The Industrial Digital Metaverse Platform - Game Changer for Business

There is a lot of media buzz about the Metaverse. The dominant themes center around the social media and gaming-focused consumer. But recently, we found that business leaders are laying the foundations for a much deeper, business-centric Metaverse that helps them re-imagine core internal processes and teamwork, and pioneer new products, services and business models.

Global Leaders Weigh in on the Metaverse

To understand the potential of the emergent Metaverse — its applications, challenges, risks and opportunities — in October and November 2022, Wipro commissioned a survey of 550 business and technology executives across the US, UK, and Germany. Respondent companies include many industries — retail and consumer goods, financial services, media and entertainment, manufacturing, telecoms, sports and gaming. All survey participants had a significant role in or knowledge of their company’s decision-making approach to the Metaverse.

A resounding message from the survey is that despite recent technology-sector turbulence and market skepticism, the Metaverse is here to stay. And getting there will include investment in complementary technologies like cloud, AI, the Internet of things (IoT), AR/VR, 3D and blockchain. Among those technologies, AR/VR, 3D, and blockchain are the top three emerging technologies incorporated into Metaverse applications.

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Firms Are Already Gearing Up

Our research identified interesting findings:

A cohort of leaders have a Metaverse platform, either their own or via a third party
US firms are the quickest out of the gate
Companies in the UK and Germany follow; in two years, half of all German companies will have Metaverse platforms

The survey found some notable sectors as early adopters in the Metaverse.

Telecoms, sports and gaming, retail and banking services sectors are out in front now, and media, entertainment and manufacturing are lagging
In two years, telecoms will continue to lead, but manufacturers, media and entertainment will jump ahead of other sectors

Metaverse Leaders are Paving the Way

Metaverse leaders will leap-frog their competitors through advanced investment in complementary technologies and digital content, creation of connected offerings, marshaling essential skills and assignment of leadership responsibilities. And they are in a hurry, expecting the Metaverse to become transformational for their business models in less than three years (compared with 6.7 years for other firms). As such, the window of opportunity for early Metaverse adoption may be narrow.

This report, The Industrial Metaverse: A Revolutionary Game Changer for Business, explores the rising use of the Metaverse for early adopters and the positive impact it will have on their businesses. Download a copy of the report and learn how companies in various sectors plan to harness the transformative power of this new platform.