8-10 Years Until Mass Adoption of Metaverse: Nasscom’s Forecast!

The Nasscom report has stated that while the large-scale acceptance of the metaverse may take 8 to 10 years to achieve, there is already a noticeable presence in India. The first half of 2022 saw a surge of investment in the metaverse sector, with a total of more than $120 billion worth of private equity/venture capital investments, mergers, and acquisitions. By the year 2030, industries such as retail, manufacturing, media, healthcare, telecom, professional services, and banking are projected to be sizable contributors to enterprise use of metaverse, according to the Nasscom-McKinsey & Company study. Currently, organizations have already started to introduce metaverse use-cases in various parts of their value chain. Sangeeta Gupta, Senior Vice President and Chief Strategy Officer at Nasscom, has stated that there is a shift to a more sophisticated and considered approach when it comes to designing an engaging experience, such as virtualizing sales paths with NFTs and producing digital twins for product design.

Growth Potential of Metaverse

The use cases of customer engagement, multi-channel customer support, and real-time simulations for product design by leveraging metaverse are becoming increasingly popular, according to the report. Initiatives are being developed to re-envision learning and development using AR/VR based education suites with virtual teachers, an immersive recruitment and employee onboarding with avatar collaboration, job fairs for networking with employees, and digital twin offices for employee collaborations and meetings. The findings also indicate that the true impact of the technology may only be determined by factors such as the RoI, technological and human resource advancement, and the capacity to address any societal issues.

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