Metaverse gaining traction, says PwC

US consumers and business leaders are moving quickly to capitalise on the metaverse, according to a recent survey from PwC. 

Pain points, that TechInformed has previously covered, include not having the appropriate technology to support the metaverse – which, in it’s simplist terms, has been described as a 3D version of the internet.

Yet the survey unveiled that over 40% of businesses are now investing in support technology, which may see the metaverse gain the traction that big tech companies such as Meta, Google and Nvidia had hoped for.

Tom Ffiske, editor at the Immersive Wire, wrote in a Twitter reply to the report that “two-thirds of company leaders tell us they’ve moved beyond metaverse experimentation, and within a few years, most say their metaverse efforts will be fully integrated”. 

According to the survey, 46% of businesses are hiring people with skills in this area; 34% of business leaders are actively partnering with companies that support their metaverse strategy and 44% think the metaverse will be “business as usual” in two-to-three years. 

“Saying that it will be ‘business as usual’ so soon is really interesting – what elements will be normalised? And what areas may need more time?” Ffiske queried. 

PwC said that while the number may look impressive, it must be kept in mind that the ultimate version of the metaverse – fully immersive, with seamless and secure transitions among a multitude of metaverse environments, doesn’t currently exist.  

Some metaverse elements are entering everyday business activities, but it is still in the early stages, according to PwC. Additionally, consumers are excited about the metaverse as a concept, yet their loyalty is very much “up for grabs”, with only 9% saying they currently use any of the existing environments.  

However, the near prospects for the metaverse do seem positive. 66% of executives report that their companies are already engaged in the metaverse and 82% of executives expect metaverse plans to be part of their business activities within three years.