Top Metaverse Use Cases to Watch in 2023 and Beyond

The immersive virtual world of the metaverse and its gradual rise to public consciousness is quite a concept blooming into the lives of tech enthusiasts and businesses around the world.

When Facebook rebranded itself into “Meta” in 2021, the term, ‘metaverse’ catapulted to a household name worldwide, becoming next in the chain of digital evolution.

If the report by Bloomberg Intelligence is to be believed, metaverse as a tech platform is anticipated to transition into a solid $800 billion market size, by the end of 2024.?

Similarly, Statista reports the growth of metaverse is expected to take a considerable uptick in near future. The projection is based on how more than 25% of users want to spend their time and money on virtual reality and augmented reality tools to go through an immersive and interactive experience of metaverse environment.

Even in the Indian context, the growth projection of the metaverse industry is to be around $758 billion by 2026, growing at a CAGR of 37.1%.

For instance, Infosys launched its metaverse foundry to help enterprises with the on-demand ability to explore their metaverse environment and deliver interactive and immersive experiences in an already-created metaverse.

Tech Mahindra’s TechMVerse and the way other Indian IT consulting firms, including Tata Consultancy Services (TCS) and Wipro, are betting on leveraging metaverse capabilities to grow boundlessly in their respective virtual business world is another example of growing footprints of the metaverse industry in India.

Metaverse is understandably the next big thing in digital innovation, drawing the attention of business and technology leaders around the globe.

We are discussing the use cases or industrial applications of the metaverse. Read on…

1. The Application Of Metaverse As A New Marketing Channel

Though the concept of the metaverse has still not coalesced into mainstream consciousness, efforts are already exercised to bring it into mainstream marketing and advertising channel.

Globally reputed businesses in financial domains such as JP Morgan and HSBC, along with lifestyle and fashion powers like Nike and Gucci are staking their claims in the metaverse. They are building its presence for customers as an engagement model to connect with the brands and possibly strike a business deal, eventually.

Apart from focusing on customer experience, the metaverse is also prioritizing one-to-one connection, meaning it affords the potential for being an effective communication channel, helping businesses to position themselves at prime virtual locations facilitated through preferential platforms, such as

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2. Application Of Metaverse In Virtual Business Operations

While the application of augmented reality has already been a success in various industries, the metaverse is now a focal point for industry players. In fact, a claim is being made about the viability of fully realized metaverse capabilities in terms of providing immense support in a collaborative environment where data will remain ubiquitous.

For a metaverse conceptualized for business operations, it is necessary that it provides an immersive experience to operations workers. It should be technically efficient in guiding even the most complex field and service work.

Moreover, E-commerce businesses can interactively deal with merchants in lifelike virtualized space to trade formalities, such as product inspection, negotiation, and closing the deal. In addition, the metaverse allows businesses to interact with their customers engagingly through interactive and realistic marketing content.

3. Application Of Metaverse To Improve Education And Training

In-person gatherings at educational institutions were greatly affected during the pandemic. Restrictions regarding the permissible number of attendees forced educational establishments to go for alternative routes, such as e-learning models or other digital means of communication.

The use of the metaverse, in this context, is immensely beneficial in improving education. Metaverse, with real-time streaming capability, will provide interactive sessions in the virtual space, changing the dynamic of how teachers deliver their lessons.

In addition, the metaverse is also expected to help enterprises use the virtual training opportunities it provides. The metaverse abilities can be harnessed for enhanced training purposes for the workers.

Moreover, instructors and students worldwide can coordinate among themselves through real-life scenarios in the metaverse based on a steady stream of consistently updated data. As a result, it will manifest an immersive learning experience.

4. Application Of Metaverse In Virtual Gaming, More Fun In The Offing

The VR-based immersive renditions of gameplay in the metaverse will pave the path for connecting the interoperable world in a single environment. Gamers will enjoy themselves navigating seamlessly across gaming apps and multiple immersive spaces.

In a completely immersive metaverse environment, the players will also be able to port their non-fungible tokens, data, and avatars without switching headsets. Metaverse will transcend the gaming experience as a flexible platform.

It will allow users to develop creative content, build and expand virtual worlds, and participate in the massive competition in a multiplayer, gaming dimension. Players will socialize with real-world friends, build relationships, and partake in activities to generate revenue streams like selling their digital assets in exchange for cryptocurrencies.

5. Application Of Metaverse In the Travel Industry

Metaverse, as a continuum is the next defining moment for the travel industry. As much as 53% of respondents from the industry are optimistic that the metaverse would give rise to the lucrative growth of their business, while 25% of them believe in the ability of the metaverse, saying it will bring forth a transformational change in their businesses.

Metaverse travel will offer a unique approach to the wanderlusts who would like to experiment with their travel to explore new locations or enjoy visiting new places in a safer and less expensive way. There is the possibility that the metaverse will cater to a variety of demands from businesses and travelers, in terms of work, study goals, online meetings, etc.

