that enables global collaboration on shared 3D assets for architects, engineers, and anyone else.
Metaverse: Something for everyone
The potential for upcoming technologies to paint a more accurate picture of our world is comparable to a blank canvas. However, to truly unlock the vast potential that lies within, there are certain advancements, such as the implementation of 5G technology, that are necessary. The concept of a virtual reality space that caters to socializing, entertainment, employment, and commerce is gradually taking shape and getting closer to reality. However, it is still a work in progress, and existing metaverse platforms are not yet interconnected. Nevertheless, the goal is to achieve a seamless transition between platforms, where users can transfer their accumulated assets and avatars effortlessly.
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
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