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Metaverse for enterprise business

The metaverse sells immersion, connectivity, and digital asset ownership. But that’s the B2C discourse. What’s in it for enterprises?

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Metaverse for Enterprise Business_00_hero

What is enterprise metaverse and why businesses should care

The metaverse is a collective virtual shared space that combines aspects of social media, online gaming, augmented reality (AR), and virtual reality (VR). It is a digital universe where users can interact with computer-generated environments, other users, and digital objects in real-time.

Think of the internet. The same way the internet is made of countless websites and apps that can connect to each other through hyperlinks, the metaverse is made of a growing number of virtual shared spaces that collectively form a network. This network of virtual spaces is the metaverse.

Unlike the internet, where users can only browse (read, write, listen, or watch) removed from the experience, metaverse users can create and customize their digital avatars and represent themselves, in 3D, inside the virtual space. This enables a deeper layer of social interactions that isn’t quite possible on the good ol’ internet: People can communicate, collaborate, and share experiences with others in various virtual settings as if they were all physically present in the same room.

Crucially, virtual reality and augmented reality are key components of the metaverse. VR provides a fully immersive experience, where users wear headsets to enter a computer-generated environment. AR, on the other hand, overlays digital elements in the real world through devices like smartphones or smart glasses. However, the tech used to create the metaverse’s digital spaces isn’t limited to VR and AR: Most virtual worlds can be accessed by PC or smartphone all the same.

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So, why should enterprises care about the metaverse?

Metaverse for Enterprise Business_00_text

For the same reasons businesses from the 90s onwards had to care about having a website: it serves as their calling card, a sales enablement tool, and a technological PR touchpoint, all in one. Well-designed metaverse platforms for business prioritize economic activities, including marketplaces for digital goods, virtual real estate, and services — with blockchain technology often integrated to authenticate ownership of digital assets and secure transactions.

Enterprise metaverse market size in 2024 and beyond

Currently, the metaverse global market value is about $74 billion — $23B in the US alone, making the country the top metaverse market, followed by China, Japan, the UK, and Germany. The total cap is expected to grow at a compound annual growth rate (CAGR) of 37 percent between 2024 and 2030, reaching a projected worldwide market volume of $507.8B.

Industry sectors already investing massively in the metaverse include IT (17%) and education (12%). Those, together with eCommerce, gaming, and health & fitness, are projected to be the dominant verticals in the metaverse by 2030, with smaller slices of the pie shared between workplace training, live entertainment, advertising, and more.

Top sectors investing in the metaverse

Computer / IT
17%
Education
12%
Finance
11%
Marketing / advertising
10%
Medical / health
9%
Travel / hospitality
6%
Constructing
5%
Transport
5%
Customer service
4%
Manufacturing
3%
Food/Hospitality
3%
Services
3%
Retail
2%
Creative arts and design
2%

Source: Sortlist

The key players invested in developing the metaverse right now can be divided into two major groups: Big Tech and gaming companies. From the Big Tech side, we’ve got heavyweights like Alphabet, Meta, Bytedance, and perhaps in the intersection between both groups, the video card maker Nvidia. From the gaming corner, you’ll see industry leaders such as Roblox, Unity, Epic Games (Unreal Engine and Fortnite developer), and Chinese giants Tencent and Netease.

Most importantly, those key players show how healthy the market for the metaverse is structured to be, with top-level enterprises for every moving part. Hardware makers, game engine developers, and gaming platforms enjoyed worldwide by millions of players at any given time — all coming together to advance what’s touted as the next iteration of the internet.

The metaverse impact on business

The older ones among us might remember the days when internet browsing was challenging. Establishing a connection required active user input. Navigation was clunky. Useful websites were far too few, and hard to even find in the pre-Google era. It was an enthusiast’s endeavor.

But as with any new technology, adoption operates on a feedback loop: the more entities (both consumers and companies) join in, the more incentive external stakeholders have to invest their time and resources in it.

