The global Top 100 companies market capitalization has increased by 11% in March 2022, reaching a whopping figure of $35.2 trillion.
And to add to that, technology companies worldwide represent nearly 34% of the Top 100 global companies, they cumulatively contribute approximately $12.0 trillion market capitalization.
These numbers are huge and they are only going to increase with time. Now, if you have been scrolling through social media or keeping a tracking of global news, you must be familiar with the term “Metaverse”.
Ever since Mark Zuckerberg changed his company “Facebook’s” name to Meta during the pandemic, the entire social media was taken by swirl and withing no time the word “Metaverse ” became a global sensation, like no other.
Experts say that it is by far the biggest breakthrough of technology. Gartner predicts that by 2026, 25% of people will use the Metaverse for at least 1 hour everyday and that by 2026 30% of businesses around the world will have Metaverse compliant services and products.
These statistics are only going to rise in the coming years. With Internet Explorer shutting down on 15th June 2022, the world is now witnessing the shift from Web 2.0 to Web 3.0.
This is known as the evolution of the internet and web world. Tech giants and top investors like Microsoft, Meta, Mark Cuban, Roblox, Google, Nvidia etc, are pumping in millions of dollars to make this technology available for the masses across different geographical locations.
In this article we will tell you about what the Metaverse is and the Top 4 benefits of this game changing technology for organizations.
What is Metaverse
“Meta” mis a Greek abbreviation for beyond or after, and “Verse” stands for universe, together metaverse means beyond or after the universe.
As the name says, this technology is truly in every sense beyond our real world universe, it is an immersive platform where people can carry out their daily activities like working, attending class, grocery shopping etc. all in a virtual setup.
People can put on their Augmented Reality (AR) or Virtual Reality (VR) wearable devices and enter this immersive land and live a virtual life parallel to their real life.
Even though this term has come into the limelight very recently, it has been around since over two decades. The term Metaverse was first coined in a sci-fi novel “Snow Crash” which was published in 1992.
Unlike Web 2.0 where all interactions are 2 dimensional, the Metaverse will facilitate people to have 3 dimensional interactions.
This means that people will be able to see and feel objects and other people around them like they would in real life.
A very unique feature of the Metaverse is that people can access the platform even if they aren’t interacting with anybody, this means that people can simply exist here without needing to engage with others.
Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Machine Learning (ML), Blockchain Technology, Cryptocurrency, NFTs (Non Fungible Tokens) etc. are the top drivers of this technology.
Primarily it is Augmented (AR) Reality and Virtual Reality (VR) that help onboard the users into the Metaverse platform. The global AR/VR market is estimated to reach $209.2 billion by the end of 2022.
Metaverse comes with tons of benefits and unexplored avenues.
Since it is a relatively new concept for the world to digest, people in the tech industry have already started leveraging this phenomenal technology to extract as much as gains possible.
Top 5 Benefits of Leveraging Metaverse for Corporate Trainings
Regular training programs are imperative for businesses to strengthen and enhance employee performances.
Employees take corporate trainings very seriously and according to a survey by LinkedIn, 94% of employees would stay at a company that invests in the learning needs of the employee.
Stats say that organizations that have the best productivity among employees conduct consistent training programs for their employees more than once a year.
Until the pandemic these training programs used to take place with physical presence of employees and trainers, however in during the pandemic virtual trainings became popular and convenient.
Learning Management System (LMS) is famous amongst organizations that opt for online corporate training programs and the LMS industry is growing at a rapid speed. The LMS market size is estimated to grow from $8.76 billion in 2019 to $38.10 by 2027.
Industry experts believe that Metaverse will be the successor of the current internet the world is exposed to, it will not be wrong to say that these virtual 2D trainings will soon evolve to 3D Metaverse trainings.
Leveraging Metaverse for corporate trainings is one of the best implementations of this technology. Let’s look at the to 4 benefits of corporate trainings in the Metaverse.
Since these trainings do not require any commute or physical setup or preparation, they are considered to be cheaper than the traditional training methods.
These trainings will be conducted on a virtual 3D platform which is capable of effectively catering to a larger pool of audience at once, saving a lot resources.
Metaverse trainings will be far more convenient for employees are compared to the traditional physical training methods as they allow employees to attend the trainings from any part of the world.
Geographical locations do not restrict employees from attending and gain learnings from these training programs.
Now many of you must be thinking that this is also possible right now on Zoom or Google Meets, however the key differentiator here is the immersive environment which is not 2D, making it more exciting reel-like for the employees.
Corporate trainings in the Metaverse will be primarily driven by technologies like Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR).
These technologies have incredible potential in tracking the development of each individual accurately, if trained well.
They are capable of understanding the learning and development of each employee better than any human can, in most cases.
Hence, Metaverse corporate trainings will in every way improve the learnings and consumption behaviour of the employees.
Making Learning exciting and Fun
Since the Metaverse is a 3D immersive platform where people can see and feel one another, and also not to forget that it is a relatively new concept for people to experience, it definitely is going to surpass the judgements of being boring and monotonous like the current online training programs.
Employees can put on their Augmented Reality (AR)/Virtual Reality (VR) wearable devices and enter the training programs from the comfort of their couch, yet fell like they are physically present with other colleagues right besides them.
They can shake hands, make gesture, laugh, walk around etc. in the environment they are trained in, making it an innovative memorable experience and journey for them.