6 Industries Where The Metaverse Brings New Opportunities

The arrival of the metaverse is transforming customer and employee experiences across many industries, giving us a glimpse of what the future might look like.

According Gartner, by 2026, 30% of companies worldwide will have meta-ready products and services. The convergence of new technologies such as Augmented Reality (AR), Virtual Reality (VR) and Artificial Intelligence (AI) enables companies to not only simplify business processes and improve decision-making, but also to revolutionize the way customers can interact and discover products and services. While there is much debate about the social and legal aspects of the metaverse, these new immersive worlds are turning virtual experiences into products and opening up new business opportunities.

Here we explore six key industries

  1. Banking

Banks have been quick to jump on the metaverse trend towards data- and decision-driven interactive self-help to transform customer experience, business operations and increase efficiency. This digital platform offers financial advice and manages investments without human supervision. The removal of human oversight allows workers to prioritize dealing with customers while ATMs can perform most transactions. At the same time, it meets customers’ changing needs for low-cost, accessible, web-based self-service technology.

  1. Invest

Similarly, the metaverse can help model and simulate investment portfolios and returns based on investors’ risk profiles, interests, portfolio diversity and financial strength – going beyond the “Robo -advising”. As individual investors are in different portfolios, the metaverse can be leveraged to give us insights into a variety of investments across primary and secondary market instruments and allow us to interact with them before making decisions. Of course, analysis also improves decision-making in these cases.

  1. Manufacturing

Then, high-end manufacturers and retrofit providers are using technologies such as augmented reality and computer vision to provide a real view of designs and full sensory presentations. Customers can now view products in their home and identify furniture and fixtures that interest them. In the build space, immersive experiences for design sessions with architects, construction teams, and clients enable unlimited creativity and participation when flipping properties and improving the home. In real time, the customer is presented with different finishing options and given full scale to make the required adjustments, which ultimately increases efficiency and wins over the customer.

  1. Immovable

In real estate, the metaverse captures every square foot of the property and allows the buyer to preview it regardless of their geographic location. Buyers can now interact with 3D designs of homes, hotels, restaurants and offices in ways they couldn’t before. These accurate, realistic homeownership experiences are especially helpful for prospects moving to another city or looking for apartments online. Although most rental sites have a 3D interaction with the design of the house, it can be rudimentary and unrepresentative in some cases, but overall the real estate market metaverse is pushing the boundaries of technology and allows you to really consider living in a property.

  1. Construction

When it comes to the construction industry, the metaverse drives collaboration and enables immersive development and design. Using haptics, 3D technology and virtualization, customers and companies can develop innovative designs, explore new product development and new features from anywhere in the world. This co-development/design allows designers and suppliers to explore 3D representations of their designs and use the data to make changes more easily. In the factory, companies can benefit from virtual models of the factory, plant designs and layouts. Virtual plant models help automate and optimize facilities through simulations without any real physical changes and allow workers to explore site progress without physically going there.

  1. Field service support/training

One area that may look to leverage the metaverse is product and design instruction manuals. An immersive experience in learning how to assemble furniture, use electronics and other mechanical products would be a good way to engage customers, especially in DIY projects. Customers and employees can learn how to troubleshoot and resolve issues using immersive learning experiences. Field engineers can be trained in virtual worlds to gain hands-on experience in troubleshooting and providing services. Different use cases can be simulated to give them an accelerated and intense learning experience to handle a variety of problems, reducing dependence on trainers, documentation and encountered situations. Likewise, the onboarding and training of new employees, especially during peak seasons in retail and other businesses, can be accelerated and delivered more efficiently with the Metaverse.

Ultimately, the Metaverse is here to stay. With its endless possibilities, it is now incumbent on businesses around the world to adopt it as soon as possible. Technologies such as augmented reality, virtual reality, and artificial intelligence will not only enable businesses to adapt to future changes, but also to stay competitive in today’s ever-changing landscape. The metaverse has opened up the industry of the future, helping companies streamline operations, enable efficiencies, and deliver new experiences for customers and employees that were previously unimaginable.

About the Author

Ramya Kannan is Industry Leader – Manufacturing at UST. UST is a global provider of digital transformation solutions. For over 20 years, UST has worked alongside the world’s best companies to drive real impact through transformation. Powered by technology, inspired by people and driven by purpose, UST partners with its customers from conception to operation. With deep domain expertise and a future-proof philosophy, UST embeds innovation and agility into its clients’ organizations.

Featured Image: ©Mustafa Kaya

Previous Singapore GP start procedure delayed due to bad weather
Next CPE's statewide action plan aims to make college easier for Kentucky adults and close skills gaps