A yet-small, but growing group of enterprises have already recognized this reality in the metaverse and are actively exploring potential avenues for the tech, irrespective of industry. Here are some examples of how to use metaverse for business:

Sales and marketing

Sales and marketing take on a more dynamic form in the metaverse, allowing businesses to ditch mundane presentations and engage with customers in immersive environments. Virtual showrooms, product launches, and interactive marketing campaigns replace one-sided slideshows — and transform passive consumers into active participants.

Furthermore, companies can create personalized experiences that leverage VR and AR to showcase products, provide demos, and connect with a global audience in real time.

Customer support

Have you noticed how most corporate chatbots nowadays have human names? That’s because even when we know they’re bots, giving them human-like features (as simple as a name) makes the interaction feel cozier and more natural.

Metaverse-based customer support follows the same logic by adding an extra layer of ‘presence’ to chatbots and virtual assistants. Their disembodied voices and text boxes become represented by AI-powered avatars, guiding users through troubleshooting in a spatial, interactive manner similar to how a supporting video game character would.

Virtual help desks and product tutorials also take a turn for the better, offering a more engaging and efficient support experience that fosters customer satisfaction and leaves customers with a stronger sense of connection to the brand.

Hiring and onboarding

The metaverse brings some welcomed fresh air to an almost outdated recruitment practice: job fairs. Metaverse-based virtual job fairs can keep the same enticing physicality of traditional ones, while removing the geographical barriers that restrain the size of the candidate pool.

Interviews and onboarding also take a turn for the better, especially in the era of remote work. New hires can be immediately immersed in their new company and engage with their new colleagues beyond the dullness of a Zoom call — which is paramount to fostering the sense of workplace connection and community that remote work so commonly lacks.

Employee training

Many fields, such as healthcare, manufacturing, and complex technical environments already use VR for training to reduce costs and even life-threatening risks. Add the metaverse in, and the interactivity takes a whole new dimension — a collective one. Beyond simply learning by doing it themselves, students, interns, and new employees can observe and participate within the virtual space itself.

Instead of “lecture-style” training, the metaverse offers an experience akin to a forum, with smart applications relying on gamification to increase the familiarity of employees with the system. Naturally, those virtual collaborative learning spaces have the benefit of encouraging knowledge sharing in the real world as well.

Remote work collaboration

The metaverse is at the sweet spot at the intersection of office and remote work. Beyond the limitations of video calls and emails, metaverse workspaces, employees working from home can benefit from both the comfort of remote work and the office space reproduced virtually — and enhanced with features such as shared 3D models and data visualization, virtual team buildings, and collaborative digital platforms.

Product development

Close-knit teams, especially remote ones, can co-create and test prototypes in virtual environments with unparalleled speed and cost-efficiency. Designers, engineers, and stakeholders can collaborate in the metaverse in real time but with virtual materials, expediting the iteration cycle and slashing the time-to-market down to boot.

Faster iteration cycles also allow for quicker, actionable user feedback either individually or from focus groups.

Metaverse for Enterprise Business_00_cta

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Industries poised to capture metaverse business applications

Between metaverse business use cases already here and double-digit market value projections for the end of the decade, here’s some of the most popular industry-specific applications for the metaverse:

Manufacturing and industrial

Expected to grow at a CAGR of 38.6 percent between 2024 and 2030, to $24B.

  • Virtual prototyping – Manufacturers can utilize the metaverse to create detailed virtual prototypes, allowing for extensive testing and refinement before physical production. This accelerates the product development cycle and minimizes costly errors.
  • Collaborative engineering – Teams across the globe can seamlessly collaborate in shared virtual spaces, fostering innovation and efficiency in engineering projects with accelerated project timelines.
  • Digital twin simulations – Digital twin simulations offer real-time replicas of physical assets, providing continuous monitoring and predictive maintenance capabilities. This application in the metaverse boosts asset management and ensures optimal performance.
  • Immersive training for operators – Immersive training programs in virtual environments simulate complex machinery operations, enabling operators to improve their skills without associated risks.
  • Supply chain visualization – The metaverse facilitates big-picture supply chain visualization, allowing organizations to track and optimize their supply chain in a virtual space. This ensures better logistics planning, risk management, and overall supply chain efficiency.

