A recent joint study by the University of Oxford and Protiviti, a global consulting firm, shows that while the hype may have cooled down on the metaverse, global business executives still believe that it will have a significant economic impact over the next decade. Two-thirds of executives surveyed believe that Web 3 and the metaverse will be important to their companies’ success. Furthermore, the study found that 70% of executives say that the metaverse will be important to customer experience and loyalty over the next decade.
Marketing and advertising remain the most popular uses for the metaverse among those surveyed, with 79% expressing interest in using it for these purposes. Almost half (45%) of business leaders have reported already starting to use the metaverse to engage with customers, and another 20% are planning to do so in the next year.
While enthusiasm for the metaverse varies by region, with 85% of North American executives saying that it will be important for their future business success, compared to 57% in Asia Pacific and 46% in Europe, the study did find that North American leaders are more fully immersed in the metaverse. 65% of North American executives have already developed a metaverse strategy, significantly more than 32% in Europe and 27% in Asia Pacific.
Cost has been the primary roadblock to metaverse implementation, with 44% of executives indicating that it is the main hurdle. Other roadblocks include privacy and security risks, interoperability, technology infrastructure, and user experience and enthusiasm.
The study surveyed 250 board members, C-suite executives, and other business leaders across 15 countries and 30 industries. It was conducted from January to March 2023.
Furthermore, Protiviti’s thought leadership series, VISION, has explored the future of the metaverse over the past few months. Its content includes interviews with thought leaders in the metaverse space, including “Godmother of the Metaverse” Cathy Hackl, a metaverse founder on ethics, safety, and governance, as well as a roundtable on the promise, peril, and potential of the metaverse.
Overall, the study suggests that while some may be more cautious about the metaverse, it remains an important area of interest for many executives around the world. As they continue to navigate the metaverse space, executives will need to make critical decisions including which emerging technologies to pilot and anticipating potential roadblocks as they move forward.
