Excitement
Reality
Barriers
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Hype and excitement alone are not a basis for investment in the metaverse. TMT companies should define and quantify objectives like “improved employee experience” or “higher employee retention” in terms of value delivered, to enable them to track and report on progress and allocate resources efficiently.
Mritunjay Kapur, Managing Director and TMT Leader, KPMG in South Africa
Six out of ten
anticipate conducting at least some business meetings in the metaverse
More than half of companies (53%) are creating teams and allocating resources to metaverse initiatives.
More than half
TMT executives believe the metaverse will have a huge impact on consumers and businesses.
Despite this undoubted excitement
just over a third
of executives
64%
within a decade.
of companies believe that
investments in the metaverse will have a high or medium impact
on digital transformation, products and service innovation, customer satisfaction, customer engagement and more.
say their companies feel adequately prepared with platforms for designing metaverse experiences and related operational experiences.
Click flag for country stat
Australia
Canada
China
France
Germany
India
Japan
Singapore
South Africa
United Arab Emirates
United Kingdom
United States
Ireland
Over half of survey respondents believe the metaverse will have a huge impact on both consumers and businesses.
Back
United Arab Emirates (UAE)
49%
metaverse will have a huge impact
of TMT executives in Australia believe that the
on both consumers and businesses.
51%
of TMT executives in Canada believe that the
61%
of TMT executives in China believe that the
of TMT executives in France believe that the
56%
of TMT executives in Germany believe that the
68%
of TMT executives in India believe that the
Approximately three out of four executives surveyed in Ireland said they believe the metaverse will have a
huge impact on consumers and businesses
of TMT executives in Japan believe that the
62%
Almost half of executives surveyed in Singapore said they believe the metaverse will have a
Approximately four in ten of executives surveyed in South Africa said they believe the metaverse will have a
Approximately two thirds of executives surveyed in the UAE said they believe the metaverse will have a
Six out of ten of executives surveyed in the United Kingdom said they believe the metaverse will have a
of TMT executives in United States believe that the
60%
Note: Sample size of less than 50. Information to be used as directional only.
TMT has a strong record of leading the charge for innovation, embracing agile development and ‘test-and-learn’ strategies, to explore potential uses and scale up successes. Wait-and-see is a high-risk strategy.
Darren Yong, Managing Director and Asia Pacific TMT Leader, KPMG in Singapore
Many survey respondents say their companies are underprepared.
of executives believe metaverse success hinges on increased customer demand.
TMT companies are hesitant to spend too much money, too soon, on the metaverse
of companies are spending
72%
less than 5%
of their technology budgets on the metaverse
Executives want to see more evidence of greater metaverse usage before making significant investments
of a companies expect to direct their metaverse investment towards marketing and branding
38%
28%
and
towards customer-related issues
Over the next 12 months, approximately
66% of TMT executives surveyed feel underprepared when it comes to platforms for designing metaverse experiences
of TMT executives in Australia feel
underprepared
67%
58%
69%
84%
when it comes to platforms for designing metaverse experiences
of TMT executives in Canada feel
of TMT executives in China feel
71%
of TMT executives in France feel
of TMT executives in Germany feel
of TMT executives in India feel
Approximately half of TMT executives in Ireland feel
when it comes to platforms for
of TMT executives in Japan feel
of TMT executives in the United States feel
designing metaverse experiences
Approximately two out of three TMT executives in Singapore feel
Approximately two out of three TMT executives in South Africa feel
Approximately half of TMT executives in the UAE feel
Approximately three out of four TMT executives in the United Kingdom feel
56% of TMT executives surveyed said they were underprepared when it comes to the metaverse.
of TMT executives in Australia believe they are underprepared
when it comes to the metaverse
of TMT executives in Canada believe they are underprepared
52%
of TMT executives in China believe they are underprepared
of TMT executives in France believe they are underprepared
of TMT executives in Germany believe they are underprepared
of TMT executives in India believe they are underprepared
of TMT executives in Ireland believe they are underprepared
59%
of TMT executives in Japan believe they are underprepared
of TMT executives in Singapore believe they are underprepared
65%
of TMT executives in South Africa believe they are underprepared
TMT executives in the UAE believe they are more prepared than underprepared
of TMT executives in the United Kingdom believe they are underprepared
63%
TMT executives in the United States believe they are more prepared than underprepared
54%
Companies should first establish a solid business case for moving into the metaverse, factoring in their risk appetite. By quantifying and communicating the upside –and the risks of not moving fast –metaverse champions can enthuse the rest of the organization. With many companies holding back on investment until customer demand increases, a bold but costed plan can bring first-mover advantage and avoid the need to play catch-up.
Anu Puvvada, Managing Director and Enterprise Innovation Leader, KPMG in the US
Between
4-9 years.
lack of technology
employee skills
Some of the
to investing in and embracing the metaverse are
biggest barriers
of TMT leaders say that
lack of proven use cases
40%
with reported ROI is holding them back from further investment.
