Home
News
The ever developing technology has brought in a range of innovation, and recently, the world saw an emergence of blockchain, cryptocurrencies, Web3, metaverse, etc. Industry leading companies stand at the forefront to experience the new tech and hold different action plans and visions.
In a recent report, KPMG Australia shed light on the ideation or action plan across the technology, media and telecommunication (TMT) sectors for metaverse. The leading accounting and consultancy organization commissioned Forrester Consulting to conduct a survey of 767 executives across these sectors.
KPMG Australia released the report in the wake of its efforts for “Understanding the Value of the Metaverse.” The executives engaged in the survey belonged to companies with $250 Million in yearly revenues. Majority of partakers affirm the impact of the metaverse of consumers and businesses.
Out of a number of benefits, the TMT executives agreed the metaverse would have potential for branding, marketing and consumer experiences. However, the survey found that the actions taken towards the aforementioned direction is not effective and limited to some extent within the companies.
According to the KPMG report, the companies across the TMT sector are undoubtedly excited for metaverse but cautious at the same time. The leaders participating in the survey anticipates the growth in revenue and profit margins, given the lowering of operating costs and shift from “brick and mortar”, or offline setup, operations following the deployment of the metaverse.
With the technology unfolding, the executives expect enhanced company brand value due to the improved customer experience down the line.
Investment flow to the metaverse of companies supports this since the report noted that 40% of the capital is allocated to marketing and branding, while 25% of the investment is given out for customer related use cases. Everything is possible with help from a branding agency in Chicago.
Despite going all in with metaverse, companies started with tools like augmented reality (AR), virtual reality (VR), decentralized platforms and digital twins.
Metaverse Investment to Take 1 to 5 Years
The executives asserted different timelines for investments within the metaverse for various operations. Allocating the metaverse funding for marketing, sales and branding purposes, 37.7% of the surveyed companies affirmed to make the investments within 1 year. Simultaneously, 39.3% expect it to take 2 to 4 years from now and 38.6% believe it will take more than 5 years.
For other crucial operations such as customer facing use cases including B2B sales, etc., internal and back-end operations, enhancing internal workforce and talent management through employee collaboration, and the number of companies investing in the timeline mentioned earlier, are somewhat similar.
The report found that 64% companies across the technology, media and telecom sectors anticipate business meetings within the metaverse by the next decade, depending upon the discussion with its clients to some extent. On the other hand, 34% do not expect it to happen within the given timeline.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
