Transforming business management practices through metaverse technologies: A Machine Learning approach

Abstract

This study critically reviews the literature on metaverse technologies, developing an integrative framework to explore their sector-specific implications and transformative impact on business management. Employing the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework and machine learning-based BERTopic modeling, the study identifies nine key themes, reflecting the diverse ways augmented reality (AR), virtual reality (VR), extended reality (XR), digital twins, and decentralized finance (DeFi) influence industries. These themes include the metaverse as a tool for economic and environmental policy experiments, navigating financial risk and regulatory dynamics, adapting human resource development to VR-driven environments, Industry 4.0 applications of VR and digital twins, digital twin applications in manufacturing and supply chain optimization, AR and VR in digital marketing and customer experience, AR in enhancing retail and consumer experiences, exploring user interaction and affordances in the metaverse, and VR and AR in tourism experience and engagement. The framework highlights drivers, constraints, and cross-sector linkages, addressing practical challenges such as high implementation costs, regulatory uncertainties, interoperability barriers, cybersecurity risks, and ethical concerns surrounding data privacy and inclusion. The study critically evaluates contradictions in metaverse adoption, such as the tension between sustainability goals and energy-intensive technologies like blockchain, the gap between immersive training potential and workforce adaptation challenges, and the disparity between metaverse-driven economic models and real-world policy implementation hurdles. Research propositions suggest integrating metaverse technologies into business operations while balancing ethical dimensions, psychological impacts, cost limitations, and accessibility barriers. Additionally, the study advocates for expanding theoretical frameworks such as the Resource-Based View (RBV), Technology Acceptance Model (TAM), and experiential learning to account for the dynamic capabilities, risks, and industry-specific constraints of metaverse adoption. Policymakers and practitioners are encouraged to address regulatory and ethical challenges, sectoral disparities, and the unintended consequences of metaverse-driven digital transformation, ensuring operational efficiency, resilience, and consumer engagement while fostering sustainable and inclusive adoption. This research offers actionable insights for strategic implementation, interdisciplinary theoretical expansion, and ethical progress in business management.