The Metaverse has become the hottest topic across various industries in the world. Now, everyone is talking about taking their business into the virtual world. But is this really possible to run a business in the virtual world?
The answer is Yes. Thanks to Metaverse, numerous industries whether it is eCommerce, healthcare, fashion, or education, all can conduct their respective businesses successfully in the virtual world.
Still not sure how? Let’s delve deeper to understand the top use cases of Metaverse in various industries in detail. So, get ready and read the blog till the end to explore how Metaverse can revolutionize different industries.
Metaverse Use Cases: Latest Market Insights
Source: Exploding Topics
- According to reports, the IT industry was the leading investor in the Metaverse technology with a 17% share, in 2022.
- It is projected that the Metaverse will reach $800 billion by 2028.
- A study by Accenture shows that Metaverse can bring $1 trillion commerce opportunities by the end of 2025.
- Gartner predicts that by 2026, 25% of people will be spending at least one hour every day in the metaverse doing activities, such as traveling, playing, shopping, etc.
- According to PwC’s Metaverse Survey, 82% of chief executives expect metaverse projects to be part of their company activities by 2027.
The statistics mentioned above clearly state that the Metaverse will be accepted significantly by various businesses and industries in the coming years. Now, let’s move forward and explore the best use cases of Metaverse in various industries.
Top Use Cases of Metaverse in Various Industries
Many people think that Metaverse is a futuristic technology and will take about 10-20 years to arrive in various industries. But the reality is that it has already arrived on the scene and the technology is used for various purposes tailored to different industries.
Thus, let’s read about the Metaverse and its use cases in various top industries.
Top Use Cases of Metaverse in the Banking and Finance Industry
The emergence of the metaverse is a significant shift for the banking and financial payments industry, with massive potential for innovation and growth.
Let’s move forward and explore various use cases of Metaverse in the Banking and Finance industry:
- Virtual Branches and Offices: Many times, customers don’t have time to visit banks, due to several reasons, such as extreme weather conditions, or the Covid-like pandemic. In such cases, Banks and Financial institutions leverage Metaverse and allow customers to visit banks and financial institutions virtually. The same can be done for the employees who can access their offices and work in a virtual environment.
- Customer Engagement and Support: Banks and financial institutions can also employ Metaverse technology to create a virtual environment where customers can contact the bank, and officials can address their grievances effectively.
- Financial Education and Training: Metaverse technology can also be used to train and provide financial education to new and existing employees. Virtual banks can be set up to train employees how to interact with customers in different situations.
- Virtual Events: Metaverse is the best option for hosting virtual events conducted by banks and financial institutions. As of today, we can witness virtual events being hosted on Zoom calls, or via Live streaming. But in coming years, this will definitely go to the next level, where events will be hosted in the Metaverse and people can participate immersively in events.
- Digital Art and Collectibles: In the coming years, Banks and other Financial institutions will leverage Metaverse to buy, sell, and rent digital arts and collectibles, such as NFTS, to people from different countries.
- Financial Marketplace: Virtual Financial Marketplaces are going to be a trend in the financial market, with the growth of the Metaverse. Virtual marketplaces will be set up by financial institutions, where selling, buying, and exchange of financial goods will take place.
Top Use Cases of Metaverse in Retail and eCommerce
Retail and eCommerce are other industries that are going to be highly affected by the introduction of Metaverse. Let’s delve into the different use cases of Metaverse in the Retail and eCommerce industry.
- Immersive Shopping Experience: With Metaverse, retailers can allow their customers to shop immersively from the comfort of their homes. People can use VR glasses to experience it like they are in the showrooms themselves and buy their favorite products.
- Virtual Showrooms: Showrooms, shops, and marketplaces can be set up virtually using Metaverse, where people can shop and interact with salespersons. Another benefit of virtual showrooms is that users can check the products that they are interested in more effectively as compared to online shopping that we do these days.
- Easy and Secured Transactions: Transactions made for shopping in the Metaverse, will be more secure because of the cryptocurrencies and Blockchain. Shoppers get more payment options, such as NFTs, Cryptocurrencies, and more, which enhances the shopping experience of the people.
- Enhanced Personalization: In Metaverse, Retailers and business owners can also enhance the level of personalization using customer data, and show them products that they are actually looking for, which eventually increases shopping experience and customer retention. Moreover, customers can also ask for product customization more easily and effectively in the Metaverse.
Top Use Cases of Metaverse in the Healthcare Industry
The Metaverse is going to transform various industries and the healthcare industry is no exception. Let’s read further about the use cases of Metaverse in the Healthcare industry.