Though the concept of a full-blown metaverse holiday is still a far-fetched reality, it is just a matter of time before it gets realized in years to come.

However, the role of the metaverse in the travel industry is quite promising.

From providing new and better travel inspiration sources to making the booking experience more engaging to whetting a user’s hunger to know more about the real things traveled virtually, the concept of metaverse benefiting the travel industry sounds exciting and beneficial.

6. Application Of Metaverse In Enhancing Customer Experience

Metaverse platforms would drive transformative results for businesses in terms of how, when, and where they interact with their customers. They would gather new information and insights to enhance their customer experiences.

An example includes a ski resort where a virtual guide for skiers relays real-time personalized information to the skiers to improve their experience as they move through new destinations. The auto industry, for instance, would transcend the level of their customer experience using metaverse-guided test drives in an extended reality to the potential customers.

7. Application Of Metaverse In Virtual Socialization

The concept of virtual socialization in a metaverse environment invites a sublime experience, given the idea of attending virtual events and parties and exploring invisible chemistry during virtual get-togethers of people feels like being a part of a greater entity.

However, the ability of the metaverse is not limited to interacting with just friends and neighbors. It will offer a phenomenal way of connecting people with an extensively wider network to virtually socialize with people worldwide. Oh yes! Metaverse will have its own crypto assets functioning as official currencies worthy of virtual transactions through the NFTs (non-fungible tokens).

Note: The metaverse crypto-assets include MANA, SAND, ATLAS, AXS, etc.

8. Application Of Metaverse In Branding And Advertising Opportunities

With many established brands creating a presence in established VR settings, the scope of metaverse for application in branding and advertising is quite immense.

For instance, Hyundai’s Hyundai Mobility Adventure is an immersive virtual experience content on Roblox to showcase future mobility lifestyles in the metaverse for young people familiar with the technologies, products, and brands of Hyundai Moter.

Gamers can go through Hyundai's future mobility projects and content products for an immersive experience of gameplay. Companies like Warner Bros. Pictures and the Walt Disney Co. are already branding their respective metaverse projects.

For example, Disney announced its ‘theme park metaverse’, an initiative of the company’s vision to create ‘physical and digital worlds converge’ accessible through wearable devices and smartphones, aiming to provide users with immersive metaverse experiences.

9. Application Of Metaverse In Healthcare

The application of metaverse in healthcare is believed to improve patient outcomes by delivering cost-effective treatment.

According to Market Research Future, a leading market analysis company, the market size of global healthcare in the metaverse is expected to touch the figure of $5,373 Mn by 2030, an estimated uptick at 48.3% CAGR during 2024-2030.

There is a strong likelihood that the metaverse environment will bring forth a paradigm shift in the healthcare industry, enabling cost-effective patient care in lifelike 3D experiences.

Imagine a patient connecting with his virtual avatar. He just walks into his virtual office, sits in an armchair, or lies on a virtual couch.

Meanwhile, the patient’s therapist, wearing his own virtual avatar decorates the office at practically no cost. Thus, the required medical care would effectively be performed, along with improving surgical precision and therapeutic usage.

Although the metaverse is still in its developmental stage, the infusion of technologies like Artificial IntelligenceSoftware Development, Augmented Reality, Virtual Reality, and Web 3.0 technologies are already helping the healthcare industry in bringing transformative results in patient care.

The impact of metaverse on the healthcare system will be tremendous in days to come in dealing with issues, such as –

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10. Application Of Metaverse In Real Estate

Metaverse real estate is quite an exciting phenomenon or a key component of a potent omnichannel strategy. Under developmental stage for years, the metaverse real estate market is already catering to some of the largest businesses and retailers around the globe in purchasing a virtual parcel of lands and properties.

The real estate industry and several other companies can leverage the potential of metaverse real estates market platforms, such as Deceltraland, Voxels, Worldwide Webb, Treeverse, and the Sandbox, to improve their virtual footprint.

Even in India, the concept of a metaverse real estate market is catching up fast among people who know virtual reality, and blockchain technology and maximize metaverse space to enhance their digital presence.

Also Read: Metaverse to Change the Future of Work: All You Need to Know

Final Words

Metaverse, which builds interactive and immersive experiences as a replica of the real world through Virtual Reality and Augmented Reality is a concept of sheer magnitude, based on its promising opportunities across numerous industries.

From transforming the marketing landscape to providing valuable contributions to the healthcare industry and real estate, the metaverse is set to enable the industry sector with groundbreaking solutions.

Though the concept of the metaverse is still not globally widespread, the palpable magnitude of it to transcend industrial growth and development is an uncontested possibility. With emerging technologies and Web 3.0, we are certainly in for a future promising better connectivity and growth.?