From virtual vision to business reality: embracing the metaverse revolution

Abstract This paper investigates the emerging potential of metaverse technology and the diverse opportunities it presents for companies across industries. Although the metaverse remains in its nascent stages, its swift evolution has introduced a broad spectrum of use cases that hold significant promise for businesses. However, despite the evident potential, there remains a limited understanding of how metaverse technology can be effectively applied to benefit business operations and strategy. To address this gap, this study employs a scoping review methodology, systematically collecting and analyzing data from academic literature, publicly available sources, and company websites. The comprehensive review identified 101 distinct use cases of metaverse technology, which were subsequently categorized into three primary application fields: developing new product and service offerings, enhancing customer experience, and optimizing internal business processes. These findings not only provide a compelling rationale for companies contemplating the adoption of metaverse technology but also represent the first extensive exploration of its applications across diverse fields and industries. The study offers valuable insights that are crucial for both academic researchers and business practitioners who are keen to understand and leverage the transformative potential of the metaverse. By mapping out the current landscape of metaverse applications, this paper contributes to a deeper understanding of how companies can harness this technology to drive innovation, improve operational efficiency, and create new value propositions in an increasingly immersive and interconnected world.