- Immersive Patient Care: The major use case of the metaverse in the healthcare industry is Immersive care. Patients can reach out to doctors remotely and doctors can check the patient’s condition and suggest medicines immersively, without meeting them personally. Metaverse will be beneficial for both doctors and patients.
- Training and Education: The cost of training and educating new students and budding doctors will become around 60% less with the introduction of Metaverse in healthcare. Medical institutions can leverage immersive technology to train students and doctors for surgeries without spending on real resources.
- Digital Twins: Digital Twins are basically the dummies of something real. In healthcare, Metaverse can be used to create digital twins of the patients to examine the side effects of the medicines or how a particular surgery will affect the patient. This way, healthcare institutions can carry out various surgical procedures and medication research without trying them on real patients.
- Radiology Visualization: These days, medical images are visualized slice by slice on 2D screens during radiology diagnosis. Providing improved medical imaging visualization has the ability to increase the value of disease analysis and surgical planning. The metaverse’s immersive and visualization capabilities can provide more interactive and realistic medical encounters.
Top Use Cases of Metaverse in the Real Estate Industry
Major real estate companies are investing heavily in Metaverse technology. But do know why? If not, then let’s read the use cases of Metaverse in the Real Estate Industry, and you will get the answer to this question.
- Planning and Construction: Metaverse has proven to be the best technology to plan and construct various real estate projects. Builders and construction company owners are using Metaverse to immersively plan the site, design, and layouts of their ongoing and upcoming projects. Through Metaverse, planners will get more accurate insights into the projects.
- Effective Property Tours: These days, when you want to tour a property, you either ask for pictures and videos of the property, or you go to the property site. But with Metaverse, real estate brokers and clients can tour the property immersive from the comfort of their places. This way, they can get the details of the property, such as room sizes, amenities, and neighborhood more accurately than pictures and videos.
Top Use Cases of Metaverse in the Tourism and Travel Industry
According to experts, Metaverse will completely transform the travel and tourism industry in the coming years. Let’s some of the use cases of Metaverse in the Tourism and Travel industry to understand better.
- Helps in Making Travel Decisions: Travel agents and tour operators can use immersive technology to help people make their travel decisions more effectively. They can provide them with immersive experiences of top travel destinations which people can access and decide better which place they want to visit.
- Enhanced Booking Experiences: It becomes difficult for tourists to find hotels to lodge in busy tourist destinations, such as Paris, Amsterdam, Tokyo, Las Vegas, and more. Even if they find the hotel, they do not get impressed by the facilities. Thus, travel agents can offer immersive tours of hotels using AR, VR, and Metaverse, to allow tourists to make their booking decisions efficiently.
- Travel to Historic Times: With Metaverse, it has become possible to visit any place virtually. But what if we say that you can visit a place in historic time also? Yes, it is true. With Metaverse, travel agents are now organizing Historic tours, where people can visit their preferred places in historic times. For example, people can visit New York City or Paris during the time period of 1800 virtually and can experience how these cities were in the 1800s.
Top Use Cases of Metaverse in the Gaming Industry
Metaverse has already transformed the gaming industry, and everyone is happy with this emerging technology. Let’s read the use cases of Metaverse in the Gaming industry.
- Enhanced Gameplay Experience: The Metaverse has provided gamers with an enhanced immersive gameplay experience, which they are liking it. Leading game development companies, such as Epic Games, Gameloft, and Electronic Arts are investing in Metaverse to make their games more immersive, user-centric, and advanced.
- Easy Collaborations: With Metaverse, game collaborations, and multiplayer gameplay have become more advanced. Now gamers can collaborate with other gamers from any part of the world, and play a game immersively in a virtual environment.
Top Use Cases of Metaverse in the Education Industry
The education industry has also benefited from the Metaverse. The following are the use cases of Metaverse in the Education Industry.
- Immersive Learning: It is the most crucial use case of Metaverse in the education industry. Schools can provide immersive learning experiences to students with the help of Metaverse technology. For example, teachers can teach about the Solar System to students using Metaverse, where students feel like they are actually part of the Solar System. This will help students to understand complex concepts more efficiently and eventually improve their learning experience.
- Virtual Laboratories: Schools, colleges, and universities can also leverage Metaverse technology to conduct harmful and dangerous experiments by setting up virtual laboratories. Students and teachers can access a laboratory in the Metaverse and carry out experiments, to gain knowledge. This not only ensures the safety of the children but also enhances their learning experience.
- Collaborative Learning: Many enthusiasts want to learn from the best professors in the world, but cannot able to pursue them because of various reasons. Lack of money, geographical distance, and language barriers are some of the major reasons. But, this can be resolved with the help of the Metaverse. Students can easily collaborate with professors from different countries using the VR glasses and continue learning, thanks to Metaverse.