Healthcare

Projected to grow at a CAGR of 52.9 percent between 2024 and 2030, to $79B.

  • Surgical training simulations – The metaverse offers realistic virtual environments for practicing procedures. Aspiring surgeons can hone their skills in a safe and controlled setting.

  • Telemedicine and remote consultations – Healthcare professionals can leverage the metaverse for telemedicine, providing remote consultations to patients regardless of their geographical location.

  • Patient education and engagement – Interactive virtual scenarios in the metaverse improve patient education by visualizing medical concepts and treatment plans.

  • Mental health and therapy services – The metaverse can provide mental health services through virtual therapy sessions and interventions. This application enhances accessibility and destigmatizes mental health support.

  • Rehabilitation and physical therapy – Virtual environments in the metaverse may offer personalized rehabilitation exercises and monitoring, aiding in the recovery process for patients undergoing physical therapy.

  • Virtual health workshops and seminars – Healthcare organizations can tap into the metaverse to conduct virtual health workshops and seminars, fostering education and awareness on various health topics.

Education

VR learners are 275 percent more confident in their new skills than classroom learners.

  • Virtual labs for STEM education – The metaverse enhances STEM education by providing virtual labs where students can conduct hands-on experiments in realistic simulated environments.

  • Teacher training and professional development – Educators can engage in virtual spaces for training and professional development, leveraging the metaverse for continuous improvement of pedagogical skills.

  • Inclusive educational spaces – The metaverse promotes inclusivity and equal access in education by offering virtual spaces where diverse learners collaborate in shared classrooms.

  • Virtual libraries and resource centers – Educational institutions can use the metaverse to create virtual libraries and resource centers, ensuring students have access to a wide range of materials in a digital environment.

Real estate

Projected to grow a whopping fifteenfold between 2022 and 2030, to $15B.

  • Virtual property tours – Real estate professionals use the metaverse to provide virtual property tours for potential buyers to explore properties remotely.

  • Virtual staging for furnishing and decoration – Virtual staging in the metaverse enables clients to visualize and personalize spaces with different furnishings and decorations before making decisions.

  • Interactive 3D models – The metaverse facilitates the creation of interactive 3D models, offering a dynamic understanding of architectural layouts and property designs.

  • Community and neighborhood exploration – Real estate platforms in the metaverse allow users to explore communities and neighborhoods virtually, providing insights beyond individual properties.

  • Global property exhibitions – Real estate events and exhibitions go global in the metaverse, with platforms to showcase properties to an international audience in immersive virtual environments.

Architecture and construction

  • Building information modeling integration – The metaverse integrates building information modeling, providing a collaborative platform for architects, engineers, and clients to collectively shape projects.

  • Virtual reality site inspections – Virtual reality site inspections offer a detailed walkthrough of construction sites. This enhances communication and identifies potential issues early in the project.

  • 3D printing prototypes – Architects and designers leverage the metaverse for 3D printing prototypes, allowing experimentation with designs before physical implementation.

  • Project visualization for clients – The metaverse aids in project visualization for clients, with immersive experiences that ensure a clear understanding and approval of designs.

  • Equipment operation simulations – Metaverse-based simulations of equipment operations let construction teams refine processes and improve efficiency.

  • Material selection in virtual environments – Architects can use virtual environments to explore and experiment with material selections, optimizing choices for construction projects.

Retail and e-commerce

  • Virtual try-ons for fashion – E-commerce platforms can leverage the metaverse for virtual try-ons, enabling customers to visualize and try out fashion products before making purchase decisions.

  • Global pop-up shops – Brands can host global pop-up shops in the metaverse, creating unique and interactive shopping experiences that ignore physical limitations.

