More than 96 % of companies expect to use Metaverse technologies in their businesses in the near future!
KPMG US & InnoLead – a research and events company focused on helping changemakers in large organizations – released a new report, “Shaping Your Strategy for Web3 and the Metaverse.”
The report highlights the importance of this emerging technology and the opportunities it can bring to companies worldwide.
It also gives valuable insights on how Global 1000 companies are identifying, testing, and deploying technologies such as NFTs, blockchain, and digitally immersive environments.
/Gartner expects that by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media and/or entertainment/
It is expected that the Metaverse will provide persistent, decentralized, collaborative and interoperable opportunities and business models that will enable organizations to extend digital business.
But… what is the Metaverse?
As an emerging concept, the Metaverse is full of unknowns, but what do we understand by the term “Metaverse”?
Like the internet, the Metaverse is not a product or a single technology.
It’s a gateway, a new way of interacting and a driver of transformation across economic and social spheres.
Discussions around the Metaverse suggest that it represents a real-time online network empowered by the integration of different technologies, including blockchain, artificial intelligence (AI) and interactive sensing technologies.
The Metaverse is an ecosystem created through interaction between the digital and physical worlds and is expected to have a profound impact on people’s livelihoods and work, business operations and the economic environment in general.
It is physically persistent and provides enhanced immersive experiences. Activities that take place in isolated environments (buying digital land and constructing virtual homes, participating in a virtual social experience, etc.) will eventually take place in the Metaverse.
Many activities and HR processes can be done in the Metaverse such as participating in virtual social experiences, using virtual classrooms to experience immersive learning, interacting with digital humans for onboarding employees, customer service, sales, and other business interactions.
The interconnected opportunities the Metaverse offers are staggering, with implications for transactions, business models, security and knowledge across markets and sectors. Gartner predicts the longer-term revenue potential of the Metaverse to be $30 trillion, nearly a third of the current global economy.
As the confluence of disruptive technologies starts to change how people work, learn and play on a global scale, there is also uncertainty and confusion. The sheer speed of change can make entry into the Metaverse seem overwhelming. However, KPMG believes that the Metaverse is the key to staying ahead, that’s why we have already started supporting early adopters in deploying Metaverse capabilities, incubating innovative offerings, and providing strategic and technical support across the Metaverse ecosystem.
KPMG: opening the door into the Metaverse
This year, KPMG is stepping into the Metaverse by opening its first collaboration hub between its U.S. and Canadian units.
The hub will allow the firm’s employees, clients, and communities to connect, engage and explore opportunities for growth across industries and sectors. “The metaverse is a market opportunity, a way to re-engage talent and a path to connect people across the globe through a new collaborative experience,” said Laura Newinski, Deputy Chair and Chief Operating Officer at KPMG in the U.S.
The collaboration hub is the next step in both firms’ journeys to lead their people and clients into Web 3.0.
Both firms have formed dedicated teams to help clients develop and execute their own Metaverse strategies. “The metaverse is a $13 trillion market opportunity that could boast as many as 5 billion users by 2030,” said Armughan Ahmad, President and Managing Partner of digital at KPMG in Canada.
Leveraging on other member firms’ capabilities, KPMG Luxembourg is able to explore opportunities with its clients. Being actively in contact with other KPMG entities, our People & Change team is already considering useing this technology to realize meetings, events, or other activities in an original way. We are thinking about how the Metaverse could be used to serve our business and our clients.
Concrete applications to HR
Like all new technologies, the Metaverse can serve many sectors and represents considerable opportunities for HR. Companies are already using it to modernize and dynamize their HR processes.