- Educational and Historic Trips: Another use case of Metaverse in the Education sector, is that educational trips have become effortless and budget-friendly. Schools and other educational institutions can organize educational trips using Metaverse technology. Also, they can organize historic trips, where students can learn about historical events by being there immersively. Imagine, learning about World War II by being a part of it, but of course, virtually.
- Distance Education: Many schools and universities offer distance courses and millions of students enroll for them. However, some experts say that the learning experience can be enhanced if students can get a proper environment, like a classroom, at their place. Thus, with Metaverse platform development, they can provide a classroom-like environment to distant students, to improve their learning experience.
Top Use Cases of Metaverse in the Media and Entertainment
The future of media and entertainment is fascinating, and we are in for an exciting trip, with the immersive internet just around the bend. The metaverse has immense promise for the media and entertainment industries. Let us have a look.
- Virtual Concerts: The metaverse will enable the creation of persistent digital venues in which various artists and content providers can cooperate, communicate, and perform in a manner comparable to that of real life. It will increase users’ exposure and adaptability while ensuring artists’ predictable audiences and engagements. Global bands and celebrities such as Imagine Dragons, BTS, Travis Scott, Muse, and a slew of other contemporary artists have already begun dabbling in the abundance of potential that metaverse implementations bring to the media and entertainment industries.
- Movies: What about a movie in Metaverse? In the coming years, film directors are going to make films that will provide high immersive experiences to the audiences. Using VR glasses, when a person watches a movie, he will feel like a part of the movie and he’s involved in every scene. This will take the movie experience to a whole new level.
- Theme Parks: Theme parks and amusement parks have begun incorporating Metaverse technology to provide visitors with an immersive experience. People can access different themes and rides using VR glasses.
- Sports Events: In coming years, we will also going to witness our favorite sports live events in the Metaverse. Sports event organizers are looking forward to providing immersive experiences to their audiences. Additionally, esports has also gained momentum these days. Hopefully, we can also witness esports events happening in Metaverse.
Top Use Cases of Metaverse in the Manufacturing Industry
Metaverse has unlimited possibilities in the manufacturing industry. It can be used for various purposes and saves time and other resources. Let’s read about the different use cases of Metaverse in the manufacturing industry.
- Enhance Production and Manufacturing Process: It is one of the most important use cases of the Metaverse in the manufacturing industry. Many industries have already begun to use Metaverse to test various industrial scenarios and discover optimization opportunities within their facilities without affecting ongoing production.
- Improve Product Design: Designing a product is a time-consuming process and requires a lot of investment. Another challenge in product designing is that due to experimentation in the product design, many times there is so much wastage of resources. But with Metaverse, product designing can be done virtually, and changes can be made easily without any wastage.
- Research and Development: Metaverse plays a vital role in the research and development of new innovative and existing products. The R&D specialists use Metaverse technology to try out new approaches to develop a product and examine how to make existing ones better in an immersive environment. This results in unparalleled degrees of innovation, efficiency, and creativity.
- Training of Employees: In the manufacturing industry, there are a lot of machines that are complicated to use and cost millions of dollars. Thus, it is not a good idea to put these machines at risk to train new employees. Therefore, Metaverse in the manufacturing industry can be used to give hands-on training to new employees to use machinery in the immersive world.
Top Use Cases of Metaverse in the Fashion Industry
Fashion is one of the popular industries that has already started transforming by Metaverse. Here are a few use cases of Metaverse in the fashion industry.
- Designing Virtual Fashion Wear: Brands like Gucci, Nike, Lacoste, and Valentino have started designing virtual fashion wear for digital avatars in the Metaverse. Soon, you can buy clothes from your favorite designers for your digital avatar and wear them in the virtual world.
- Virtual Fashion Shows: Like other events, fashion shows are also going to be held in Metaverse. Popular fashion shows like Vogue Fashion Week, Met Gala, and Balenciaga Fashion Week ought to happen virtually in the upcoming time.
- Collaboration: Thanks to Metaverse, the best fashion designers across the world can collaborate for fashion shows and projects in an efficient way. They do not need to travel to different cities to meet their collaborators, instead, they can meet and work together in Metaverse.
Thus, these were the top Use Cases of Metaverse in various industries.
The Metaverse is the technology of the future. It would be no wonder if we will witness virtual concerts, virtual classrooms, virtual banks, and other innovations in the coming years.
Leading companies throughout the world, like Nike, Gucci, and Meta, have already begun to invest in the Metaverse platform. And this number is growing multifold.
Thus, this is an excellent time to take a first-mover advantage and set up a business to cater to your customers in an immersive virtual world. Contact the leading Metaverse development firm today for a free consultation. Act now, before it gets too late.