Immersive Internet For Businesses

The metaverse is evolving from a niche technology to an enterprise tool; thanks to technologies like augmented and virtual reality, potentially opening the door for new business models.

Businesses and consumers have benefited from development toward easier and more personal interactions with technology since the creation of the first computer. Professors carrying punch cards were eventually replaced by business people using PCs and, more recently, mobile and wearable technology. In a way, a series of constantly shrinking rectangular screens have served as a medium for the link to the digital world. Users now alternate between their devices and the real world regularly because of networking and computing developments.

Now, as technologists recognize that screens can’t keep shrinking forever, the paradigm is shifting again, toward interfaces that take us through the glass and into immersive virtual experiences, including the digital world known as the metaverse.

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So, what exactly is going on here?

Although the word "metaverse" was first used in 1992 and virtual worlds have been widely used in online games for the past 20 years, there has been a noticeable change in recent years. The rise of accessible augmented and virtual reality (AR/VR) technology as well as the cultural transformation caused by the COVID-19 epidemic have sparked a shift in how people view digital spaces as potential venues for human interaction. Additionally, the elasticity of cloud computing has helped to some extent to ameliorate the architectural difficulties that hindered the development of immersive worlds in the past, such as Second Life.

Businesses have also increased their investment in virtual worlds, with analysts projecting a US$800 billion industry by 2024 and tens of billions of dollars in venture capital investment in the last year alone. Despite the hoopla around the metaverse, leaders should view it as a richer option to email, text chat, and heads in square boxes rather than as a subpar replacement for in-person interactions. In other words, rather than being "reality minus," the metaverse is best understood as a more immersive version of the internet itself.

Virtual interfaces are anticipated to continue evolving over the coming years as businesses create business models based on the possibilities offered by an "infinite reality," moving from technology to toys to tools. 3 Innovative businesses are likely to lower costs, boost customer interaction, and create whole new products in order to gain market share. Investment in emerging technologies like edge computing and AR/VR equipment might become standard practice, therefore deliberate, planned adoption will be essential.

Now: The metaverse has transitioned from technology to (valuable) toy on its journey to becoming a business tool.

Think about the metaverse use case that has, up until now, dominated the market: gaming. By 2023, the total income generated by the digital gaming sector is predicted to exceed US$220 billion, outpacing that of e-books, digital music, and streaming video combined. 4 With 1.1 billion gamers worldwide, the online gaming market is projected to surpass US$26 billion in 2023. 6 Importantly, these gamers frequently congregate online not just for gaming but also for the social and professional opportunities provided by the expansive internet.

Consider the current market leader in the use case for the metaverse: gaming. The digital gaming industry is expected to earn more revenue than the combined revenues of e-books, digital music, and streaming video by 2023, surpassing $220 billion USD. 4 The global industry for online gaming, which currently has 1.1 billion players, is expected to reach $26 billion in 2023. 6 It's significant that these gamers typically gather online not simply to play games but also to take advantage of the numerous social and professional alternatives offered by the vast internet.

By 2026, 25% of customers may spend at least one hour every day in the metaverse, whether through gaming or other activities, while 30% of enterprises may have prepared goods and services. A smart approach might make the difference between winners and losers in the developing market by the time the metaverse becomes an established business norm.

The entire digital gaming industry is expected to surpass US$220 billion in revenue in 2023, more than streaming video, digital music, and e-books combined.

New: Start with a strategy to transform the metaverse from a toy to a business tool.

Those trying to establish an adoption plan should turn to history as their model as enterprise use cases for immersive experiences emerge. Businesses may be able to make more accurate predictions about how to proceed in the metaverse by looking at how the internet was adopted during the dot-com boom. While some will aim to expand new revenue streams through consumer interaction and mixed-reality experiences, others may concentrate on improving operations through business simulations and augmented worker experiences.

Growth: Mixed reality interaction and experience

Pioneers

In the same way that some businesses developed online-only business models in the early 2000s, the final category of income generating is set aside for businesses looking to take larger bets on the potential of the metaverse. These businesses are already working on building essential metaverse platforms, products, services, content, and other enabling elements. One outstanding example is Niantic, the developer of the popular mobile game Pokémon Go, whose valuation increased from US$150 million to US$9 billion and popularized the idea of an AR metaverse for tens of millions of users. 

Companies looking to duplicate this success have already started to invest in metaverse designers and developers with a keen eye for the future of the digital world. Pioneers will need to move quickly before the metaverse's economic landscape transforms from fluid to concrete.

Plussers

Another group of businesses sees new AR/VR technologies as a chance to "plus"—or enhance—their goods and services in ways that are unique to the immersive internet. "Plussers" can profit from the interest in the metaverse today without changing their business model, much like restaurants that exploited the internet to fulfill delivery orders during the epidemic. For instance, the Lawn Tennis Association (LTA) of the United Kingdom, which oversees the annual Wimbledon tournament, recently enhanced its brand by adding augmented reality (AR) messages on tennis ball canisters. Players who scan a QR code are presented with a personalized augmented reality message from a well-known tennis player, inviting them to an event or urging them to keep training.

