Deloitte checks the hype behind the Metaverse in a new report

The company predicts media, entertainment, and gaming industries are expected to take a lead in the adoption journey of Web 3.0.

In a bid to unravel and demystify the hype, Deloitte India has released a report titled ‘Metaverse: The hype, possibilities, and beyond’ at the Internet & Mobile Association of India (IAMAI)’s 18th Marketing Conclave event building a futuristic roadmap that this cutting-edge technology will play in the next phase of India’s growth story.

The report is broadly categorised around three themes.

It talks about Web 3.0 accelerating creator’s economy, talent and digital transformation. One of the key drivers is the economic possibilities within Metaverse is driven by Web3.0’s ability to spur digital transformation and creator economy. Given India’s younger generation inclination towards tech consumption, Deloitte India anticipates an increase in demand for digital products, and immersive and elevated experiences.

Metaverse will therefore act as a catalyst providing creative freedom to brands and businesses to use and secure meaningful experiences generating employability, training and focus on customer experience capabilities.

The media, entertainment, and gaming industry are expected to take a lead in the adoption journey of this new architecture.

Speaking at the launch, Jehil Thakkar, Partner and Media and Entertainment sector leader, Deloitte India said, The metaverse will serve as a key enabler for the Indian media and entertainment sector opening newer avenues for India's vast talent pool in engineering, graphics, video, and animation. Together with a new digital vision of the Government and new applications made possible through 5G, India's talent pool has the potential to make the country a key centre for metaverse-related technologies and innovation”.

Further, the report also points out how the adoption of these technologies will mean traversing challenges & risks to sustain business in a dynamic marketplace. The scale of adoption will be driven by the cost of compatible devices (VR, headsets, smart wearables) and the ability to develop technical skills and readiness.

The report finds out that industries, such as fashion, consumer durables, real estate, retail and e-commerce, banking, health care, manufacturing may take a phased approach in adopting certain components of Metaverse and gradually expanding the offerings.

Ashvin Vellody, Partner, Consulting, Deloitte India said, “The next wave of digital transformation is a set of technologies that define customer experience and connectivity to enable decentralisation. The Metaverse provides one such path forward where AR-VR, other OEMs, and device independent technologies aim to create a virtual world full of rich experiences. Businesses will continue to adopt these technologies if it enables their vision to provide the best customer experience at a reasonable cost.”