Indian business pros get enthusiastic about the Metaverse, shows study

Indian business professionals are ‘cosying up’ to the world of virtual reality (VR) including newer concepts like metaverse, which is loosely defined as a ‘virtual world where people can interact, hold meetings, buy property and do even more’. In fact, a recent survey claims that 92% of business professionals in India said that they would participate in a virtual reality space for meetings, such as the metaverse as opposed to ‘boring’ video conferencing, more than the global average of 78%. However, while appetites grow for the new digital world, 55% of Indian respondents believe it will take another two years before we move towards an immersive future.   

The study commissioned by software firm Ciena that surveyed 15,000 business professionals globally, including India, also found that 89% of Indian respondents, higher than the global average of 71%, could imagine their company introducing virtual reality space technology in their work processes.  

Read more: What is the Metaverse and why is everyone talking about it 

More than half, 52% of Indian respondents in the study believe that virtual meetings create an environment where it is easier to collaborate in real-time on projects. Further, 51% of Indian survey participants felt that virtual meetings are more convenient, while 44% felt that virtual meetings are more efficient and offer fewer opportunities for chatter and other distractions. However, on the flip side, 33% of Indian respondents felt virtual meetings do not allow them to read in-person expressions and emotions.  

Even as Indian business professionals are optimistic about using virtual reality-based solutions for collaboration, 50% of Indian respondents believe that their workplaces have not moved towards virtual reality-based collaboration because their organisations do not have a reliable network that can support virtual reality conferences, with 40% citing that the technology was not readily available.  

Similar views were being echoed in other global studies as well. One study, conducted by researchers from a number of European institutions including Coburg University (Germany) and Cambridge University (UK), noted that the present VR and the immersive virtual world of the metaverse, is not yet ready for widespread use in the workplace. The study showed that people working full-time in a VR environment have lower productivity and well-being, and increased anxiety – which in turn could have big implications for the future of work.  

Furthermore, Cybersecurity firm ExpressVPN surveyed 1,500 remote employees and found that many are concerned about their privacy and security while using the metaverse. 

However, not everyone agrees with this view. An April 2022 study conducted by IT consulting major Accenture said that 71% of executives believe the metaverse will have a positive impact on their organization's growth, with 42% said that it will be truly “transformational.”  The study further highlighted that while concepts such as metaverse has great potential to change how companies collaborate, train new employees and establish supportive cultures, privacy and health concerns are areas where businesses should rethink.