Cottrill Research, LLC

How Organizations View the Potential of the Metaverse: A Look at Recent Survey Results

How Organizations View the Potential of the Metaverse: A Look at Recent Survey Results

How Organizations View the Potential of the Metaverse: A Look at Recent Survey Results

Recent survey results provide a glimpse into how organizations and experts are viewing the potential of the metaverse. Here are three of interest.

PwC – 2022 US Metaverse Survey (July 2022)

PwC surveyed over 5,000 US consumers and 1,000 US business leaders. Highlights (mostly directly quoted):

  • 50% of consumers call the metaverse exciting
  • 66% of executives report that their companies are actively engaged and are building proofs of concept, testing use cases and even generating revenue from metaverse environments or (more commonly) the underlying technologies
  • 82% of executives expect metaverse plans to be part of their business activities within three years
  • Two-thirds of company leaders indicate they have moved beyond metaverse experimentation…and within a few years, most [indicate their] metaverse efforts will be fully integrated across the business
  • Of the organizations betting on the metaverse, 67% are actively engaged, 20% are looking into it and 13% have no plans at this time

PwC states: “While these numbers might look impressive (and ambitious), it’s important to keep in mind that the “ultimate” version of the metaverse (fully immersive, with seamless and secure transitions among a multitude of metaverse environments) doesn’t exist yet. Some metaverse elements are entering everyday business activities, but we’re still in early stages.”

McKinsey – Value Creation in the Metaverse (June 2022)

McKinsey surveyed more than 3,400 consumers and executives and “found significant excitement about the potential of the metaverse.” Highlights include (directly quoted):

  • 95% of senior executives expect the metaverse to have a positive impact on their industry within five to ten years, and 61% expect it to moderately change the way their industry operates (just 7 percent expect no change).
  • Industries most likely to be impacted by the metaverse include consumer and retail, media and telecommunications, and healthcare, and those industries are also among those already undertaking metaverse initiatives.
  • The top 5 enterprise use cases companies are implementing: Marketing campaign or initiatives, Learning and development for employees, Meetings in the metaverse, Events or conferences, and Product design or digital twinning.
  • Almost two-thirds (65 percent) of senior executives expect metaverse technology to drive more than 5 percent of their organization’s total revenue in five years, while 24 percent of executives expect it to drive more than 15 percent of revenue.

Pew Research and Elon University – The Metaverse in 2040 (June 2022)

In June 2022, Pew Research Center and Elon University’s Imagining the Internet Center asked over 600 technology experts to share their insights on the Metaverse. “In all, 624 technology innovators, developers, business and policy leaders, researchers and activists provided open-ended responses to a question seeking their predictions about the trajectory and impact of the metaverse by 2040.” The results, in general, directly quoted:

  • 54% said that they expect by 2040 the metaverse WILL be a much-more-refined and truly fully-immersive, well-functioning aspect of daily life for a half billion or more people globally.
  • 46% said that they expect by 2040 the metaverse WILL NOT be a much-more-refined and truly fully-immersive, well-functioning aspect of daily life for a half billion or more people globally.

Excerpts are provided from a number of the experts with their predictions, such as this one by Eric Burger (formerly at the White House Office of Science and Technology Policy and CTO at the FCC, now at Georgetown University), “The metaverse will pan out like remote-controlled self-driving cars or roadable aircraft: almost here for decades yet structurally unlikely for decades. The use cases for fully immersive experiences have a small niche that, for economic reasons, is unlikely to grow into a global phenomenon for decades to come.”

Image by Pexels from Pixabay

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