The last two years have seen significant activities in the virtual space known as the ‘metaverse’. For instance, Facebook changed its name to Meta, and Microsoft and Nvidia partnered with multiple enterprises for metaverse applications. Meanwhile, JP Morgan, Gucci, and Nike purchased a space in Decentraland to sell their products virtually. Driven by Augmented Reality and Artificial Intelligence technologies supported with high bandwidth and low latency networks metaverse is likely to be an extension of AR/VR with significant potential for enterprise applications and benefits in future.
In this report we examine the development stages of the metaverse as an element of Web 3.0 and increasing investments in the space. The report defines enterprise use-cases for metaverse and its corresponding benefits across multiple dimensions (internal vs external, people vs process, multiple interactions, real-time vs hypothetical vs historic process). It further explores in detail examples on how metaverse might be applied across various industry verticals and recommends ways in which enterprises can benefit from the emerging concept.