Enter the Metaverse: Industries are Gearing up for Tech-driven Innovations

The metaverse, a virtual world where users share experiences and interact in real-time within simulated scenarios, can reshape how companies and customers engage with products and services. However, concerns exist as new technologies necessitate hi-tech strategies and ways to establish confidence, says GlobalData, a leading data and analytics company.

Kiran Raj, Principal Disruptive Tech Analyst at GlobalData comments: “Digital behemoths like Meta and startups are tapping into the metaverse with technologies such as virtual reality (VR) and augmented reality (AR), digital twins, blockchain, and artificial intelligence (AI). At the same time, IT services vendors like Accenture and Infosys are developing tools to help enterprises enter the metaverse.”

Abhishek Paul Choudhury, Disruptive Tech Analyst at GlobalData comments: “As the metaverse is maturing quickly, this is a crucial time for digital transformation leaders to act. It can be adopted for several use cases to make business operations more personalized, improve customer engagement and increase revenues.”

GlobalData’s Innovation Explorer database highlights tech-driven innovations that are shaping the metaverse to become a reality.

Customer experience

The UAE’s Ministry of Health and Prevention (MOHAP) unveiled MetaHealth, the world’s first metaverse customer satisfaction service center to address customer requirements in a three-dimensional (3D) space. The VR-powered service displays customers’ real faces instead of avatars and allows them to communicate with a real employee, who can handle associated questions, services, and duties.

Engineering and design

Boeing collaborated with Microsoft to leverage the metaverse to strengthen its engineering and prevent manufacturing flaws in the design and development of aircraft. It aims to unite the design, production, and operations of airline services under a single, digital manufacturing system. Boeing will equip its mechanics with Microsoft HoloLens smart wearables for better visualization of aircraft designs and parts.

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Event management

US-based live event sports company B2Digital partnered with Colombia-based digital content creator Metaskins Studios to distribute its multiple B2 Fighting Series (B2FS) in browser-based platform Decentraland. Capitalizing on Metaskins’ capability to develop web 3.0 content, B2Digital aims to make B2FS one of the first combat sports brands to offer live virtual events in the metaverse.

Sales and marketing

Gucci sold a limited-edition Dionysus bag for 350,000 Robux, online game platform Roblox’s virtual currency ($4,115).  The bag was offered as part of the ‘Gucci Garden Experience,’ a partnership between Roblox and Gucci. The event was organized in the Roblox platform to catch the attention of the targeted Gen-Z demographic.

Training and development

US-based Talespin created a spatial technology platform for workplace training to improve talent development and skill mobility. It uses immersive technologies such as AR and VR to transform training environments and assist individuals in learning new skills and measuring skill capabilities. The startup’s end-users include learning content creators, learning platforms, AR & VR hardware partners, and enterprises.

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Workforce Collaboration

Meta has launched the Horizon Workrooms app to offer employees virtual office space for team collaboration. The virtual meetings are accessible via laptop through video call or by using Quest 2 headsets. It gives a personalized feeling as the user can interact with employee avatars and perform office activities such as taking down notes, file sharing, and chatting in a virtual space, intended for effective team collaboration.

Paul concludes: “As the metaverse continues to evolve, several enterprise use cases will emerge. Digital transformation leaders, who can assess the impact of the metaverse beyond gaming trends, will be able to tap into the opportunities generated by this virtual world. However, challenges such as potential cybercrimes, safety, and data privacy concerns, slow development of underlying technologies remain in the metaverse particularly due to lack of standardization.”

Disruptor Database decodes emerging tech-enabled opportunities with must-have information on promising start-ups, technology-led innovations, latest sector trends, consumer insights, and venture capital portfolio investments. It helps to monitor competitor strategies, predict emerging trends, monetize disruptive innovation, decode smart money, mine thought leadership, and capture digital consumers.

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Frtune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology, and professional services sectors.

Source: Global Data PR

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