Impact of Novel Technologies: A Case Study on Metaverse

Abstract

Business excellence banks on the strategical approach for its growth, even in critical times. COVID-19 has created a challenging environment and enforced to explore novel methods for business sustainability. In this scenario it has become prime factor to engage futuristic technologies as part of the business model.

The main objective is to assess the impact of novel technologies applying to various business sectors. Metaverse is considered to be the futuristic and novel technology which may become game changer for the life style across globe. However, the secondary objective is to assess the awareness, cost effectiveness etc., about such technologies among the end users of such technologies.

Metaverse is an evolving technology across globe, which promises higher return on investments (ROI) while offering state-of-the-art facilities to customers. It is found, during a study about impact of Metaverse as novel technology and how it can impact the life of human beings. The study also included to assess the business opportunities for developers and investors apart from benefit to the users. The research highlights the factors influencing future of Metaverse and prediction about its full pledged implementation in the industries. It is to state that the study covered across the globe and India for the responses with a spread over different age groups and knowledge levels about the future technology.

The responses show that such novel technologies need to made available at affordable price and lot of awareness to be created among the users for better impact and utilisation. This paper presents the diversity of data collection, responses, analysis and summarises the prediction of Metaverse as business opportunity with time lines.

A patent is filed for the 5 stage Metaverse Maturity Model developed based on this study, by the author.