The global interest towards the Metaverse has evolved beyond the industry borders to become a status quo for conjectures about the possible existence of the Metaverse as a reality. The loudest explanation as to how Metaverse supports business through the advancement of eCommerce, healthcare, fashion, and education is that a business activity can be conducted within a virtual domain without any hindrances. Given the fact that some people have questions about the practical features of the Metaverse, it becomes clear that anyone who has an interest in this field is required to learn more about its applications in different areas of life. This journey is intended to reveal the capacity of the Metaverse to change the lives of people and network, thereby providing useful information for people.
Some latest reports turn the limelight on the leading role of the IT industry that makes the most investments in Metaverse technology so far: 17% in 2022. The growth plans appear astounding with Meta looking good to become an 800 billion dollars bullion by 2028. A tonne of business opportunities is what the study envisions to be possible by the end of 2025 as seen on the commercial map of $1 trillion embedded in the Metaverse. Moreover, Gartner’s projection implies social connections at a vast scale, with 25 % of the people allocating at least one hour per day in metaverse in 2026, both for entertainment, shopping as well as others.
Despite that, PwC’s Metaverse Survey established that it is only a matter of time before metaverse projects are coupled with other organizational activities and 82% of CEOs are of the view that it will come as soon as 2027. The impressive figures, there’s no doubt that many businesses and industries will increasingly adopt the Metaverse in the coming years. Hence, we are now going to expound the fundamental use cases in different areas, namely, the huge contribution of the Metaverse to economic development and the abundant possibilities it may provide.
Banking and Finance industry
- Clients often struggle to visit banks when closed due to factors like rainy days or pandemics such as Covid-19. The Metaverse serves as a platform for Banks and Financial institutions, enabling customers to access services without physical presence. This virtual environment benefits employees too, allowing them to work from their offices within a digital realm.
- The banks and financial institutions, in addition, can deploy virtual environments in the Metaverse which can be of use to customers in getting in touch with their banks and officials helping them to address their grievances very fast.
- Metaverse will not only be useful to train and offer financial education to current and new staff. Virtual banks can be configured to teach employees’ ethical and service behaviors for suitable customer interactions.
- Metaverse should be the first option to hold online virtual events by banks and stock brokers. Now, we see live engagements that were once called face-to-face events have gone virtually on Zoom calls or through Live streaming. However, this could change soon into a virtual life because in the coming years, people will be able to virtually attend events in the Metaverse, and take part in them as a real participant.
- We can expect that in the near future, the Banks and Financial institutions will resort to Metaverse for the sake of buying, selling, and renting digital artifacts and commemorative examples such as NFTs to people from different areas.
- Through the development of Virtual Financial Marketplace, the financial market will unavoidably dramatically change due to The Metaverse expansion. Provided by financial organizations, these virtual marketplaces will grow as the destinations for trade of financial goods (investment goods, loans, etc.) by buying, selling, and swapping.
Retail and eCommerce
- The Metaverse is a tool for retailers so that the shopping experience could be an interactive one and home could be a place where people can do this. One of the key ways VR glasses bring digital stores life is through giving people an opportunity to virtually walk through the showrooms and even buy items which creates an illusion of being in a real-world retail environment.
- Through Metaverse, virtual showrooms, shops, and marketplaces are capable to be created where users will engage with sales representatives and choose the products they like. The virtual setting of this scheme increases the effectiveness of product evaluation performance at an unprecedented level rather than other online shopping methods.
- Transactions that are done within the Metaverse by buying something are secured with security cues by crypto currency on blockchain technology. Auction participants enjoy diversity not only from unique NFT-trade processes but also from the wide range of payment methods available, including NFTs and cryptocurrencies, thus creating a rich shopping experience.
- The Metaverse has unlimited arena for business owners and retailers to bring personalization to a new level via data of their customers and offering customized suggestions based on the significant factors for individuals. These selected actions lead to a better customer experience with higher personalization, which consequently results in higher customer retention.
