How 5G Paves the Road to Enterprise Metaverse
Metaverse is a term that describes a Fortnite gamer interfacing with a VR headset. Or perhaps, a group or teens gathered around their Stumble Guys application.
But the metaverse’s entertainment is not limited to consumers. Enterprise benefits can be a boon that will change the way we co-operate as private 5G tech matures.
The metaverse is growing rapidly. In fact, last year the global metaverse marketplace was $39billion. This market is predicted to increase to $679billion by 2030. There are many ways that this will improve the workplace. These include improvements in telecommuting, better accessibility, and greater inclusion for employees who have disabilities.
Metaverse Provides Private 5G Network and Innovations
The combination of private networks 5G and new innovations provided by the metaverse opens up opportunities to save money, increase revenue, and gain competitive advantage in different sectors.
Heavy Industries: Equipment repairs
Heavy industries such manufacturing and logistics depend on numerous interconnected systems. The machines are continually used in harsh environments and require constant maintenance and repair.
However, it can be difficult to train new employees about the nuances involved in these repairs. These problems can be exacerbated when technology is not located in the exact same region where employees are being trained.
Metaverse tools help to overcome these barriers and can be used to efficiently train employees and organizations.
To illustrate, digital twins of an Oil Refinery can be created so that employees can visualize all aspects of the process and understand how various technologies are built.
It is possible to use AR and VR technology for the creation of individual avatars. This will allow personnel to interact with and repair these systems regardless of their location.
This technology not only saves time and money, but also allows employees to explore and identify possible areas of improvement.
Remotely Assisting field Applications
IT support personnel and field service technicians also have the ability to use the metaverse remotely to assist field applications. Some organizations attempted remote assistance when they could not send people to support technology during the pandemic.
Companies of any size and sector will find remote support much more possible with 5G high-bandwidth at low latency. Remote support is also becoming more technical. Remote support can help with complicated repairs or troubleshooting that used to require in-person attention.
This will lead to operational cost savings and significantly reduce the risk associated with sending personnel out to interact with volatile or explosive technologies.
Supporting NFTs In The Finance Industry
Non-fungible tokens, also known as NFTs, are becoming a more mainstream concept than a blockchain buzzword. NFT’s potential is highlighted by numerous examples from the B2C sector. NFT accessories were created by luxury fashion brands Burberry or Louis Vuitton to support their respective videogames.
NFTs have the potential to impact foreign exchange trading as well as real estate management. NFT-based property records could offer a cheaper and more secure alternative to traditional land registers.
This could have huge implications for anyone who has land, but does not have a title. They are therefore prohibited by mortgaging or selling it.
Another possibility is virtual stocks exchanges. These could allow companies to issue stock NFTs from multiple jurisdictions.
This tech is mostly theoretical, but there are some underscore possibilities
These examples and others are theoretical at this time, but they illustrate the potential of technology as it develops. NFTs are expected to continue to play a prominent role in virtual worlds and hybrid virtual/physical ones, and I believe there will be new economies of size as a consequence.
These and other enterprise use cases for the metaverse are possible only through the reliability and security provided by private 5G networking. While cloud computing is the hottest topic, it is important that enterprises recognize that telecom abilities play an equally fundamental role.
5G’s unprecedented speed will enable many enterprise metaverse opportunities to become a reality. Companies should start seriously considering how they will deploy private 5G network infrastructures. Otherwise, they risk being left behind in enterprise metaverse.