“METAVERSE AND ITS APPLICATION IN INDUSTRY”

Dissertation(I) submitted to School of Business for the partial fulfilment of the degree of

MBA (Logistic & Supply Chain Management)

2021-23

Faculty mentor:
Dr. Saurabh Tiwari
Professor- (Department of Transportation)
at School of Business
UPES, Dehradun

This report is submitted by:

Ayushi Singh
R600221008
500090547
MBA LSCM (2021-2023)
UPES, DEHRADUN

School of Business
University of Petroleum and Energy Studies,
Dehradun, Uttarakhand, India

1
 CERTIFICATE

Date:

To Whomsoever It May Concern

This is to certify that Synopsis report on “METAVERSE AND ITS APPLICATION IN

INDUSTRY” is completed and submitted to UPES, Dehradun by ‘AYUSHI SINGH’, ‘SINGH'
in halfway satisfaction of the necessities for the honor of level of Post-Graduation of Management
in Business Administration (Logistics and Supply Chain Management) is Bonafide work
completed by her under my watch and direction.
As far as I could possibly know and conviction the work has been founded on examination made,
information gathered and broke down by her and this work has not been submitted any place else
for some other college or organization for the honor of any degree or certificate.

Faculty mentor:

Dr. Saurabh Tiwari

Professor- (Department of Transportation)

at School of Business

UPES, Dehradun

2
 DECLARATION
I AYUSHI SINGH student of MBA (Logistics & Supply chain Management) at UPES, Dehradun
declare that work done on ‘METAVERSE AND ITS APPLICATION IN INDUSTRY’ is
original. Any references made in this venture are properly recognized.
The examination of past present and future as archived in this task is along these lines the
copyrights of the creator. This report ought not be imitated without consent of the creator.
As far as I could possibly know and conviction the topic here is unique and has not been submitted
to some other college till date.

3
 ACKNOWLEDGEMENT
I would like to express my sincere gratitude to Dr. Saurabh Tiwari for providing us an
opportunity to do research on the “METAVERSE AND ITS APPLICATION IN INDUSTRY”.
His expertise, enthusiasm, and dedication to work have been a constant source of motivation for
me who have spared his time and helped in completing this project. We would also thank our
college UPES for providing all the necessary needed for the completion of the synopsis report.

Faculty Mentor
Dr. Saurabh Tiwari (Faculty Mentor, Professor, DoTM, School of business, UPES, Dehradun).

4
 Table of Content

1. Statement of Proposal………………………………………………………………………………...6-8
1.1 Problem Statement............................................................................................................................ 6
1.2 Background ...................................................................................................................................... 6-7
1.3 Research Objectives ............................................................................................................................ 7

1.4 Scope of Research ............................................................................................................................... 7

1.5 Motivation and need of research ...................................................................................................... 7-8

2. Review of Literature .......................................................................................................................... 8-16

3. Research Methodology ......................................................................................................................... 17
3.1 Theoretical Framework .................................................................................................................. 17
3.2 Sources of Data ................................................................................................................................. 17
3.3 Sampling ........................................................................................................................................... 17

3.4 Methods Used……………………………………………………………………………………....18

3.4 Schematic Flow Diagram .................................................................................................................. 18

4. Report Structure ................................................................................................................................... 19

5. References ........................................................................................................................... 20-22

5
 Chapter-1: Statement of proposal

1.1 Problem Statement

Metaverse is a new emerging technology. Virtual reality (VR) and augmented reality (AR)
headsets make it possible to experience the Internet as a single, universal, and immersive
virtual environment known as the "metaverse."
Utilizing augmented and virtual reality technology, the metaverse has the potential to expand
the physical world by enabling people to interact naturally in both real and simulated
surroundings using avatars and holograms. Problem statement is that industries don’t have
insights where they can use metaverse in their organization to ease their performance.

1.2 Background
An introduction to the metaverse is one of the first things you need to find the top metaverse
applications. The metaverse, which has its roots in a sci-fi novel from 1992, combines
augmented, virtual, and physical realities in a community-based online setting. Through the
use of digital avatars and a virtual environment, the metaverse can facilitate social and
commercial interaction between users.
The fundamental description of the metaverse and its characteristics provides the best
groundwork for understanding the most popular metaverse applications. It is legitimate to
ponder how to employ technologies like VR, AR, and XR to expand metaverse examples in
the actual world as their use continues to increase daily.
When it comes to answers to queries about metaverse applications, gaming and social media
are among of the top contenders. The full potential of the metaverse for the future is
demonstrated by a number of other intriguing entries among metaverse applications. Let's look
at the top five uses of a metaverse in various fields as listed below.
a. Healthcare: The best example of metaverse applications in the healthcare sector refers to
the use of augmented reality. AR has emerged as a vital technology for empowering the skills
and knowledge base of medical students. Apart from the pre-operative pictures obtained from
MRI, CT, and 3D scans, AR headsets can help in viewing important real-time patient data.
b. Real state: The next promising entry in metaverse applications list would point towards
the real estate sector. Virtual reality is one of the significant technologies for driving
experiences in the metaverse. It can offer realistic and immersive experiences to clients, and
this strength can work in favor of metaverse applications in real estate. For example, real estate
agents can leverage the power of VR for offering immersive virtual tours of properties to
buyers.
c. Education: The uses of metaverse technologies in the education sector have also started
gaining momentum in recent times. Virtual reality is a promising tool for transforming

