Early metaverse adopters will gain new customers, improve profitability: Wipro study

Leading technology services and consulting company Wipro Limited on Tuesday, March 14, released the findings of the The Industrial Metaverse: A Game Changer for Business, a global study of 550 C-suite executives spanning the US, the UK, and Germany.

According to a press release, Wipro, through the study, surveyed senior business leaders to understand their views on how the metaverse will transform their organisations.

The metaverse will have a transformative impact on business.

Firms in the US are the quickest adopters of metaverse technology.

Metaverse implementation is highlighting a number of challenges, such as cybersecurity, compliance, and hiring.

Metaverse leaders are using it to reach new customers.

As per the study, 63 percent of the respondents agree that the metaverse will be a game changer that will transform many parts of their businesses. "The main benefits include enhancing business activity by making it a more immersive experience, spurring greater innovation, and accelerating time to market," it read.

Seventy-eight percent of all respondents also said the metaverse would enable them to build new business models, and 56 percent of those surveyed see a key benefit in the potential for increased customer satisfaction and retention over the next two years.

While it lags in terms of adoption, the study stated that Germany will pick up pace over the next two years, with its firms surpassing their US and UK counterparts.

"While the benefits of implementing this technology are clearly understood by business leaders, the realities of deploying this technology are still proving a challenge," the study added.

The study covered six industries — retail and consumer goods, financial services, media and entertainment, manufacturing, telecom, and sports and gaming — with each respondent reporting an average revenue of $12.7 billion.

As per the study, 35 percent of respondents have currently set budgets and goals for their metaverse plans, with a further 30 percent planning to do so over the next two years. Only 4 percent of the respondents have ensured data security and privacy of metaverse initiatives, while 14 percent are planning to do so over the next two years.

Thirty-four percent of respondents say being a leader in this space will enable them to reach new customers.

Thirty-three percent believe the metaverse will help deliver improved profitability through decreased costs and increased revenue over the next two years.

Chandra Surbhat, Vice President and Practice Head, Digital Experience, Wipro Limited, said the metaverse and augmented experience will bring new and creative ways to grow businesses.

"Our research shows that this technology will create new ways of engaging with customers, simplifying processes, decreasing costs, and increasing revenues. Our report also highlights the complexities of leveraging this technology, particularly regarding challenges around compliance, complementary technology, and building the right teams. The early adopters will clearly stand to gain from brand visibility, the ability to iterate and fine-tune the models, and the opportunity to be leaders in the metaverse," Surbhat said.