A survey by KPMG showed that many tech, media, and telecom (TMT) executives believe the metaverse can increase business profits by driving revenue, lowering operating expenses, and improving customer satisfaction.
However, companies are cautious due to a lack of proven success and need further refinement and development of the metaverse, according to the survey.
- 70%
of global companies polled are investing less than 5% of their
technology budgets in the metaverse, and 27% have not allocated any
funds
- 40% of respondents believe there is a lack of successful
use cases for the metaverse, and 27% consider it "an unattainable pipe
dream."
- Almost 50% of respondents revealed their companies are
either "watching and waiting" or assessing long-term business value
before making significant investments.
- Many respondents say their companies are underprepared for the metaverse due to a lack of appropriate technology, high development costs, and a dearth of employee skills.
- Despite
some skepticism, there is potential for higher ROI on outcomes such as
higher employee retention and other enterprise applications.
- Meta
and Disney have invested billions into the metaverse but have yet to
see significant success, with Meta's metaverse unit posting an
operating loss of $13.72B in 2022.
