Real excitement (but lack of action) about the metaverse
In late 2022, KPMG International commissioned Forrester Consulting to conduct a global survey of 767 executives from technology, media and telecommunications (TMT) to understand their attitudes towards and plans for the metaverse.
These participants were global strategy decision makers at companies with more than US$250 million in annual revenue, and from 13 countries across five continents.
Key findings from the research:
- Six out of 10 believe the metaverse will have a huge impact on consumers and businesses,
- yet only a third say their companies feel adequately prepared with platforms for designing metaverse experiences and related operational processes.
- While a majority expect the metaverse to have a positive impact on customer satisfaction and engagement, less than half have held a business meeting in the metaverse with their clients.
TMT leaders see value in the metaverse for branding, marketing and customer experiences. Yet, our research shows that a majority say their companies are investing less than 5% of their total technology budget on the metaverse. Only 34% see building a business case as an important step for better enabling their metaverse strategy.
A quarter of participants surveyed are categorised as belonging to companies with a high level of readiness. Such companies are characterised as:
- more likely to anticipate that metaverse investments will make a big impact across their business, including digital transformation, product innovation, customer satisfaction and engagement, talent acquisition, employee experience, and revenue growth
- investing twice as much in the metaverse as low-readiness companies
- seeing a higher value in both customer-facing and internal use cases
- more likely to conduct business meetings with clients in the metaverse
The ultimate evolution of the metaverse may not be here today, or tomorrow, or even next year, but it is poised to have a profound impact on the TMT sector. Companies should be attuned to developments and ready to act if opportunities arise to add value to their business. While a majority of TMT companies are not prepared for the metaverse, there is expected to be tremendous opportunities for those ready to move — and money left on the table for those who don’t.
Read our report for insights on how to gain a competitive edge with this fast-growing next-gen technology.
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