Radhika Nallayam

Critics call it another hype. Some say it’s the magic pixie dust of the tech world. Whatever the case, Metaverse is eventually going to impact our lives in unprecedented ways. While experts are debating its most pressing use-cases in the consumer and enterprise segments, one area has already proven its potential – the industrial sector. 

ABI Research estimates that the industrial metaverse, exemplified by digital twins, augmented field service and predictive maintenance, could grow into a $100 billion market by 2030. VentureBeat reports that the figure is larger than the $50 billion consumer metaverse and the $30 billion enterprise metaverse combined. 

At the CES (Consumer Electronic Show) 2023, several examples of how Metaverse can transform industrial processes were showcased. Among those, Mercedes-Benz’s Metaverse factory was particularly remarkable. 

How BMW and Mercedes- Bens are building Future-ready factories with Metaverse 

Mercedes-Benz partnered with Nvidia as part of its vision to digitalize its production process completely. The automaker will use the NVIDIA Omniverse platform (a platform that cab build 3D pipelines and simulate large-scale virtual worlds) to design and plan manufacturing and assembly facilities. With the help of AI and metaverse, these factories will rely on feedback loops to reduce waste, decrease energy consumption and continuously enhance quality.

According to Nvidia, Omniverse will allow Mercedes-Benz planners to access the digital twin of the factory, review and optimize the plant as needed. Every change can be quickly evaluated and validated in the virtual world, then implemented in the real world to ensure maximum efficiency and ergonomics for factory workers. This is expected help the automaker to drastically reduce delays in production process and make it truly smarter. 

Auto-giant BMW – which is reportedly the first player to implement the Nvidia technology to simulate its factory environment and build a digital twin of its factory floor- reports reduction in planning times, improvement in flexibility and precision, and a 30% more efficient planning process. 

Building on Digital twin 

Industries like auto manufacturing, shipping and mining are already extensively leveraging digital twins – which is considered to be the foundation of enterprise metaverse. Some of the early use-cases of Metaverse in these industries include – 

• Simulating fleet behaviour and tracking containers that are buried in stacks 
• Building aircraft engines using digital twins to simulate how they fly 
• Building factories and production environments in the virtual worlds to experience how exactly they will function in real world – just like Mercedes- Benz did. 

We are witnessing the rapid emergence of a metaverse focused solely on industry. This industrial metaverse may still be in its formative stages, but its early adoption of digital twinning is already showing results, increasing productivity and efficiency, boosting safety and enabling new levels of flexibility to industrial sectors hardly known for their agility, wrote Nishant Batra, Chief Strategy and Technology Officer, Nokia, in his blog for World Economic Form. 

Industrial Metaverse will likely open up a whole new dimension in the human-machine collaboration history.

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DXC Technology, a Fortune 500 global technology services company, has unveiled five ways it predicts the metaverse will impact life and business in the next 5 years.

1. Workplace collaboration will never be the same again

Around the world, the metaverse will become part of daily work for an increasing number of employees. Instead of staring at a grid of 2-dimensional faces on a videoconferencing screen, colleagues will be able to choose their seat at a virtual table, pop out of the room for a break, and even go on a virtual walk with their boss.

To maximise benefits, many firms are already combining traditional video conferencing with immersive collaboration technologies. DXC has noticed the positive impact of its own private virtual world, with increased levels of productivity, engagement, and creativity amongst its employees.

“Metaverse experiences are helping employees to concentrate better and retain more information. Virtual worlds can help us get out of our videoconferencing routine and open the door to greater collaboration and innovation”, says Nathalie Vancluysen, Head of Extended Reality at DXC Technology.

2. Large scale professional events will go virtual

The metaverse is a place where thousands of avatars around the world can come together to interact, meet and engage. Controlled by people from the comfort of their chosen location, personalised 3D avatars can roam freely over an almost infinite space and teleport themselves from one place to another instantaneously. In the future, more large-scale events like conferences, expos and summits will take place in virtual worlds, enabling greater worldwide collaboration opportunities and reducing the time, resources and carbon footprint used when travelling.

3. Bands, DJs, sports clubs and dating will transition into the metaverse

More and more individuals and organizations from the music and sports industry are encouraging fans to join them from virtual seats in virtual venues, bringing the excitement of concerts and matches to the individual’s home. Additionally, some dating apps like Nevermet and Flirtual are already offering services in the metaverse. In the next five years, consumers will be offered more interactive, immersive opportunities to do the things they love doing in the physical world – all via their digital avatar.

4. Brands will express themselves in new ways

Virtual customer experiences will become commonplace with brands looking for new and exciting ways to engage with their customers. Major retail brands like Louis Vuitton, Adidas, Gucci, Coke, and Nike, alongside car companies like Nissan, Toyota and Ferrari are already experimenting with virtual environments and augmented reality. In the next five years, DXC expects more and more brands to offer customers an opportunity to explore their brands, solutions and services in 3D – from hotels, to cities, to airports.

