The topic Metaverse is on everyone's lips: the new virtual 3-D worlds in which users can move around and interact with others through their avatars are the logical development of the increasing digitalisation of all areas of life. The boundaries between the real and virtual worlds are becoming increasingly blurred.
The metaverse is already highly exciting for companies and offers enormous opportunities. How do representatives from the technology, media and telecommunications (TMT) sectors view the topic? What do they hope for from the metaverse, what are they planning and investing in, and what hurdles do they see? Forrester was commissioned by KPMG International to conduct a global survey of TMT executives at the end of 2022.
The survey involved 767 global strategy decision-makers in 13 countries on five continents. They work in TMT companies with annual revenues of more than US$250 million. The results can be found in the English-language study "Want to win in the metaverse? Think internal first".
Key findings of the study
- Six out of ten respondents believe the Metaverse will have a major impact on consumers and businesses.
- Only one-third of respondents say their companies feel adequately prepared with platforms for designing Metaverse experiences and related operational processes.
- The majority expect the Metaverse to have a positive impact on customer satisfaction and engagement. Yet only 34 per cent are developing a business case as a key next step to better advance their Metaverse strategy.
The surveyed executives of TMT companies in Germany especially hope for better customer experiences and advantages for product and service innovation from the Metaverse. Currently, however, some obstacles are still seen, as this chart shows:
Chart (in German only)
First Metaverse applications rather internal to the company
The TMT executives surveyed see the greatest value in the metaverse in using it for branding, marketing and customer experiences. But at the same time, they acknowledge that early applications are likely to be in internal activities such as onboarding, training and collaboration.
This is what is meant by the study's subtitle, "Think internal first": your own organisation offers numerous opportunities to set up Metaverse initiatives and develop capabilities at lower cost and risk than experimenting with customers. At the same time, "think internal first" means hiring and developing metaverse talent now.
One thing is clear: The focus should not be on the technology itself, but on its value for business success. For this, companies need a clear metaverse business model with appropriate goals and KPIs.
Ready for the Metaverse?
Of the companies in the 767 survey participants, 25 per cent are classified as "very ready" based on the responses. Companies with high readiness are characterised by the following:
- They are more likely to expect Metaverse investments to have a large impact on their overall business, including digital transformation, product innovation, customer satisfaction and retention, talent acquisition, employee experience and revenue growth.
- They invest twice as much as companies with low readiness.
- They see more value in both customer-facing and internal use cases.
- They are more likely to have business conversations with customers in the Metaverse.
The ultimate vision of the Metaverse may not be here today, tomorrow or next year, but it will have a profound impact on the TMT sector. Companies should be alert to developments and ready to act when opportunities arise that can add value to the business.
As most TMT companies are not yet prepared for the metaverse, there should be tremendous opportunities for those who embrace the new technology now. For exciting impetus and insights on this, read „Want to win in the metaverse? Think internal first“.