Even businesses that are not digital natives can adapt their offerings for a more immersive internet and attract younger customers with a few well-placed improvements. Governments all throughout the world, such as Saudi Arabia, South Korea, and the city of Santa Monica, are investigating how the metaverse may enhance public services.

Promoters

Companies who have predominantly promoted their goods and services on the current internet will probably continue to do so in the metaverse. Consumers may see interactive billboards while strolling through the metaverse instead of a banner ad in the middle of the article they are reading, or they may visit a virtual retail like those created by Ralph Lauren. Companies in this category can view the metaverse as a tool to engage customers rather than a major component of their product model as the technology becomes more widely used.

Value: Optimization and process improvement

Enterprise simulation

Top-line growth does not have to be the only focus of the metaverse. In fact, many people may turn to immersive digital experiences to maintain, safeguard, and improve their current business models. Complex machinery design, construction, and operation costs can be reduced in capital-intensive industries like aviation by using virtual testing grounds. For instance, Airbus and Boeing are both developing digital twins of brand-new aircraft and equipping its mechanics with augmented reality (AR) headsets, resulting in quality gains of more than 70%. Similar to this, NVIDIA created the Omniverse technology, which allows companies like BMW to model whole factories. The manufacturer anticipates that using AI to optimize floor movements will result in a 30% increase in efficiency.

It's important to note that not all workplace simulations demand headset use to interact with complex scenarios and long-term planning. The more conventional "glass"—tablets, laptops, kiosks, etc.—is still used in many effective deployments to enable a variety of stakeholders to interact with technologies to better understand, forecast, and optimize their operations. For instance, one of the largest private forest owners in the world and leading supplier of renewable products in packaging, biomaterials, wooden construction, and paper, Stora Enso, aims to create a digital twin of a forest to aid in decision-making for its forestry practitioners and to safeguard biodiversity through sustainable forest management.

Augmented workforce experience

Other enterprises are looking to immersive technologies such as AR/VR to provide personalized experiences for learning and collaboration that are intuitive, streamlined, and scalable. These solutions have the ability to provide better data on participation rates, how long trainees are spending on lessons, and the steps they are struggling with—leading to improved training effectiveness. Case in point: Exelon, the largest electric utility in the United States, has seen significant benefits from rolling out VR training. Since electrical substations can be dangerous to the uninitiated, the virtual environment allows Exelon’s staff to build muscle memory for donning protective gear and solving electrical issues, without risking their safety.

Despite the media's focus on income potential, some of the best uses of the immersive internet may be in fostering fair access to business processes and developmental prospects, just as some of the best enterprise uses of the internet have been in online data storage and access.

Next: Reality Shifts Online

Despite the media's focus on income potential, some of the best uses of the immersive internet may be in fostering fair access to business processes and developmental prospects, just as some of the best enterprise uses of the internet have been in online data storage and access.

• Sensory expansion. Consider the idea of one day tasting cake baking in the metaverse or, if you're prepared to lick a screen, smelling it. Up until now, immersive technologies have mostly concentrated on visual and audio stimulation. While some startups, like HaptX, are creating haptic gloves to provide a sensation of touch, others, like OVR Technology, are creating scent packs to link to VR headsets.
• Thought-based control. The simplification of user interactions with technology has reached an extreme with brain-computer interfaces (BCIs). Although the idea of having brain chips may seem science fiction, noninvasive BCI technology is already making its way into AR/VR headsets, which should someday allow users to control virtual avatars and settings with their thoughts.
• All-in-one devices. Users may be able to access the metaverse with the next technology without the need for extra headsets or handheld devices. Imagine entering a media room with holograms of the metaverse projected on the walls. Or picture a laptop that employs cameras to translate a worker's physical movements into an avatar's movement in a virtual office environment.
• Spatial interaction. Users will be able to engage with actual data without making a digital duplicate thanks to spatial interaction capabilities provided by AR technologies like motion sensors and smart glasses. For instance, customers can enter a restaurant while wearing smart glasses and read a display of the hours, special offers, and reviews. Or, a group of friends can go to a concert without being able to see any of the city's billboards by blocking out visuals in their glasses.

Why should I be concerned?

Technology engagement, as we predicted in the prologue, is ready to move from discrete digital realities to ambient computing, where users can step outside the glass and glance up from their devices to a reality that synchronizes with technology without effort. The ultimate goal of technology engagement and the unifying denominator of each of the aforementioned paths is simplicity.

Leaders should be aware that the dangers, such as those related to cybersecurity, privacy, safety, legislation, and ethics, are everything from straightforward as they get ready for this future. Since immersive technologies have the potential to have a significant impact on the economy, top-tier executives and boards of directors should devote their time to developing the technology in a way that upholds trust and adds value.

Moving through the glass and beyond will probably necessitate moving beyond preconceived notions if history is still a guide for future-ready leaders. Getting ready now could help businesses transition from the present internet age to the following one.

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