6 industries in which the metaverse brings new opportunities

6 industries in which the metaverse brings new opportunities

The arrival of the metaverse is transforming experiences for both customers and employees across many industries, giving us a glimpse into what the future might look like.

according to GartnerBy 2026, 30% of companies worldwide will have products and services ready to describe. The convergence of new technologies such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) is enabling companies to not only simplify business processes and improve decision-making, but also revolutionize the ways in which customers can interact and experience products and services. While there is much debate about the social and legal aspects of metaverses, these new immersive worlds transform virtual experiences into products and open up new business opportunities.

Here we explore six major industries

  1. Banking Services

Banks have been quick to leapfrog into reverse towards interactive self-help driven by data and decisions to transform customer experience and business processes and increase efficiencies. This digital platform offers financial advice and manages investments without human supervision. Removing human supervision enables workers to prioritize relationships with customers while ATMs can carry out most transactions. At the same time, it meets customers’ changing needs for low-cost, web-based self-service technology.

  1. investment

Likewise, the metaverse can help model and simulate investment portfolios and returns based on risk profiles, interests, portfolio diversity, and the financial strength of investors—beyond “automated advisory.” Since individual investors are in different portfolios, the metaverse can be leveraged to give us perspectives on a variety of investments across primary and secondary market instruments and allow us to interact with them before making decisions. Of course, analytics also enhance the decision-making process in these cases.

  1. manufacturing

Then, high-end manufacturers and refurbishment service providers use technologies such as augmented reality and computer vision to provide a realistic view of designs and full sensory presentations. Customers can now visualize products in their own home and select the furniture and fixtures that appeal to them. In the construction space, immersive experiences of design sessions with architects, construction teams, and clients allow unlimited creativity and engagement when flipping real estate and providing home improvements. In real time, the customer is presented with different finishing options and he has the full scope of making the required modifications – ultimately increasing efficiency and customer attraction.

  1. Real estate

In real estate, the metaverse captures every square foot of the property and allows the buyer to preview it regardless of their geographic location. Buyers can now interact with 3D designs of homes, hotels, restaurants and offices in a way that was not possible before. These accurate and realistic real estate experiences are especially useful for prospects who are relocating to a different city or looking for apartments online. Although most rental sites have a 3D interaction with the design of the house, it can be primitive and unrepresentative in some cases, but in general, the metaverse in the real estate market is pushing the boundaries of technology and allowing one to truly imagine living in a property.

  1. Building

Moving into the construction industry, the metaverse fosters collaboration and enables immersive development and design. Using touch technology, 3D technology, and virtualization, customers and businesses can develop innovative designs, and explore new product development and functionality from anywhere in the world. This co-development/design allows designers and vendors to explore 3D representations of their designs and use the data to make changes more easily. On the factory floor, companies can take advantage of factory virtual models, facility designs, and layouts. Factory virtualizations help automate and improve facilities through simulations without any actual physical changes and allow workers to explore site progress without actually going there.

  1. Field Service Support/Training

One area that could be looking to take advantage of the metaverse is product and design manuals. The immersive experience of learning to assemble furniture, use electronic goods and other mechanical products will be a good way to engage customers, especially in DIY projects. Customers and employees can learn to troubleshoot problems with immersive learning experiences. Field engineers can be trained in virtual worlds to gain hands-on experience in troubleshooting and service delivery. Different use cases can be simulated to give them a quick and intense learning experience to deal with a variety of problems, and reduce dependency on trainers, documentation and situations they encounter. Likewise, the onboarding and training of new employees, especially during peak seasons in retail and other businesses, can be accelerated and delivered more effectively using the metaverse.

In the end, the metaverse is here to stay. With its endless possibilities, the burden is now on companies all over the world to embrace it sooner rather than later. Technologies such as AR, VR, and AI will not only allow companies to adapt to future changes but will also remain competitive in today’s ever-evolving landscape. Metaverse has unlocked the industry of the future, helping companies streamline processes, enable efficiencies, and deliver new experiences for customers and employees that were previously unimaginable.

About the author

Ramya Kanaan is a leading company in the industry – manufacturing in UST. UST is a global provider of digital transformation solutions. For more than 20 years, UST has worked alongside the world’s best companies to make a real impact through transformation. Powered by technology, inspired by people and driven by a purpose, UST partners with their customers from design to operation. With deep industry expertise and a future-proof philosophy, Floor Cabinets integrate innovation and agility into their clients’ organizations.

Featured image: © Mustafa Kaya

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