Is India prepared for metaverse? 70% companies plan integration, says survey

As companies embrace the metaverse throughout the globe, nearly 70% of enterprise executives in India plan to combine the metaverse into their organisational actions as per the report by PwC India titled, “Our Take – Embracing the Metaverse.” Additionally, 63% of firms which are actively engaged with the metaverse say they are going to absolutely embed the metaverse of their organisational actions inside a yr. (Explained: What is Metaverse & how will it profit from 5G in India?)

Ashootosh Chand, Partner – Digital and Emerging Technologies, PwC India, mentioned, “The metaverse opportunity is enormous and we expect exponential growth because it is relevant across genders, geographies, and generations. Consumers are open to adopting new technologies and companies are investing heavily in the required infrastructure to leverage the metaverse. We can already see brands experimenting in the metaverse to delight their customers.”

Discussing how lots of the metaverse’s success will rely on utilising knowledge successfully, Sudipta Ghosh, Partner & Leader – Data & Analytics, PwC India mentioned, “Metaverse allows organisations to be really innovative about how they can meaningfully engage with the customers, employees and the broader ecosystem. There is enough evidence that the “hype” is getting changed by higher appreciation of driving tangible enterprise outcomes because the expertise additional matures.”

Key takeaways from the report:

Understanding of the metaverse: More than 60% of the enterprise leaders surveyed by PwC India affirmed that they’ve an in depth or good understanding of the metaverse. Of the businesses surveyed, 22% symbolize Telecom, Media and Technology (TMT), 19% FS, 16% pharma and healthcare, 15% retail and shopper, 12% industrial merchandise, 9% authorities and seven% automotive and edtech. 79% of these within the TMT sector point out that they both have an in depth or a very good understanding of the area.

Integrating the metaverse into enterprise: Globally, companies have began exploring partnerships with among the main gamers within the metaverse to discover enterprise alternatives. However, the metaverse ecosystem in India remains to be at a nascent stage. 25% of India respondents say that their metaverse plans might be absolutely embedded of their actions inside a yr, whereas 47% say that this can happen in 2–3 years.

Creating new alternatives: At least 39% of India respondents within the survey say that the metaverse might be a social platform for his or her firm. Nearly 20% really feel that it’ll revolutionise companies, making a mega gig/creator financial system. 9% consider that it’s the subsequent incarnation of the web. Some, nevertheless, are nonetheless undecided — 24% are uncertain about how they really feel concerning the ramifications of the metaverse.

Leveraging the metaverse: In India, firms are most certainly to create digital content material for purchasers to have interaction with on the metaverse (17%). 13% mentioned they wish to present onboarding and coaching by means of the metaverse and 11% wish to use the metaverse to create communities.

Concerns & dangers: 36% of these surveyed mentioned cybersecurity poses the most important danger for companies in India. 28% respondents felt the technological limitations might pose a problem.

In the US as nicely, cybersecurity tops the listing, adopted by privateness dangers, which is the third-most vital danger space for India respondents.