5. Recruitment and onboarding will be metamorphosed

Recruiting talent is integral to the success of any business, and reaching talent is the first step. Over the next five years, organizations will increasingly turn to the metaverse to connect with candidates in engaging, enticing ways. The metaverse can also be good for inclusivity. Hosting first-round interviews in the metaverse can help recruiters identify candidates with the right behavioural profile rather than just the ones with the right CV credentials or look.

“Individuals and businesses are opening their minds to the possibility of using the metaverse in everyday activities”, sums up Nathalie Vancluysen. “Many of today’s young adults have grown up socialising and gaming online, so businesses, government organizations and brands must be able to engage them with products and services which feel familiar and exciting.”

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Web 3.0 has been hailed as the future of Internet. Making a case for Web 3.0, Ethereum co-founder Gavin Wood once said: “Centralization is not socially tenable long-term, and government is too clumsy to fix things,” while calling the current web a “big baby” which “has grown old without growing up”. 

Web3 is considered to be a disruptor in that sense, which marks a shift away from large platforms that centralized control. With its core focus on decentralization and blockchain technology, Web 3.0 or simply Web3 promises to democratize the internet. “Web3 innovations will take the internet into new realms and give rise to applications not previously possible,” said Avivah Litan, Distinguished VP Analyst at Gartner. 

Globally, Web 3 market has been booming, with the Web3 blockchain technology sector estimated to surpass six trillion dollars and continue its growth at a CAGR of 44.6% from 2023 to 2030 (Market Research Future). Closer home in India, Web3 received $30.5 Bn of VC funding in 2021 alone, and over $14.5 Bn in just Q1 of 2022, led by investments in DeFi and NFTs, according to Nasscom. The association estimates that there are more than 450 Web3 startups in India, as of H12022. 

While figures certainly paint a positive picture, skepticism towards Web3 has been high in the recent past. Pundits like Peter Schiff has implied that cryptocurrencies, which is one of the building blocks of web 3, will extinct. 

Nevertheless, experts argue that it’s too early to predict the end of this revolutionary technology. “This industry will not be defined by speculative booms and busts but instead by what it is built on: revolutionary technology that will eventually touch all of our corporations, governments and individual lives,” wrote Jordan Calinoff, VP, Strategy and Revenue at Horizen Labs in a blog for Nasdaq. He believes that 2023 will see more Web3 enterprise adoption. 

Experts also re-emphasize the fact the Web3 is not crypto and the potential of this technology should not be decided by the volatile nature of cryptocurrencies. Interestingly, the Indian start-up ecosystem that focuses on Web3 are in fact focusing less on cryptocurrency trading. 

A Nasscom report says that Indian startups are instead focusing on building diverse solutions across major application areas such as finance, entertainment, infrastructure and decentralized communities. Non-fungible Token (NFT) and Metaverse are the top horizontal use cases that are seeing faster adoption at this stage. 

In the entertainment sector, for instance, startups are combining NFTs and gaming to offer whole new experiences to consumers. In the finance sector, web3 and smart contracts have already made waves in the form of DeFi. 

Web3 will however need to overcome regulatory and privacy challenges and evolve into a more seamless technology that can offer holistic customer experience. Security and fraud will emerge as other major concerns. But as with any disruptive technology, Web3 too holds the potential to transform industries and businesses.

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According to Technavio, the global metaverse market size is estimated to grow by USD 1,152.35 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 40.06% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 39% of the market’s growth during the forecast period.  In 2017, the metaverse market was valued at USD 92.48 billion. 

The VR or AR devices segment will account for a significant part of the growth during the forecast period. These devices include headsets, smart glasses, and lenses used for interacting on the metaverse platform. The growth of this segment is attributed to factors such as new product launches and the growing adoption of VR and AR in different application areas.

• The growing smartphone penetration and use of 5G are driving the market growth.
• 5G is becoming popular with the high adoption of smart devices such as smartphones.
• Thus, the use of different apps and online platforms for online shopping is expected to increase.
• Businesses such as e-commerce and finance businesses are expected to adopt advanced technologies such as metaverse to enhance the virtual experience.
• Therefore, the growing smartphone penetration and use of 5G are fueling the growth of the global market during the forecast period.

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Prime real estate has always been an important factor for most retailers before starting a business, but things might be different with the emergence of a new virtual platform. The metaverse is a platform combining multiple technologies to enable social and economic activity in a digital world connected to the physical one. 

With the effects of metaverse commerce adoption being felt by retail brands at various stages of the shopping journey, global IT research and advisory firm Info-Tech Research Group’s recently published blueprint highlights some key trends. 

Info-Tech’s research indicates that retailers often struggle to adapt to the evolving needs of virtual shoppers, which can include the use of cryptocurrencies or NFTs. Shopping in the metaverse works differently than in the real world, which has shifted more online since the onset of the pandemic. Retail in the metaverse requires a new outlook, models, and competencies to become competitive.

