Indian IT firms like Infosys and Tech Mahindra have made big bets in the Metaverse. Let’s explore more about it.
It’s been almost 10 months since the tech giant Facebook changed its name to Meta and introduced us to a 3-dimensional world named ‘Metaverse’! Since then, people have been thinking that metaverse is another form of online gaming. Well, that’s partly true. But there is so much potential in the Metaverse. Hence Indian tech giants like Infosys, Tech Mahindra, Wipro, TCS, and many more have entered the Metaverse world!
What’s Happening?
The Metaverse is said to be the future of the internet. It has so much potential that Facebook changed its entire existence and rebranded itself to Meta, which showed its firm faith in the future of Metaverse.
India ranks 5th in the list of countries driving Metaverse. Indian tech giants like Infosys and Tech Mahindra have joined the bandwagon by coming up with dedicated centre and teams. They also have templatised solutions for the retail, telecom, and banking sectors.
Infosys had done a Metaverse project with The Open French. It is one of the most prestigious tennis tournaments in the world. Recently, they have extended their contract with Open French to focus on digital innovation of the game in the Metaverse.
Tech Mahindra has launched a TechMVerse which will help its customers transact in the Metaverse. They plan to create a car dealership centre in the Metaverse, a gaming centre, and a virtual bank. They have also made a dedicated team of 100, which will soon increase to 1,000 in a year.
Future of Metaverse
According to Statista, by 2026, 25% of humans worldwide will spend at least one hour a day in the Metaverse for digital activities, including work, shopping, and social interaction. Moreover, almost one-third of global businesses are projected to have products and services in the Metaverse.
Metaverse business is expected to increase to USD 678 billion by 2030, which today is close to USD 47.48 billion. So, no IT company would want to miss out on such a huge opportunity!
How Will This New Trend Affect You?
IT giants across the globe have harnessed all the opportunities in the Metaverse and have invested millions of dollars in it. So, in one way, it is safe to say that if Metaverse turns out to be a success, then IT companies might grow in folds. Conversely, robust connectivity is crucial to entering the Metaverse world. So, we might need something more substantial than 5G connectivity. Moreover, not everyone can think of entering the Metaverse because the average cost of a VR headset is relatively high. So, not everyone can afford it.
With time if companies can find a solution for strong internet connectivity and affordable VR headsets then Metaverse could be a million-dollar opportunity for IT companies.
What Lies Ahead?
IT companies, banks, gaming companies, healthcare, and everyone else are running behind Metaverse.
In partnership with Tech Mahindra, Union Bank of India launched a Metaverse lounge where your avatar can visit and gather information related to deposits, loans, and everything else, just as you do in the real world.
Metaverse is still a work in progress. Let’s wait and watch how the future unfolds!
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