Wipro Limited, a global technology services and consulting company, has released a groundbreaking study that delves into the transformative potential of the Metaverse for businesses. Titled “The Industrial Metaverse: A Game Changer for Business,” the study surveyed 550 senior business leaders from the US, UK, and Germany to gauge their perspectives on how the Metaverse will shape their organizations.
A staggering 63% of respondents agreed that the Metaverse would revolutionize many parts of their businesses, by creating a more immersive experience, driving innovation, and accelerating time-to-market. What’s more, 78% of respondents believed that the Metaverse would enable them to create new business models, while 56% identified increased customer satisfaction and retention as a key benefit over the next two years.
The study also revealed that US companies are leading the way in terms of Metaverse adoption, with 19% already implementing the technology. Companies in the UK (13%) and Germany (12%) are following suit, with German firms expected to pick up the pace over the next two years, surpassing US and UK firms.
Despite the positive outlook, the study also shed light on the challenges of implementing Metaverse technology. These challenges include cybersecurity, compliance, and the skills gap in tech. Only 35% of respondents have currently set budgets and goals for their Metaverse plans, with a further 30% planning to do so over the next two years. A mere 4% of respondents reported ensuring data security and privacy of Metaverse initiatives, with 14% planning to do so over the next two years. Additionally, the skills gap in tech is also a concern, with only 18% of companies having 3D modelers and fewer having avatar designers, blockchain specialists, legal staff with Metaverse knowledge, and other skills needed to support Metaverse strategies.
Nonetheless, the study unequivocally shows that the Metaverse is poised to transform business. Firms that take the lead and capitalize on the Metaverse’s potential to revolutionize every aspect of their organization, including customer experience, internal operations, innovation, employee retention, and business growth, are likely to reap significant rewards.
The study was conducted in October-November 2022 by ThoughtLab and included respondents from six different industries: retail and consumer goods, financial services, media and entertainment, manufacturing, telecoms, and sports and gaming. All respondents were lead decision-makers, part of the executive team, and key influencers for their organization’s global business and Metaverse strategy and implementation.
In conclusion, the study sends a clear message to businesses that the Metaverse is an unmissable opportunity to gain a competitive edge. While there are hurdles to overcome, the benefits of implementing this technology, such as enhanced business activity and increased customer satisfaction, make it a wise investment for forward-thinking businesses.