40-50%
of respondents from the technology sector don’t expect most commercial use cases to mature for
Lack of strategic clarity is a barrier to progress
...only
are building a business case to enable a metaverse strategy.
34%
When asked "What steps is your company taking to better enable its metaverse strategy?"...
What are the barriers facing your country when it comes to the metaverse.
Barriers for companies in Australia investing in the metaverse are:
Barriers for companies in Canada investing in the metaverse are:
Barriers for companies in China investing in the metaverse are:
Barriers for companies in France investing in the metaverse are:
Barriers for companies in Germany investing in the metaverse are:
Barriers for companies in India investing in the metaverse are:
Barriers for companies in Ireland investing in the metaverse are:
Barriers for companies in Japan investing in the metaverse are:
Barriers for companies in Singapore investing in the metaverse are:
Barriers for companies in South Africa investing in the metaverse are:
Barriers for companies in the UAE investing in the metaverse are:
Barriers for companies in the United Kingdom investing in the metaverse are:
Barriers for companies in the United States investing in the metaverse are:
Lack of employee skills
IT/cybersecurity concerns
Lack of proper technology to support metaverse experiences
53%
32%
High cost to develop metaverse experiences
Lack of successful use cases that demonstrate value/ROI
39%
43%
42%
46%
50%
55%
48%
44%
57%
45%
37%
27%
66%
30%
47%
Top desired outcomes with the metaverse include
improved customer experience
product innovation
competitive edge for recruiting
said higher profit margin/decreased operating expenses/shift from brick and mortar to visual point of sale
said increased revenue
said being seen as a leading brand at the forefront of metaverse technology
When asked about what success with the metaverse would look like at their companies:
customer digital engagement
revenue growth
Similarly, when asked about KPIs their companies tracks, respondents believed the following would be most positively impacted by ongoing innovation and investment related to the metaverse:
customer experience
The metaverse represents the next generation of the internet and will likely reshape the way businesses and consumers engage, transact, socialize and work. The leaders are likely to be those who move quickly past exploratory phases and deploy plans to train employees, engage customers and extend their brand in the metaverse. KPMG professionals can help these companies determine the right business case, strategies, tools, and other resources to act quickly and act smart.
Cliff Justice, Principal, Innovation & Enterprise Solutions, KPMG in the US
What are the potential benefits for your company investing in the metaverse.
Improved customer experience
are important benefits that would make TMT companies in Australia invest in/engage in the metaverse.
Product and service innovation
Revenue/monetization opportunities
74%
are important benefits that would make TMT companies in Canada invest in/engage in the metaverse.
75%
are important benefits that would make TMT companies in China invest in/engage in the metaverse.
are important benefits that would make TMT companies in France invest in/engage in the metaverse.
are important benefits that would make TMT companies in Germany invest in/engage in the metaverse.
81%
are important benefits that would make TMT companies in India invest in/engage in the metaverse.
73%
are important benefits that would make TMT companies in Ireland invest in/engage in the metaverse.
80%
are important benefits that would make TMT companies in Japan invest in/engage in the metaverse.
76%
are important benefits that would make TMT companies in Singapore invest in/engage in the metaverse.
70%
are important benefits that would make TMT companies in South Africa invest in/engage in the metaverse.
are important benefits that would make TMT companies in the UAE invest in/engage in the metaverse.
are important benefits that would make TMT companies in the United Kingdom invest in/engage in the metaverse.
are important benefits that would make TMT companies in the United States invest in/engage in the metaverse.
For many, internal use cases are seen as being the
closest to reality.
Until the metaverse enjoys mass adoption, start to develop your capabilities, knowledge, and readiness internally. In addition to striving to improve employee retention and communications, you’ll gain valuable experience early and should be better positioned to compete when the time is right. Remember, the internet started out as an internal communication system for the US government. It was, in part, cultivating what the internet could be –as an enterprise application –paving the way for a technology that now touches our lives in every way.
Anna Scally, Partner, Head of Technology & Media, Fintech Lead, KPMG in Ireland
for internal, employee metrics/KPIs versus external, customer metrics/KPIs. For example, on average, executives hope to see:
Similarly, across TMT, respondents indicated that when looking at KPIs that could be impacted by the metaverse, the
bar for success was lower
13.6%
5.8%
Improvement in employee retention for success
Improvement in customer experience for success
Internet of things with metaverse experiences
Employee training and onboarding
All technology company executives surveyed believe they will leverage the metaverse for:
Digital twins for infrastructure, planning and deployment
19%
17%
For both technology and telecommunications
employee collaboration
employee training and onboarding
as well as
are among the top three metaverse use cases that are closest to be actualized at their companies.
over the next 3 years.
In the next 3 years all technologies executives surveyed believe they will leverage the metaverse for Employee training and onboarding, Digital Twins for infrastructure, planning and deployment and Internet of things with metaverse experiences
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