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The metaverse: Using extended reality to transform your business

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While companies across industries are leveraging the Metaverse to work more efficiently and effectively, the consumer market for the technology is still in its early stages, according to a panel of experts. luck Wednesday meeting. They suggest that companies looking to harness the power of augmented reality (XR) should be open to investment and experimentation.

“The Metaverse is here. It’s not a fad. It’s not hype,” said Mohamed Kande, Vice Chairman and Global Advisory Leader, US Consulting Solutions. PwCand luckCEO Initiative Summit in Palm Beach, Fla., on Wednesday. “Businesses are realizing that the Metaverse can be an environment that not only delivers value and reaches more consumers, but also allows them to run their businesses differently.”

The Metaverse economy could be worth between $8 trillion and $13 trillion by 2030. city ​​study project.

Metaverse technology is readily available to enterprises HTC VIVE, developer of virtual reality headsets. O’Brien highlighted the success of his VR training in healthcare, automotive, aerospace and other fields. “In a kinesthetic learning style, a training simulation, he completes the curriculum 400% faster and retention is up to 150% higher,” says O’Brien. “It can be used globally, democratized as a technology, and offers both cost savings and efficiency gains.”

Besides training, according to Peggy Johnson, two other metaverse use cases that offer a return on investment are 3D visualization for distributed teams and remote assistance known as See What I See (SWIS). .CEO of an augmented reality headset manufacturer magic leap We also issued a warning. “It’s important for CEOs not to be complacent about this technology,” she said. “You have to think of it as the early days.”

Kande pointed out that the adoption of 5G wireless, which can deliver 100 times faster speeds than 4G at 10% the cost, will facilitate access to the Metaverse. “So we can have a factory without people, and we can train remotely and fast.”

Johnson speculates, however, that the metaverse will take years to become mainstream among consumers, due to technical hurdles. “5G needs to be on the same chip that powers VR and AR,” she said. “It’s going to be necessary to have a small, lightweight device that everyone wants to wear all day.”

According to Kande, the more time people spend in the public metaverse, the more people will shop there. However, he admitted that identity management was another obstacle. “Today is just the beginning, but making money in the metaverse is creating a new economy,” Kande encouraged companies looking to sell products and services to try new things.

Hold live events such as concert Sports games in the Metaverse also represent a huge opportunity for brands as millions of people can participate, says O’Brien. “Think of hundreds of thousands of transactions per second instead of the usual product sales and no matter what he sells he sees 30% or he sees 40% margins.”

O’Brien argued that with a possible recession looming, companies should consider how investing in the Metaverse can help them work more efficiently. “The companies that explode during the recovery from the recession are the ones that are investing now.”

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