Metaverse Emerging as a Fast-developing Technology Sector

With the market size predicted to reach nearly ~$1.3 trillion by 2030, Metaverse, today is one of the fast-growing technological domains. To discuss the future business opportunities and innovations in the Metaverse ecosystem, eminent industry leaders and stakeholders convened at the first-of-its-kind Metaverse Conclave, organized by Meity - NASSCOM Centre of Excellence, in association with K-Tech.

The event also witnessed the launch of the ‘Metaverse: Entering Into a New Reality’ report, which highlights the development stages of the metaverse ecosystem, its challenges and future business opportunities. The report also elaborates on the current state of the market, important milestones, and players in the Metaverse universe, showcasing key use cases and industry case studies.

Sharing his views, Eske Bo Knudsen Rosenberg, Consul General, Denmark, said, “Metaverse is definitely an area that we are looking into. We are working towards how we connect the interesting things of the Metaverse ecosystem with that of India and together create interesting opportunities for the future.”

Dr Rohini Srivathsa, National Technology Officer, Microsoft India, said, “Through the metaverse, we are igniting a new wave of immersive experiences in our personal lives, redefining how we collaborate at work and generate new ideas faster and more effectively as well as connecting the physical and digital worlds to drive us forward into the world of industries. As we move forward on this journey, startups, large corporations, governments, and industry bodies will need to ensure that the metaverse stays and grows sustainably as a safe, secure and open ecosystem.”

Discussions around the importance of Metaverse adoption across enterprises, industries, start-ups, and sectors, including manufacturing, health, fashion, marketing, and education, among others were some of the key highlights at the conclave. The day-long event further outlined the opportunities and challenges for tech start-ups in the age of Web 3.0 and Metaverse as well as how their adoption can enable India to become a global technology and development hub.

Shankar Venugopal, SVP, Mahindra & Mahindra, said, “The automotive industry is transitioning, from IC-based engines to electric vehicles. What it means is ensuring reskilling at scale, focused collaboration across the globe to accelerate new product development and getting close to the customers involving them to co-create products. In all this, I believe Metaverse has great potential and can actually enable all these three in a smart and effective manner.”

Sanjeev Malhotra, CEO, NASSCOM Centre of Excellence, said, “Metaverse is an emerging technology where so much interest and work is happening across the board. Its use cases are not only limited to training, retail, or education but metaverse is now being adopted across manufacturing and healthcare as well. We are working with the ecosystem to increase awareness, create more applications and bring key technologies like AI, IoT and Metaverse together, to make a bigger impact.”

The event witnessed participation from over 400 delegates and stakeholders of the ecosystem including, large tech and non-tech enterprises, builders, innovators, investors, consultants, and key participants from the academia, to collaborate and exchange ideas for driving and leading the Metaverse revolution in India. Speakers at the event included various Industry leaders like Anil Menon, CIO, Lulu Group; Nirav Parikh, CIO, MFL; Shilpa Shree Nayak, Director – Head Data and Open Innovation, Natixis, Rajesh Mirjankar- Managing Director & CEO, Kiya.AI;  Nirupam Srivastava, SVP, Hero MotoCorp; Surbhi Gupta, Head of Digital, ACC Ltd; Dr. Yasha Pandit, Director, PWC; Karan Singh, Managing Director, ACG ; Amit Doshi, CMO India, Brittania; Avinash Deepak, Senior Vice President, Airtel, among others.