Almost 70% of business executives in India plan to integrate the metaverse into their organisational activities, as per the report by PwC India titled, “Our Take – Embracing the Metaverse.” Additionally, 63% of companies that are engaged with metaverse said they will embed metaverse in their organisational activities within a year.
According to the report, over 60% of business leaders surveyed affirmed that they have an understanding of metaverse. Of the companies surveyed, 22% represent Telecom, Media and Technology (TMT), 19% FS, 16% pharma and healthcare, 15% retail and consumer, 12% industrial products, nine percent government and seven percent automotive and edtech. 79% of those in the TMT sector indicated that they either have a detailed or a good understanding of the domain. 25% of India respondents stated that their metaverse plans will be embedded in their activities within a year, while 47% mentioned that it’ll take place in two to three years.
The report further stated that at least 39% of India respondents spoke on metaverse as a social platform for their company. Nearly 20% feel that it will revolutionise businesses, and nine percent believe that it is the next incarnation of Internet. However, 24% remained unsure about how they feel about ramifications of metaverse. In India, companies are likely to create virtual content for customers to engage with on the metaverse (17%). 13% said they would like to provide onboarding and training through the metaverse and 11% would like to use the metaverse to create communities. 36% of those surveyed said cybersecurity poses the biggest risk for businesses in India. 28% respondents felt the technological limitations could pose a challenge. Cybersecurity, followed by privacy risks, is considered the third-most important risk area for India respondents.
“I believe metaverse allows organisations to be innovative about how they can engage with the customers, employees and the broader ecosystem. There is believed to be evidence that the “hype” is getting replaced by appreciation of driving tangible business outcomes as the technology further matures,” Sudipta Ghosh, partner and leader – data and analytics, PwC India, said.