Business leaders agree metaverse to be huge in coming 10 years

27 July 2023 3 min. read
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More than two thirds of global business executives believe Web3 and the metaverse will have a big economic impact over the next ten years.

That is according to a study by global consulting firm Protiviti in collaboration with the University of Oxford, which focused on the future of the metaverse and was based on a survey of business leaders around the world. Some 79% of business leaders said that the main use for the metaverse in their businesses would be for marketing and advertising applications.

Companies are not just thinking of using the metaverse in the future: Nearly half of business leaders surveyed (45%) said that they have already started using the metaverse in various use cases and 20% said that they expected to start using it by next year.

Tangible metaverse strategy

A stunning 82% of executives in North America say they are already using the metaverse for business, compared to just over a third in Europe and Asia-Pacific.

“Global executive leaders in North America are ahead of the game in metaverse matters: the survey showed that enthusiasm and current engagement in the region is considerably and consistently higher than elsewhere,” said David Howard, associate professor at the University of Oxford.

Though North America may be ahead of the curve when it comes to deploying these new technologies, a previous report showed that MENA countries like the UAE were particularly well positioned to enjoy the benefits of a well-rounded strategy of using the metaverse for business.

External customer engagement

The Protiviti and University of Oxford study revealed that the most anticipated game-changers in metaverse technology were two categories in emerging technology: Artificial intelligence (AI), which has been seeing an incredible boom with services like ChatGPT, and augmented, virtual, and extended reality, which have a surprising number of useful applications ranging from customer services to medical training.

With emerging Web3 technologies like the metaverse and AI quickly developing into extremely useful tools, it is no wonder why business leaders are increasingly eager to benefit from them. While much is still not clear about how they will impact the future, what does seem clear is that early adopters of the metaverse are likely to have an edge going forward – though some effort will need to be made to avoid smoke and mirrors.

Previous analysis by McKinsey & Company estimated the metaverse could potentially be worth $5 trillion by 2030.