metaverse industry, metaverse jobs, metaverse news, metaverse skills

The potential economic impact of the metaverse, or Web 3, in India could range from $79 billion to $148 billion per year by 2035, translating into 1.3 percent to 2.4 percent of the country’s GDP, as per a Deloitte report.

Metaverse, or the next iteration of the internet, is set to offer a plethora of career options as many industries recognise its potential and develop use cases. It is already gaining popularity among youth as seen by the Pokémon Go craze of 2016.

The potential economic impact of the metaverse, or Web 3, in India could range from $79 billion to $148 billion per year by 2035, translating into 1.3 percent to 2.4 percent of the country’s GDP, as per a Deloitte report.

Moneycontrol interacted with a cross-section of gaming industry leaders to find out how candidates can prepare themselves to enter the booming gaming industry and which job roles are in demand.

Which industries are hiring for ‘metaverse talent’?

As per market research firm MarketsandMarkets analysis, the demand for talent with metaverse knowledge is expected to be highest in the consumer vertical followed by the commercial vertical.

The study exclusively shared with Moneycontrol showed that the metaverse market for consumer vertical holds a significant market share of 50 percent in 2022. It consists of gaming, social media, sports, live entertainment, and concerts.

“Further, commercial verticals, including retail and e-commerce, travel & tourism, education, and corporate hold the second largest market share of 16 percent in 2022,” says Makarand Sinnarkar, Team Lead of ICT Cloud at MarketsandMarkets.

The companies from these sectors are increasingly exploring opportunities in the metaverse through play-to-earn gaming, product launches, brand marketing and immersive entertainment, he adds.

Some of the notable use cases of metaverse applications in consumer and commercial verticals include Reactland by Nike, Inc. (US), MagicBand+ by Disney (US), Mobility Adventure by Hyundai Motor Company (South Korea), and Gucci Garden by Gucci (Italy), Sinnarkar said.

How to prepare for the industry? 

When professional services firm EY asked gaming executives about the future of gaming, 97 percent said they believe the gaming industry is the centre of the metaverse today, and all of them expect companies across industries to establish a metaverse presence in the near future.

Concerning the basic requirements to enter the industry, Rajul Mathur, a consulting leader at WTW advocates for a sound understanding of the core programming languages coupled with a good understanding of UI/UX design, animation and graphics and virtual reality technologies.

Experts say jobs are available for both freshers and experienced. “Those who are entering the field need to look for internships and apprenticeships opportunities to sharpen their skills while the latter needs to update their skills by the upskilling process,” advises Sumit Kumar, Chief Business Officer at TeamLease Degree Apprenticeship.

The candidates need to be equipped with the new set of required skills to capitalise on the opportunity in the market by enhancing their employability factor, he adds.

Which skills are in demand?

In India, hiring for skills around metaverse has not gained as much traction yet, although the job market for skills around it will rise with the industry gaining momentum, Anuj Agrawal, Founder & CEO of recruitment firm Zyoin told Moneycontrol.

Agrawal has observed that most skills in demand for metaverse-related technologies are Unity, 3D modelling and AR/VR with a strong background in programming basics of C++, C# or Java.

“Regarding job roles, most in-demand positions are generally for individual contributors ranging from architects to developers/software engineers,” he adds.

Other job roles in demand that Zyoin observed include 3D game designers, metaverse cyber security, Unity 3D developers for AR/VR, senior Unity developers, blockchain engineers, metaverse research scientists, metaverse content managers, Web3 developers, and AR and VR designers.

About 74 percent of these jobs are available in the IT services segment, 15 percent in established product companies, 8 percent in start-ups and the remaining in others.

The average pay scale at present is similar to freshers in the software developer space although Zyoin doesn’t see much demand for freshers in the metaverse. “Companies are primarily hiring specialists as of now,” says Agrawal.

As the skills around metaverse are very niche, he says the salaries are 20-30 percent above market standards for experienced professionals.

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