6
 traditional teaching approaches by emphasizing learning concepts through visuals. The top
metaverse applications in the education sector can help in creating engaging and immersive
learning environments for students in different learning institutions.
d. Military: Another top entry in the metaverse applications list would take you towards the
military sector. The military applications of VR and AR showcase the proven potential of
metaverse to support military applications. Tactical Augmented Reality or TAR is one of the
notable examples of metaverse technology used in the military. It is almost similar to night-
vision goggles, albeit with enhanced capabilities. TAR could easily display the precise
location of a soldier alongside the positions of allies and hostiles. As a matter of fact, TAR
proves as the ideal substitute for the common handheld GPS gadgets and headsets.
e. Manufacturing: As one of the top metaverse technologies, VR applications can help in
training employees on safety precautions alongside fostering participation in the simulation of
risk scenarios. As a result, metaverse applications can definitely contribute a lot in reducing
the risks of accidents. The most popular metaverse applications in manufacturing could
facilitate the development of better products in the long run. For example, a VR headset can
help manufacturers examine all elements of a product in detail. In addition, the metaverse
applications also help in landscape planning for manufacturing plants and better positioning
of equipment. Ford is a huge name capitalizing on virtual reality technology for accessing
their locked-down models through a metaverse.
f. Ecommerce: While omnichannel commerce is just starting to take hold, brands are sizing
up the metaverse as the new frontier. The promise of highly personalized, dynamic shopping
experiences—and the revenues that come with it—have convinced several to begin investing
in it.

1.3 Research Objectives

• To identify the current understanding of metaverse and its applications in the
industry.
• To identify the variables or factors which effect the study and on the basis those
variables further research will be done by doing AHP analysis.

1.4 Scope of Research

To analyze the current understanding in the metaverse industry and its applications in different
kinds of industry. Metaverse is a new emerging technology which is going to shape the future.
But currently industries are not aware of its use and how it can bring the revolution in the
industry. How metaverse can ease the very long operations in the industry.

1.5 Motivation and need of research

7
Evolving technologies actively monitor our preconceived beliefs, with new imaginative
applications in a wide range of industries. For instance, the internet has revolutionized the way
individuals communicate with one another.
The metaverse debate reached a critical juncture shortly after Facebook announced its plan for
metaverse development. Surprisingly, Facebook recently sailed into the huge ocean of the
metaverse. Several other firms, in addition to Facebook, have tapped into the metaverse space.
However, because companies have begun to invest extensively in metaverse development,
Facebook has unquestionably fueled the growth of metaverse.
Many professions often aligned to creative domains will find a new outlet or a repurposed
variety of their old output.

When we look at most businesses that have some interconnection online with other businesses,
you will find that there is an opportunity for you to go online in a metaverse. How far you
want to take it depends really on your appetite for trying something new. But my view is that
it would be a mistake to not explore it at the very least.

8
 CHAPTER 2- LITERATURE REVIEW
S.NO. TITLE PUBLICATION YEAR AUTHOR FINDINGS
1 METAVERSE 2022 Stylianos This paper presents,
Mystakidis what metaverse
actually is? And what
are its dimensions.
2 Virtual Reality and 2008 Jerzy Kisielnicki This paper introduces
Augmented Reality Claudio Kirner virtual reality and
Applied to Tereza G. Kirner augmented reality as a
Simulation basis for simulation
Visualization visualization. It shows
how these technologies
can support simulation
visualization and gives
important
considerations about
the use of simulation in
virtual and augmented
reality environments.
3 The Metaverse of 2021 Jan Jürgens This paper shows what
the Supply Chain problems supply chain
is facing now adays and
how they can be
resolved by using the
metaverse quickly.
4 Metaverse Shape 2022 Muhammet This study
of Your Life for Damar presents a bibliometric
Future evaluation of
metaverse technology,
which has been
discussed in the
literature since the
nineties. A
field study is carried out
especially for the
metaverse, which is

9
 a new and trendy
subject.
5 Metaverse: Why, 2022 Kashif Laeeq This paper talks about
How and What what exactly the
metaverse is all about?
How it will come to
reality? Why it is
required?

