The Indian metaverse is experiencing rapid growth, with businesses eager to capitalize on its potential. A PwC India report revealed that nearly 70% of Indian business executives plan to integrate the metaverse into their organizational activities. Meanwhile, 63% of companies actively engaged with the metaverse expect to fully embed it in their operations within a year.
How big is the Indian metaverse?
The same report suggests that 63% of companies already engaged with the metaverse anticipate fully integrating it into their workflow within a year.
Ashootosh Chand, a partner at PwC India, points to the vast growth potential of the metaverse, emphasizing its relevance across demographics and industries. Brands have already started experimenting with the metaverse to captivate customers.
Sudipta Ghosh, another partner at PwC India, underlines the importance of harnessing data within the metaverse effectively. As the technology matures, tangible business outcomes will take precedence over hype.
The PwC report indicates that over 60% of surveyed Indian business leaders possess a detailed or good understanding of the metaverse. In the Telecom, Media, and Technology sectors, this figure rises to 79.
What kind of applications?
The metaverse ecosystem in India is still in its infancy, with 25% of respondents expecting full integration within a year and 47% within 2-3 years.
Survey participants envision a range of metaverse applications, from social platforms to innovative business models and the next iteration of the internet. Indian companies are most likely to create virtual content for customer engagement, followed by onboarding and training, and building communities.
Yet, concerns remain. Thirty-six percent of respondents identify cybersecurity as the top risk for Indian businesses, followed by technological limitations. Privacy risks also emerge as a key area of concern in both India and the US.
The metaverse is an opportunity for businesses
The metaverse presents a plethora of opportunities for businesses to innovate, engage with customers, and explore new revenue streams. Businesses can leverage the metaverse to enhance customer experiences, build loyalty programs, and collect feedback in immersive ways.
By converting the physical world into digital data, B2B companies can unlock the power of virtual representations and harness valuable data.
Some potential use cases for businesses include immersive entertainment experiences, which have been particularly appealing to younger consumers. A growing amount of companies have already created metaverse-like experiences in Decentraland or The Sandbox to educate and engage customers in the digital world. In the meantime, luxury fashion brands are selling virtual versions of their products.
Economic activity in the metaverse may rely on non-fungible tokens (NFTs) as a foundation for value creation. Businesses can also implement unique marketing techniques, such as setting up online stores and selling digital products in the metaverse.
The metaverse is expected to offer multi-trillion-dollar opportunities in the long term. In fact, it has the potential to transform many aspects of daily life. As a result, businesses need to develop strategies and adapt to the rapidly evolving metaverse landscape.