  • Virtual shopping events – Enterprise metaverse platforms can be designed to host virtual shopping events that double as collaborative experiences, fostering a sense of community among consumers and brands.

  • In-depth product information – Metaverse-based e-commerce can provide in-depth product information for customers to make informed decisions, full of comprehensive details about the products they are interested in.

Technology and IT

  • Immersive software development environments – IT teams can collaborate in immersive software development environments in the metaverse, enhancing creativity and productivity in the development process.

  • Collaborative innovation spaces – The metaverse facilitates collaborative innovation spaces where global teams can brainstorm and generate ideas in real-time.

  • Virtual reality for product demos – Product demos in the metaverse are empowered by virtual reality, so potential customers can interact with products in simulated environments before making purchase decisions.

  • Cybersecurity training and simulations – The metaverse becomes a secure space for cybersecurity training and simulations, preparing professionals for evolving threats in a virtual environment.

  • Virtual data centers and cloud management – The management of IT infrastructure can be streamlined in the metaverse, with virtual data centers and tools for efficient cloud management.

Finance and banking

  • Virtual branches for remote areas – Financial institutions can use the metaverse to establish virtual branches, enabling accessible financial services in remote areas where physical branches may be impractical.

  • AR banking apps – AR banking apps in the metaverse provide users with an immersive and personalized banking experience through gadgets and smart devices.

  • VR banking consultation – The metaverse can improve traditional banking consultations by providing virtual reality experiences for in-depth financial discussions and advisory services.

Metaverse global market size (in billion USD)

Total
4.7
4.7
2022
5.7
5.7
2023
7.5
7.5
2024
10.4
10.4
2025
15.2
15.2
2026
22.7
22.7
2027
33.1
33.1
2028
45.7
45.7
2029
58.1
58.1
2030

Source: Statista

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Existing metaverse enterprise use cases

H&M’s virtual try-on

Back in 2021, H&M created a virtual fitting room in two of their flagship stores in Germany, where 92% of users nodded to how it helped them find apparel they liked. Now, the company is among many successfully using the new technology to reach clients worldwide.

ARuVR’s platform for employee training

ARuVR, formerly VRtuoso, deploys extended reality (XR) solutions to enterprises and public entities. During the pandemic, a biopharmaceutical company required their services to develop an XR platform that could scale training across departments despite the ban on travel. Participants could tour the company’s manufacturing facilities using VR headsets or just their smartphones, nullifying contamination risks and the cost of training by 98 percent.

Meta’s Horizon Workrooms

The poster child for the Metaverse, Facebook’s parent company has dished out upwards of $10 billion in 2021 alone. Their Horizon Worlds platform is already being used in work environments, especially to attend industry events remotely. Workrooms let users meet teammates, brainstorm ideas, and share presentations via Meta Quest headsets or plain old 2D screens.

The Sandbox's Atari theme park

A collaboration between mobile game developer The Sandbox and the iconic gaming company Atari, this virtual theme park boasts roller coasters, arcade zones, and other attractions. The branded partnership merges gaming, branding, and virtual real estate to highlight the lucrative potential of the metaverse.

Unity’s digital twin solution for Sitowise

The leading game engine developer Unity paired with Sitowise, a Finnish firm focused on the sustainable development of cities, to create a digital twin of the Port of Oulu — Finland’s largest Arctic city and a hub for new technologies. Linked to sensors built in the port’s environment, Sitowise could run real-time simulations and optimize portuary operations and logistics.

VerseX NFT economy

VerseX, a metaverse project developed in collaboration with Vention, combines the digital and physical worlds to create a value-driven economy powered by cryptocurrencies and NFTs. VerseX aims to establish an operating environment for businesses, brands, and individuals to set up stores, entertainment events, and other value-generation activities.

Metaverse enterprise solutions willed into reality

Metaverse development requires expertise in a handful of different areas: AR, VR, payment gateways, game design, 3D modeling, and QA testing, not to mention setting up backend-related capabilities like server hosting and optimization.

