• Chesapeake Group

Indian IT majors gear up to tap into the Metaverse



Overview:


A metaverse is a network of 3D virtual reality worlds aimed at delivering real-life experiences within the virtual world. Since the onset of the Covid-19 pandemic and the consequent restrictions on the movement of people, the buzz around virtual experiences has only increased. Facebook’s rebranding to Meta was a trigger for more companies to try and implement their own versions of the metaverse. According to a report from Goldman Sachs, the total market opportunity for the metaverse could be $8tn over the next two decades.


India’s IT giants have clearly stated their intent of harnessing the opportunity presented by the metaverse, which is being widely regarded as the next phase of the internet. Infosys, Tata Consultancy Services (TCS), and Tech Mahindra have announced their interpretations of the metaverse within a span of a couple of days as they race to prepare for the surge in demand in the future. Other peers such as Wipro, HCL Technologies, Mphasis, and Persistent Systems are also betting on the metaverse by piloting new initiatives, building proof of concepts, and building solutions for Web 3.0. IT companies are seeing this as a way to expand their deep technology offerings.


Infosys’ Metaverse Foundry:


Infosys has announced the Metaverse Foundry, a set of 100 ready-to-use templates and use cases that will help enterprises who are fence-sitting on the metaverse to jump in. The company has put in a lot of effort into making its portfolio which consists of seven services, two solutions, and three products. It is the biggest metaverse portfolio in India and the only Indian metaverse stack that has found commercial use case. The Australian Open 2021 featured an extended digital-physical store powered by Infosys’ Metaverse Foundry. At the store, fans could shop for merchandise in the metaverse-based shop.


TCS’ Metaverse:


TCS has introduced a flurry of use cases, across verticals such as online shopping and workplace experience. The online shopping experience is still in development phase and the company is putting together a proof of concept which will enable consumers to go inside stores in the metaverse and have the experience of a real store. For its workplace experience, the company has introduced ‘themaTiCS”, a set of products and services having nine horizontals under three primary themes – time and space, culture, and technology. The company expects metaverse to drive revenue growth in the next 3 to 5 years.



Tech Mahindra’s TechMVerse:


Tech Mahindra has announced its metaverse variant, TechMVerse, which will see the firm utilize its 5G capabilities to deliver immersive experiences for its customers. Tech Mahindra will use its metaverse offering to host four use cases which comprise of a metaverse-based car dealership, an NFT marketplace, a virtual bank, and a metaverse-based gaming center. These four applications are end-user centric and quite different from the use cases offered by the likes of TCS and Infosys. Tech Mahindra is planning operate from four of its centers in Pune, Hyderabad, Dallas, and London by employing 1,000 engineers who will ensure that the firm is ready to solve complex business challenges.