70% of businesses plan to integrate metaverse - PwC India

Metaverse, the term which got huge attention from the netizens, is not new. Metaverse was first coined in 1992 by author Neal Stephenson in his sci-fi novel Snow Crash, and work on the technologies that underpin a virtual reality-based internet date back decades.

Now a recent survey by a global consulting firm PwC is justifying the effect of Metaverse in today's businesses. The survey revealed that a whopping 70% of businesses are now exploring the metaverse for new opportunities, compared to just 47% in 2019.

Why are businesses so keen to explore the metaverse? 

It turns out that there are various reasons, including creating new and immersive customer experiences (54%), driving innovation (48%), and generating new revenue streams (45%). These results are not limited to just one part of the world, as a similar survey conducted by PwC India also revealed that 70% of businesses in the country are planning to integrate metaverse solutions into their operations soon.

However, it's not all sunshine and rainbows in the world of the metaverse. As businesses begin to invest in metaverse solutions, there are a few potential challenges that they will need to address, including technical requirements, data privacy and security, and ongoing maintenance of the metaverse environment.

Despite these challenges, businesses are recognizing the potential of the metaverse, and they are keen to explore its possibilities. This increasing awareness of the metaverse's potential impact on various industries marks a significant shift in how businesses approach innovation and revenue generation.

Are you ready for the future? Businesses worldwide certainly are, as they look towards the metaverse as a potential game-changer in the world of innovation and revenue generation.

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