Utilization of Metaverse in the Aviation IndustryPosted by Antier Solutions on November 16th, 2022 The aviation industry has seen technological advancements over the last few decades. There is no doubt that the digital wave has made it possible to embrace new technologies rather quickly, and offer endless possibilities. A recent report by the International Air Transport Association (IATA) called “Future of the Airline Industry 2035”, identified various technologies such as metaverse, blockchain, web 3.0, virtual reality, and augmented reality, among others, that will transform flying for good. Virtual reality in Aviation training helps learners get experience of complex situations without posing a risk to their lives. The Back StoryThe aviation industry was severely impacted by the COVID-19 pandemic. It is still under huge pressure because of various factors like staff shortage, high airfare, fuel price, and replacement of business travel with virtual meetings. To augment their offerings, airlines are turning to the metaverse as aviation in the metaverse is picking up pace. Aircraft manufacturers are utilizing the metaverse; Airbus and Boeing are looking forward to creating digital replicas of aircraft to use to run tests and simulations. This way, they need not accumulate flight hours on a physical trial aircraft to gather data and results, and can hence save costs and eliminate safety risks to the test crew. Also, due to these features, metaverse is utilized in aerospace and defense. In addition to that, Airbus and HeroX held a crowdsourcing competition by the name of “Metaverse and the Future of Flight” to attain innovative ideas on how to leverage metaverse to reimagine and boost traveler experience. Industry Giants Have Ventured into the MetaverseCompanies like Meta are going all out to embrace the metaverse. JP Morgan anticipates that the metaverse will have a deep impact on every business and they peg the market opportunity at around trillion. Emirates plans to invest million to build its brand in the metaverse. All airline giants like Singapore Airlines, Qatar Airways, Lufthansa, Qantas, and Qatar Airways are going on the same path.
Air Mile ProgramsThe frequent flyer program is lucrative for airlines. People who fly a lot, like business travelers, mostly fly with the same airline to accumulate more and more points. These “loyalty points” are used by travelers to get free cabin upgrades or even free flights. It becomes an attractive proposition for customers to stick to the same airline. These air mile programs are actually quite beneficial for the aviation industry. The majority of the time, airlines sell these points to partner businesses, like banks or credit card companies. These financial institutes offer customers the opportunity to accumulate the same loyalty points along with other benefits by using their credit cards more often. Hence, this way the customer becomes a valuable member of both- the credit card company and the airline. These points are a cash cow for the airlines, as they get loyal customers and get to sell the points to credit card companies. It’s a win-win situation for everyone. Air miles create huge value for customers and airlines; for instance, to lend money from the U.S. government, American Airlines used its programs as collateral. AirBaltic is the first airline that accepts cryptocurrency for payment for tickets and Emirates is in full swing to launch NFTs and experiences in the metaverse The metaverse can facilitate airport access, the virtual reality in aviation Industry can make it hassle-free to earn and redeem air miles. How? Post-COVID-19 pandemic, people are not traveling much, and metaverse can greatly help in turning things around. For instance, you love airports and the whole flying experience- including lounge access and shopping. But you are not traveling much and missing out on the airport experience. Metaverse can help you still accumulate loyalty points- you can network with fellow travelers in the lounge, shop for an ebook in the airport mall, etc., but digitally. The great thing is that customers are giving it a shot! Summing UpThe metaverse is set to drastically transform the aviation industry, with more and more airline giants interested in leveraging the metaverse technology, it’s going to be huge. Airlines intend to bring together airline services, design, and production into a unified digital manufacturing system, and the metaverse development can turn it into a reality. Like it? Share it!More by this author |