India can become a key player in the metaverse by building the capabilities and skills required

Everyone is talking about metaverse and its importance. Many tech giants like Facebook have given their 'all' to this technology. India has a lot of potential of becoming one of the key players in the metaverse by building the capabilities and skills required to tap its vast opportunity. In fact, the budget proposal of a task force for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector may be a stepping stone towards this, according to industry stakeholders. By 2026, one out of four people will spend at least an hour in the metaverse.

Infosys, Tata Consultancy Services, and Tech Mahindra are India's leading IT companies, recently announced their interpretations of the metaverse. TCS got the ball rolling, with Tech Mahindra and Infosys announcing their metaverse products and services on February 28th. This means that the big three of Indian IT have their ideas of a metaverse, and there is quite a bit of overlap in the use cases.

After Mark Zuckerberg changed his company's name from Facebook to Meta and Apple is expected to announce a high-end headset that mixes virtual reality and augmented reality you can understand the craze of the metaverse. Additionally, Google and Microsoft are likewise equipping to launch metaverse products. Not only technology biggies, but gaming technology firms including Roblox, Unity, Epic Games among others are joining metaverse advancements for a more vivid experience.

What is Metaverse?

The metaverse is an inexorably intricate idea in the digital landscape, promising excellent open doors for billions of individuals. A total meaning of the metaverse is at present actually being laid out by current trailblazers. Notwithstanding, a great many people allude to the "metaverse" as another sort of web insight, one worked around various special innovations.

To go a little deeper, the metaverse offers a future where we can partake in a more grounded cross-over between our physical and advanced lives. Contemplate how the LiDAR scanner on the new iPhone can check your environmental factors and bring new happiness into them through your camera. Or on the other hand, consider how you can now put resources into advanced types of craftsmanship utilizing NFTs. These are instances of the metaverse.

Here are the Three Technologies of Metaverse

Blockchain

In the metaverse, blockchain promises a way to give users more control over their online experience, taking us away from Web 2.0 and into Web 3.0, where larger organizations like Google and Amazon don't have as much control over what we do and see online. Blockchain is already making waves in the metaverse with things like Non-Fungible Tokens as a way of investing in and supporting artists, smart contracts, and decentralized finance.

Artificial Intelligence

Improving the link between the physical world and the digital world requires a certain level of intelligence from machines. Artificial Intelligence is essential for a number of metaverse experiences. It can help with natural language processing, to ensure our machines and robotics can understand us.

Virtual Reality

Perhaps the most often-mentioned form of metaverse technology mentioned today, virtual reality, or XR involves merging the physical and digital worlds through the use of headsets and devices. With virtual reality, we can step into virtual worlds and interact with 3D avatars in communities.

Opportunities galore

All evaluations of future development appear to be bullish in metaverse space. According to reports, the worldwide metaverse income opportunity could move toward US$800 billion out of 2024 when contrasted with around US$500 billion out of 2020. The essential market for internet game producers and gaming equipment is fixed at US$400 billion out of 2024, while potential open doors in live amusement and online media can make up the rest. Given the development assessment, all technology companies- IT & engineering services firms, virtual reality focused tech startups & gaming technology companies among others are probably going to be the significant recipients of this upturn.

Curiously, India is probably to play a key role in the evolution and development of metaverse technology. Since the nation is home to a huge user base of video games, social media networks, e-commerce apart from its web-based business separated from its designing ability. With 440 million gamers or 16% of the overall gamers base of 2.7 billion, the nation is among the main five worldwide business sectors as far as client base.

No big surprise, Indian IT and designing administrations organizations including Tata Consultancy Services, Infosys, HCL Technologies, Wipro, Mindtree, L&T Technology Services, and a lot more are creating different metaverse applications. New companies like Bolly Heroes, Internality, Cope Studio, OneRare, LOKA, and Zippy among others are additionally giving different metaverse answers for clients.