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Top1. Introduction
Recent technology developments have undeniably had a profound impact on the way individuals think and behave (Kumar & Shankar, 2023). Consumers have become more receptive to adopting new technologies (Shankar et al., 2023; Kumari & Kumar, 2023). Consumers today are generally more comfortable and familiar with technology than in the past (Lashitew, 2023). One of the biggest reasons for the same is the increasing internet and digital device penetration that has created a tech-savvy consumer base (Srivastava et al., 2023). Consumers increasingly expect personalized experiences from emerging technologies (Flavián et al., 2019). They seek products and services that cater to their unique preferences and lifestyles (Tom Dieck & Han, 2022). Therefore, emerging technologies such as artificial intelligence (AI), machine learning, big data analytics, virtual reality, augmented reality, and mixed reality enable companies to gather and analyze consumer data to deliver personalized recommendations that offer consumers immersive and interactive experiences (Ameen et al., 2021; Chylinski et al., 2020; Flavián et al., 2019; Holmlund et al., 2020). One such upcoming immersive technology is the metaverse. The metaverse has gained recognition as the upcoming era of social interactions, offering a unique environment where individuals can “exist” within the framework established by its creator (Hwang & Chien, 2022). This concept encompasses a world that can be entirely or partially virtual (Avila, 2017). It could take the form of a fully immersive virtual reality system or incorporate augmented reality elements within real-world settings (Kozinets, 2022). Within the metaverse, people have the opportunity to participate in a range of social activities (Allam et al., 2022). However, several reports suggest that the metaverse's real potential and use cases lie in the industrial setting (B2B) rather than the consumer setting (B2C) (Financial Times, 2023). The industrial version of the metaverse is the industrial or enterprise metaverse. The industrial or enterprise metaverse is a technologically advanced virtual ecosystem tailored for industrial applications by merging data, AI, and digital representations of physical assets and processes (Kshetri, 2023; McKinsey & Company, 2022a).
According to ABI Research, the industrial metaverse market is set to reach a significant size of $100 billion by 2030. This figure surpasses the combined market value of both the consumer metaverse ($50 billion) and the enterprise metaverse ($30 billion) (VentureBeat, 2022). Moreover, other projections indicate an even more significant economic impact, with Microsoft's COO, Judson Althoff, stating that the industrial metaverse's market opportunity could exceed $200 billion by 2030 (SdxCentral, 2022). Lastly, a survey conducted by McKinsey & Company (2022b) revealed that about 57% of the organizations aware of metaverse say they will adopt the technology in the near future. The above statistics clearly reveal the positive intent the organizations are keeping towards the industrial metaverse.