Indian business leaders are taking note of the rapid developments in the metaverse, expressing a belief that virtual worlds can form part of their business activities within a year.
According to a PwC India report titled “Our Take – Embracing the Metaverse,” 63% of corporate entities in India have plans to integrate metaverse as part of their organizational processes. Most companies are drawn from the media, tech, and telecom sectors, while retail and pharmaceuticals comprise a slice of the figures.
The report highlighted that nearly 25% of respondents are keen on transferring several processes to the metaverse before the end of the year, while 47% of surveyed firms say that the transition would most likely occur over the next few years.
“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,” said PwC executive Sudipta Ghosh.
Of all the respondents, 24% remain unsure how the metaverse would affect business processes. Meanwhile, 20% are optimistic that the industry will revolutionize the state of doing business. Nine percent firmly believed in the metaverse becoming the next iteration of the internet, with several executives planning to use virtual worlds to onboard new employees.
Despite the growing interest in the metaverse, many respondents are concerned over the challenges of the offering. About 36% of respondents highlighted cybersecurity challenges as a major challenge for businesses in India, while others pointed to privacy risks as another pain point facing the industry.
Similar sentiments have been expressed in Southeast Asia, particularly the Philippines, where several studies have highlighted a gradual transition to the metaverse. The key drivers of adoption in the corporate sector are fuelled by the prospects of efficiency.
Things falling in place for India
India’s dream of adopting the metaverse has found support in the government’s plan for blockchain technology proliferation across all facets of its economy. Finance Minister Nirmala Sitharaman announced in late 2022 that the country is targeting a 46% blockchain adoption rate before the end of the decade.
Several initiatives have been implemented to educate the public on the blockchain, including NITI Aayog’s learning module in partnership with global firms. With a population of 1.4 billion citizens, mass adoption of blockchain and metaverse in India could inject new life into Web3 projects worldwide.
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