April 12, 2023
With headlines like Mark Zuckerberg Quietly Buries the Metaverse, VR is dead, the metaverse is dead. Maybe. and The Metaverse is Dead. Long Live the Metaverse, it can be nearly impossible to get a good read on the current status and long-term viability of the metaverse. Don't read too much into short-term changes in investment strategy or assume that Meta and other Big Tech companies are completely abandoning their AR/VR/MR (XR) efforts in favor of AI or another emerging technology. Scaling back millions of dollars in investment in the face of a down economy is not the death knell of the metaverse. Such actions don't cloud outlook but rather set the stage for more realistic expectations and timelines. So, how do business leaders and employees really feel about the metaverse right now? Here are 21 recent statistics:
Plans & Budgets
63% of CXOs across the U.S., UK, and Germany believe the metaverse will be a game changer that will transform many parts of their businesses, the main benefits including accelerated time to market, greater innovation, and more. (Wipro Limited)
78% of CXOs across the U.S., UK, and Germany said the metaverse will enable them to build new business models. 56% see the potential for increased customer satisfaction and retention as a key benefit. (Wipro Limited)
38% of companies anticipate having the metaverse be part of their everyday business model within the next year, and 44% think the transition will happen within the next two to three years. (PwC)
42% of enterprises believe the metaverse will transform the way we work. 75% think the metaverse is 5-10 years away but that organizations must prepare now. (MIT Technology Review)
28% of cybersecurity, DevOps, and IT engineering professionals say their organizations are already doing business in the metaverse. (Tenable)
Manufacturing will be the fastest-growing enterprise VR segment over the next five years due to high-value use cases like training. (ABI Research)
58% of manufacturers either already have extensive digital plant floor networks or will within 2 years’ time. 56% say they’ve already invested in digital twin technologies or will soon. (Manufacturing Leadership Council)
35% of CXOs across the U.S., UK, and Germany have set budgets and goals for their metaverse plans, with a further 30% planning to do so over the next two years. (Wipro Limited)
Only 18% of companies have 3D modelers and fewer have avatar designers, blockchain specialists, legal staff with metaverse knowledge, and other skills needed to support their metaverse strategies. (Wipro Limited)
To prepare for the metaverse, 51% of companies already have designated roles focused exclusively on the metaverse. 46% of employers are hiring people with metaverse-related skills. 41% are investing in relevant technology like AR/VR, simulation modeling, virtual environment tools, etc., and 32% intend to hire or appoint a “metaverse leader.” (PwC)
46% of consumer brand marketers say they will increase their metaverse budgets this year, while only 12% will spend less. (Forrester)
74% of business leaders have dedicated some of their technology budget to AR/VR or the metaverse in the past year, while 80% expect to spend more on those technologies in the next 2 years. On average, business leaders allocated approximately $24 million or 15% of their annual tech spend to AR/VR. (Meta)
64% of business leaders already feel like they are behind their competitors when it comes to planning for the metaverse. (Meta)
Applications
96% of business professionals surveyed across the globe see the value of virtual meetings, and 78% would participate in more immersive experiences like the metaverse over current remote working tools like video conferencing. (Ciena)
66% of employees and business leaders in the UK and U.S. believe the metaverse will help replicate the feeling of togetherness that comes from being in the office, and 68% believe organizations that create real presence will be able to create a sense of belonging in an increasingly hybrid world of work. (Meta)
Business leaders are most interested in using the metaverse to provide onboarding and training (42%), interact with work colleagues (36%), and create content to engage customers (36%). (PwC)
44% of cybersecurity, DevOps, and IT engineering professionals say customer engagement is the most intriguing business opportunity presented by the metaverse compared to 41% who replied learning and training and 41% who cited better workplace collaboration. (Tenable)
87% of business professionals across the globe said they’d feel comfortable conducting HR meetings in a virtual space. 71% see the metaverse becoming part of existing work practices, and 40% think their business will move away from traditional/static collaboration environments to more immersive and VR-based platforms in the next two years. (Ciena)
70% of employees expect the metaverse to allow companies to hire talent from around the world, while 66% believe it will encourage their employers to allow them to relocate. 76% would be excited to incorporate virtual worlds into their work lives. (Meta)
81% of employees expect a virtual/simulated version of their company to exist by 2027. 60% want to see VR headsets implemented in their workforce by 2024 and 62% also want to experience virtual reality spaces with digital avatars for collaboration. (Meta)
65% of consumers want to explore places virtually in the next few years. 53% want to interact with familiar brands in the metaverse. 52% want to attend courses/training. 49% want to explore job opportunities and 46% want to interact with their colleagues in the metaverse. (PwC)
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