Transformation of the AECO industry through the metaverse: potentials and challenges

Abstract

AbstractThe integration of the metaverse into the real estate and construction industry reveals various potentials, but also challenges. The increasing digitization in the architecture, engineering, construction, and operation (AECO) sector requires a critical examination of aspects such as the metaverse. This paper is dedicated to examining the impact of the metaverse on the real estate and construction industry. The following specialist article is primarily aimed at the target group of the AECO sector, with the aim of gaining an initial overview of the opinions within this sector. The methodology used includes an in-depth literature review and a representative survey. Respondents from different age groups and areas of activity within the construction and real estate industry took part in this survey. The research questions of this paper are aimed at identifying the range of metaverse applications in the AECO industry, assessing their potential impact on business potential and challenges. The aim is to develop initial definitions and use cases and to create an overview of opinions in the industry. In this context, potential opportunities and risks will be examined to derive recommendations for an effective integration of the metaverse into the AECO industry. The results of this paper conducted indicate that there is still considerable uncertainty in the construction and real estate industry. It appears that the term “metaverse” and the associated potential through targeted use cases are not yet widespread in this industry. The survey participants recognize a potential for 3D visualizations in the metaverse that extends over the entire life cycle of buildings. An exemplary scenario for this is the use of 3D visualizations both during the planning phase and in marketing. The challenges identified shed light on uncertainties relating to data protection, privacy, and the influence of the internet. The results of the study reveal a high level of uncertainty and ignorance within the industry when it comes to understanding the metaverse. Based on the results, further studies are needed to establish the understanding and real potential of the metaverse in the industry. Conducting workshops specifically aimed at the AECO sector can help to deepen understanding of the potential of possible use cases.