For example, the concept of Metaverse brings a new way in the online gambling industry, with the chance to create the world’s new online casinos. Similarly, the Metaverse embraces all the virtual and augmented reality technologies which give players a nearly real experience and consequently, upgrade the whole process of gambling. Players will have the chance to be part of real-life and join other users in VR casino venues, resulting in a more social and dynamic gambling experience. In addition, the possibility of using cryptocurrencies within the Metaverse as a means of payment could grant a higher level of security and anonymity for transactions.
Healthcare Industry
- The core function of Metaverse in healthcare is experiential treatment of patients. This will be done through empowering patients to consult with physicians that can remotely assess their condition and recommend treatments without the need for an in-person visit. The Metaverse provides an opportunity for improvement in healthcare for medical students and patients by providing convenient and affordable health care service delivery.
- The introduction of Metaverse in healthcare can potentially cut around 60% of the cost of educating and training future medical professionals. Medical institutions can use immersive technology to train students and practitioners in simulating surgical procedures with minimal use of the real-life materials.
- Within health care, the Metaverse can create virtual duplicates of patients which can then be used for the analysis of medication side effects and evaluation of surgical impacts without using actual patients. This approach allows to carry out different types of surgeries and drug research in a simulator environment, which minimizes the risks encountered when treatments are being tested experimentally.
- Traditional diagnosis of radiology images is mostly done on the plain x-ray screens with limited visual depth of disease analysis and surgery planning. Unlike the Metaverse, medical imaging visualization can be enhanced with the immersive and visualization capabilities of the former, thus providing a more interactive and realistic experience that can be of great importance during disease analysis and surgical planning.
Real Estate Sector
- Metaverse technology has gained momentum as a key resource in the straight pathway to much efficient planning and execution for a broad range of real estate business. Creating the designs of construction areas and buildings on site still remains a work in the progress stage. The use of Metaverse technologies promises to create more accurate visual presentation and the associated data-filled insights.
- Typically, the conventional property tours use photo and video sourcing from clients or physically accompany clients to the sites. Nevertheless, the introduction of the Metaverse diminishes the necessity of the physical space. Therefore, people can tour properties virtually from any place. The interactive feature of this media allows the details of the room to be reviewed in depth, with dimensions, different amenities, and neighborhood aspects highlighted, without the restrictions of traditional media.
Tourism and Travel Sector
- Through the technology of immersion, travel agencies can make the traveler’s choices more precise and elaborate. Through the use of virtual reality the users can enjoy an all-embracing experience of the top travel destinations and thus, they can acquire a holistic perspective of all these places that they might visit. In this way, their knowledge scope reaches beyond the surface level which leads to making more informed and well-balanced travel decisions.
- In regards to the obstacle of finding stay in crowded holiday spots like Paris, Amsterdam, Tokyo, and Vegas, travel agents are able to use AR, VR and Metaverse into their operations to give immersive hotel tours, enabling tourists to quickly view, weigh and make decisions on the kind of hotel to book based on their virtual experiences.
- The advent of the Metaverse has brought in a possibility of traveling back at the historical period through virtuality, increasing the size of tourism experiences. Besides the Virtual tours that can be conducted in the Metaverse, and subject to the users’ preferences, one can plan a visit to their chosen point in the prehistory. For example, you can virtually tour hundred-year-old New York or Paris online and get a feel for how the past of these cities looked like.
Gaming Sector
- The inception of the Metaverse has initiated a new age of immersive and interactive gameplay, which is therefore liked by a lot of gamers. Leading gaming giants, such as Epic Games, Gameloft, and Electronic Arts, have committed substantial investments geared towards the utilization of Metaverse to improve the depth, user participation and the sophistication levels of gaming offerings.
- On the other hand, the Metaverse has paced the rise of game collaborations among multiplayer activities providing the gamers with a more advanced platform and multiple choices. This innovation makes it possible for a gamer to communicate with the counterpart anywhere on earth virtually and play an immersive game together in a virtual world.
