Metaverse is a word that has been echoing in the world of technology. An Indian couple from Tamil Nadu got married in the metaverse. The function was attended by almost 500 guests. This event which happened virtually created a wave of curiosity regarding the concept of the metaverse. Just like every technology innovation, concerns about the sustainability of the concept are also murmured by many. Is it a good trend? How will it create an impact? 

However, the overall number of use cases is rising every day. The enthusiasm for this emerging technology is evident in the actions of various tech companies. Social media giant Facebook was renamed Meta; Apple introduced an idea to develop a headset by combining virtual reality and augmented reality. Technology tycoons such as Google & Microsoft, gaming technology firms such as Roblox, Unity and Epic Games are bringing in this notion for a more immersive experience.

Role of AI in metaverse

The name “metaverse”, was coined in the year 1992, by a Science fiction writer. Therefore one can not state the whole idea is new. One of the specialities of this technology is that it brings all the emerging technologies such as AI, AR, VR and blockchain together and enables efficient development. The interaction and communication of the technology have become more advanced with the advent of 5G. Speaking about the sustainability parameters, researchers opine that this technology is “here to stay” and it will be able to solve many problems moving afore. 

Currently, the metaverse is witnessing its biggest application in the gaming industry. The global retail industry will have a massive impact on emerging use cases in the coming years. With the introduction of non-fungible tokens, many suggest that the movement towards metaverse is “real”.

COVID-19 has contributed to this positive trend towards the metaverse. With customers preferring the virtual world over the real world, the faster adoption rate of virtual technologies will drive growth in the coming years.

According to Bloomberg Intelligence, the global metaverse revenue opportunity could approach $800 billion in 2024 as compared to around $500 billion in 2020.

IT & engineering service firms, AR/VR focussed tech startups & gaming technology companies would be the beneficiaries of this emerging trend. Since India is a country, that has a wide user base in video games, social media networks, e-commerce etc., the country will play a key role in the emergence and further growth. All IT firms are developing their metaverse suite, given the opportunity. If this trend continues to grow, upcoming years will witness separate reporting of the metaverse numbers by Indian firms. Indian companies such as TCS, Wipro, Mindtree, L&T technologies services, alongside startups like Bolly Heroes, Internality, Cope Studio, OneRare, LOKA and Zippy are contributing their share in the development of the metaverse. There are high chances of India to lead the design development and adoption of metaverse technology in the future.

Challenges Ahead

Similar to every other technology, challenges of security, surveillance, stealing of virtual identity etc., exit in the field of metaverse as well. The governments of the world are working towards finding suitable regulations to meet such hurdles. Time will decide the impact of metaverse on our society. India will be a significant component that will decide its fate.