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Kiryl Drutsko
Kiryl Drutsko

Metaverse Specialist at Vention

“Metaverse applications might look simple on the surface, but that’s not the case at all. They must look good enough to be enticing and light enough to run on a browser. It’s a hard-balancing act best left for developers who know the drill.”

Beyond those core skills, our Vention experts also have the know-how for:

Metaverse for Enterprise Business_00_tabs

Virtual currency solutions

Tapping into our vast fintech experience, Vention engineers know how to embed financial services, digital assets, and cryptocurrency systems into metaverse endeavors to amplify your revenue streams.

Metaverse enterprise services

Our experts develop enterprise metaverse solutions that offer new digital possibilities for the companies willing to generate above-average ROI — and stake their leadership claim into the metaverse space.

Metaverse security solutions

We understand how serious security and compliance are, regardless of territories. Vention developers are ready to deploy, as well as walk you through, both the traditional and the new security strategies that ensure an unassailable metaverse.

 

Metaverse integration services

Boasting partnerships with multiple household tech names, third-party integration is our forte. You can expect your metaverse platform to be loaded with any number of diverse functionalities you require.

Metaverse technology consulting

Our researchers and business analysts can guide you through the precise requirements, system specifications, tech stack selection, and best-fit equipment to make your metaverse for enterprise shine above the competition.

Our metaverse tech stack

Extended reality

Game engines Unity, Unreal Engine

3D modeling and animation tools Blender, Maya, 3ds Max

Networking and cloud technologies AWS, Azure

AR development kits Apple's ARKit, Google's ARCore

Programming languages and frameworks C# and C++,

JavaScript, WebXR, Python

SDKs and APIs

OpenXR, Vuforia, Wikitude

Spatial and edge computing

Network management tools

Encryption and access control

3D modeling and simulation tools

Protocols MQTT, CoAP

Network security tools

Local storage solutions

Containerization and virtualization Docker, Kubernetes

AI and ML models

Data synchronization tools

AR and VR tools

Web 3.0

Blockchain platforms Ethereum

Decentralized databases OrbitDB

Development frameworks and tools Truffle, Hardhat, Remix

Consensus mechanisms Proof of Work (PoW), Proof of Stake (PoS)

Smart contract platforms Ethereum, Polkadot, Cardano, Solana

P2P networking and communication protocols Libp2p

Decentralized storage and file systems IPFS (InterPlanetary File System), Filecoin, OrbitDB

Cloud technology

Virtual machines (VMs) VMware, Hyper-V

Distributed storage systems Amazon S3, Google Cloud Storage

Automation tools Terraform, Ansible

Orchestration platforms Kubernetes, AWS Elastic Beanstalk, Azure App Service

DevOps tools Jenkins, GitLab CI/CD

Artificial intelligence

Programming languages Python, Java, C++, JavaScript

Machine learning libraries and frameworks TensorFlow, PyTorch, Scikit-Learn, Keras

Data processing and analytics Pandas, NumPy, SciPy, Apache Spark

Natural language processing (NLP) NLTK, spaCy,GPT, BERT

View all

Why Vention

Comprehensive experience

  • 20+ years of experience in software development
  • Top-notch expertise in 3D modeling, image analysis, blockchain, AI, and hardware integrations
  • 50% average savings with our VR solutions compared to in-house

Client-first approach

  • 16 centers across the globe enable us to operate within your time zone
  • We offer multiple engagement models for tailored client experiences
  • Delivery on time, on budget, and on scope

Piece of mind guaranteed

  • Solutions that meet required regulations and compliance practices
  • Assistance in choosing stacks that reduce both initial and ongoing maintenance costs
  • We handle all operational costs and employee benefits

Unmatched flexibility and scalability

  • Kick-off in 2 weeks or less
  • Easy team scaling up or down upon request
  • Option to personally vet developers, with swift replacements available at any project phase
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