Education Sector
- If there is one thing that stands out the most about how the Metaverse can transform the learning experience in the education sector it will be its power to provide an engaging and immersive learning environment to the learners. Schools can implement Metaverse technology to provide an immersive educational image which teachers might use to demonstrate complicated ideas regarding the Solar System, or any subject matter, in a manner that envelopes students within their lesson. Such an approach gives a chance to a student to more deeply comprehend a topic and generally to improve the course as a whole.
- The development and adoption of Metaverse technology can be a game changer as it enables educational institutions, i.e. schools, colleges, and universities, to establish virtual labs where experiments with inherent dangers can be conducted. Through the Metaverse, virtual laboratories will provide a secure area for studies and educational pursuit and enable the same to happen in a more conducive and lively atmosphere.
- The Metaverse breaks the traditional connection between space, resources, and collaboration. This platform brings students and professors with different global backgrounds to engage with each other seamlessly regardless of the distance between them. With the virtual reality glasses, Learners will effortlessly get into partnership learning experiences, breaking down barriers and getting access to high-caliber educational resources regardless of their situation.
- While utilizing Metaverse as a tool, educational institutions are able to effortlessly make cheaper trips for educational and historical trips. Therefore, students will have virtual experiences of famous events in passing. Thus, they can find themselves in the midst of the most significant world historical events and feel mentally present in places like World War II and expand their learning process and journey.
- Through the novel approach of Metaverse platform development, educational institutions offering distance learning courses will enable remote learners to interactively engage in the learning setting as if face-to-face in the classroom. Thus, their education experience will be meaningfully better. This is an effort to improve the caliber of students’ learning experience via the provision of a digital ecosystem where the remote students’ quality experience approaches that of the traditional classroom.
Media and Entertainment Industry
- The metaverse enables the creation of a virtual realm with stable terrain, providing artists and creators of all levels a platform for expression and interaction that mirrors real-life experiences. This transformative medium not only enhances visibility and adaptability but also empowers artists to build dedicated audiences and foster engagement. Prominent metaverse examples, featuring renowned figures such as Imagine Dragons, BTS, Travis Scott, Muse, and more, highlight the vast possibilities within this dynamic digital realm.
- While we are yet to experience the fullness of time, filmmakers will possibly create films that offer the most immersive experiences within the Metaverse. Through the employment of virtual reality glasses, the audience will find themselves being completely absorbed in the visual masterpiece. This evolution will change the way movies are watched in the future transforming it into an entirely new level of immersive experience and engagement.
- Using the Metaverse technology, theme and amusement centers are enriching the experience of a visitor with immersive experience. Using VR glasses, visitors can be transported to a wide range of themes and rides that would break the monotony of conventional attractions. This makes such venues more exciting.
- In the next few years, audiences must be prepared for the emergence of live sports events in the Metaverse with the hallmark feature of highly lifelike experiences fashioned in the light of the organizers’ preferences. Apart from those, rising esports popularity is also likely to result in holding events within Metaverse, which seems to like a new way for gamers and players to share their experience together.
Fashion Industry
- What seems to be the best illustration is some of the most popular brands such as Gucci, Nike, Lacoste, and Valentino among others, who are starting to manufacture virtual apparel for digital avatars inside the Metaverse. This trend signals a looming reality where the consumers will probably buy the apparel from their favorite designers to decorate their avatars in the virtual world.
- Along with so many other events, the fashion industry is ready to launch virtual fashion shows in Metaverse, as well. From this year on, iconic events like the Vogue Fashion Week, Met Gala and Balenciaga Fashion Week will no longer be limited to physical realms but they will take virtual places on the agenda for the near future and bring new dimensions to the experiences of the audiences all around the world.
- With the advent of the Metaverse, the doorway for the cooperative works of top fashion designers from different countries becomes highly efficient regardless of any geographic restrictions. Getting rid of the process of remotely moving from one city to another for regular meetings, designers can now communicate and collaborate as a virtual team within the Metaverse, streamlining the process of creative interactions.