“The metaverse will fundamentally disrupt the retail ecosystem and take personalization from evolution to a complete revolution,” says Rahul Jaiswal, principal research director at Info-Tech Research Group. “Although metaverse commerce is still in its infancy, many retail brands are testing applications like avatar-driven customer services, augmented reality, and 3D interaction to entice shoppers through virtual stores, products, and events.”

The research shows that metaverse commerce transformation is challenging, requiring superior technology journey mapping and strategies to build cohesive client experiences. Forward-looking retailers working to address the evolving needs of shoppers will need a fully comprehensive approach to complete the transformation and be successful.

According to Info-Tech, virtual and augmented customer experiences can drive value in today’s market. However, most retailers are unsure where to start and lack a structured approach to executing technologies for each shopping journey. The firm recommends that retailers identify opportunities across the shopping journey, capture key customer insights, and use technologies like blockchain, digital twins, infrastructure, and virtual environments.

By harnessing blockchain, the metaverse is expected to advance the shopping experience in the following ways:

1. Smart Contracts to Execute Commercial Transactions and Agreements: Smart contracts use blockchain to enforce the obligations of all parties in a contract without the extra overhead of a middleman. They are computer programs that facilitate, verify, and enforce the negotiation or execution of an agreement.
2. Enhanced Data Portability and Reduced Risk of Storing Customer Information:
3. Know Your Client (KYC) statements can be stored on the blockchain to decrease administration problems and costs while outlining the concerns that still need to be addressed.
4. Deliver Seamless Direct Money Transfers and Payments: Blockchain technology can overcome the current problems of correspondent systems and international money transfers. Fee-intensive, fragmented, cross-border non-cash transactions can be eliminated by excluding third parties and enabling direct money transfers and efficient interbank settlements.
5. Decentralized Ledgers for Trade Settlements: Trade settlement processes usually require two to three days for payments and securities to change hands. Moving this process to a decentralized ledger can have a transformative effect on the markets.

Info-Tech suggests retailers validate their strategies, persistently reinforce the enterprise’s core capabilities, and capitalize on the value of this new prospect to be prepared for what’s potentially around the corner.

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Metaverse discussions about creating virtual worlds consume the plans of many fashion, automotive and retail brands. However, the human side of consumer activities in the metaverse have not been a significant part of the dialogue. A global study by Momentum Worldwide, metaverse partners to the American Association of Advertising Agencies (4As), found that 80% of people feel more included in the metaverse than in real life. Consumers are now looking to the metaverse to fill three core aspects of life—inspiration, individuality and inclusion.  

More than $120 billion has been invested in building out metaverse technology and infrastructure in 2022 to take advantage of the nearly three-quarters of consumers worldwide (71%) who promise to focus more on their mental wellbeing and are flocking to the metaverse to seek inspiration, be themselves, and connect with others more positively and inclusively. Exponential growth and adoption of marketing technologies led to the metaverse, but the impact these technologies have on people must be a key consideration for a brand’s metaverse strategy.  

Consumers have joined virtual platforms to have fun, be challenged, find inspiration and connect with others. Global research has shown that:  

• 80% of consumers find the metaverse to be a much more inclusive place 
• 63% had no idea they had been in the metaverse all this time 
• 85% like that they can change their appearance as they desire 
• 79% say their friends within the space accept them for who they are rather than what they look like  

Jason Alan Snyder, global chief technology officer, Momentum Worldwide, comments, ”The metaverse is a combinatorial innovation of complex technologies. Until recently, the combined technologies that form metaverse experiences were costly to deploy and consume and, therefore, not practical. The practice of combining these technologies has matured, deployment costs are reduced and metaverse experiences are broadly available, so consumer adoption is saturating. Brands are adopting the metaverse at scale too. Now we are learning how people behave and feel in the metaverse as we remove the barriers to entry. One particularly interesting area is the relationship between identity and personality.”

“Metaverse identity is an extension of our many identities in the real world. We are accustomed to constructing pseudo-identities for ourselves at work, in our personal lives with friends and family, and on social media. Brands are learning that identity and personality are two different things and not always interlinked. Understanding what consumers want from the metaverse, their behaviours and motivations to fulfil happiness, find escapism and seek inclusion are vital for guiding how brands and businesses should behave. It’s imperative that brands understand when they can or should violate expectations about identity and personality. The new opportunity is to help brands navigate the friction between identity and personality in the metaverse.”

Helen Mumford Sole, well-known happiness coach and thought leader in digital transformation, says, “Whilst we are not even close to fully understanding the impact of the metaverse, this research is important because it shows the positive potential of the technology. When many people are struggling with their happiness, it seems that they are finding new ways of experiencing belonging and community in the metaverse. In the analogue world, these are significant contributors to happiness.” The global research was conducted using quantitative and qualitative methods of 4,500 participants from seven countries: Canada, Japan, MENA, Mexico, Spain, the UK and the US.  

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