10
 CHAPTER 3- RESEARCH METHODOLOGY

3.1 Theoretical Framework

The criticality of the factors in metaverse is first to properly understand What it is? How it works? and What
its impact will be on the industry?
There’s no single definition of the metaverse, but we can understand some of the contexts from what experts
are saying.
CNET describes it as, “sort of a future-forward social hub, a space where avatars can meet, an ecosystem
for connected apps. A VR- and AR-ready dream of bringing people into some sort of virtual universe…
…[an] admission that the future of tech doesn’t lie just in VR or AR, but in a mix of many devices accessing
a shared online world”
Microsoft says the metaverse is, “apps [that] are the culmination of the intelligent cloud and intelligent edge
working in harmony together—at their foundation is digital twins. Digital twins enable you to create rich
digital models of anything physical or logical, from simple assets or products to complex environments.
These environments can be energy distribution grids, warehouses, or factories—anything that’s important
to you.”
Facebook says that, “The ‘metaverse’ is a set of virtual spaces where you can create and explore with other
people who aren’t in the same physical space as you.”
Some of the common themes of the metaverse are:
• A central hub that brings together technology and information across diverse systems, data, and
applications.
• A focus on virtual reality (VR) and augmented reality (AR) makes it easier to interact with the metaverse
through an “avatar.”
• A collection of existing and future technology, from IoT devices to headsets, smartphones, and other
gadgets that transfer information between the real world and the virtual one.
• A way to represent complex, real-world information and environments in a virtual, digital model that
makes the data easier to understand, interact with, and change.
3.2 Sources of Data
Primary and Secondary data has been obtained for the research. Journal articles, research papers, and other
reports based on framework of various industries and various implementation by the industries in achieving
the targets.

11
3.3 Sampling
A survey will be conducted to compare the factors and the sub-factors, and the factor that weighs more will
be with utmost priority. The survey will be done with the industry professionals in their respective areas of
expertise.
3.4 Methods Used
After identifying the applications of metaverse in the industry, must priorities the research by using AHP
(Analytical Hierarchy Process)
AHP (Analytical Hierarchy Process)
Analytic Hierarchy Process (AHP) Method:
The AHP is a widely used MCDM method which is utilized in many practical scenarios to derive solutions.
This approach decomposes a problem into distinct hierarchies and evaluates each hierarchy by comparing
them in a pairwise manner. The hierarchy in this method is a linear one with a finite number of levels. The
goals or the potential solutions of the problem are in the top level of the hierarchy, and the criteria along
with sub-criteria are in the intermediate level. The alternatives of the criteria are in the bottom level. The
criteria and alternatives are compared in a pairwise manner with a scale factor of one to nine, and the weights
of the criteria are determined to calculate the global weights for the alternatives.

Fig: A Simple AHP Hierarchy, with Final Priorities

One of the advantages of the AHP method is that its support provided for Qualitative Evaluation as well as
Quantitative Evaluation. Being applicable to group decision-making environments is another advantage of
this method.
The AHP methodology typically consists of these steps
1. Define the goal and alternatives
2. Define the problem and decision criteria
3. Assess the relative value or priority of each decision criterion

12
4. Calculate the weights of the criteria and priorities
5. Analyze consistency

3.5 Schematic Flow

THEORY

IDENTIFICATION
OF PROBLEM

RESEARCH OBJECTIVE

QUESTIONNAIRE

DATA COLLECTION

FINDINGS AND ANALYSIS

CONCLUSION

13
 CHAPTER-4: REPORT STRUCTURE

Introduction, Executive Summary and problem statement

Background of the Study, need for research and theory on

the topic

Core, designing the proposed work, and research contents.

Finding, Analysis, Conclusions and suggestions

14
 Chapter-5: REFERENCES

1. Slater, M.; Sanchez-Vives, M.V. Enhancing Our Lives with Immersive Virtual Reality. Front.
Robot. AI 2016

2. Pellas, N.; Mystakidis, S.; Kazanidis, I. Immersive Virtual Reality in K-12 and Higher Education: A
systematic review of the last decade scientific literature. Virtual RealY

3. Pellas, N.; Dengel, A.; Christopoulos, A. A Scoping Review of Immersive Virtual Reality in STEM
Education. IEEE Trans.

4. Ibáñez, M.-B.; Delgado-Kloos, C. Augmented reality for STEM learning: A systematic review.
Comput

5. Klopfer, E. Augmented Learning: Research and Design of Mobile Educational Games; MIT Press:
Cambridge, MA, USA, 2008

6. Mystakidis, S.; Christopoulos, A.; Pellas, N. A systematic mapping review of augmented reality
applications to support STEM learning in higher education. Educ. Inf. Technol. 2021

7. Speicher, M.; Hall, B.D.; Nebeling, M. What is Mixed Reality? In Proceedings of the 2019 CHI
Conference on Human Factors

8. Computing Systems, Glasgow, UK, 4–9 May 2019; ACM: New York, NY, USA, 2019; pp. 1 El
Beheiry, M.; Doutreligne, S.; Caporal, C.; Ostertag, C.; Dahan, M.; Masson, J.-B. Virtual Reality: Beyond
Visualization. J. Mol. Biol. 2019

9. Hong, J.; He, J.; Lam, B.; Gupta, R.; Gan, W.-S. Spatial Audio for Soundscape Design: Recording
and Reproduction. Appl. Sci.2017

10. Maereg, A.T.; Nagar, A.; Reid, D.; Secco, E.L. Wearable Vibrotactile Haptic Device for Stiffness
Discrimination during Virtual Interactions. Front. Robot. AI 2017

11. Cheok, A.D.; Karunanayaka, K. Virtual Taste and Smell Technologies for Multisensory Internet
and Virtual Reality; Human–Computer Interaction Series; Springer International Publishing: Cham,
Switzerland, 2018

15