A Full-scale Metaverse Vision Is Probably 10 Years away: Report

The potential of Metaverse use-cases is beginning to reflect in the proliferation of POCs across sectors, even though a slowdown may be predicted given the macroeconomic backdrop

The full scale vision of the metaverse is probably more than ten years away, according to a report released on Tuesday by Nasscom and McKinsey, despite robust early acceptance.

According to the report titled "Metaverse - Prepared to Win," consumer and business' metaverse adoption trends are comparable to those of early-stage internet and artificial intelligence adoption.

There are many various ways to interpret the term "metaverse," but according to the report, there is a developing general consensus regarding the distinctive features of the technology.

Persistent, immersive virtual worlds, interoperability, concurrency, and users having agency are the four characteristics that define the metaverse, according to the report.

According to the report, although some organisations have started integrating metaverse use cases, the technology's ability to scale up will depend on things like clarity surrounding return on investments, technological readiness, talent readiness, and the capacity to address social issues.

The potential of Metaverse use-cases is beginning to reflect in the proliferation of POCs across sectors, even though a slowdown may be predicted given the macroeconomic backdrop.

Sangeeta Gupta, senior vice president at NASSCOM said that three major themes—customer interaction, employee engagement, and manufacturing and design—are being noticed in the use-cases.

She added that businesses worldwide are experimenting with metaverses as a way of reaching Gen Z and Gen Alpha early in their digital journeys.

The approach being used by the tech service providers reflects the emerging global demand. They are creating internal use-cases, growing to meet client needs, identifying demand that can be replicated across verticals, investing behind targeted offerings and facilitating POCs with clients, and assembling metaverse teams with talent from various service lines.

According to Gupta, the 'transformative' potential of metaverse technology will be evaluated by its effects on data privacy, inclusiveness, health, and energy & sustainability.

The investments based on the metaverse and merger and acquisition agreements totaled more than USD 120 billion in the first half of 2022.

According to the report, although the term "metaverse" has been around for almost 20 years, the technology has just recently become widely known. Facebook recently changed its name to Meta to emphasise the importance of metaverse technologies to the corporation.

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