PWC: 2023 Metaverse Predictions
Beyond the hype: what businesses can really expect from the metaverse in 2023
Last updated
Beyond the hype: what businesses can really expect from the metaverse in 2023
Last updated
The metaverse is not yet ready for prime time, but can create business value today and set up for reinvention tomorrow.
Consumer activities such as games, virtual experiences or shopping with cryptocurrency will grow in 2023, but business applications will take the lead.
Businesses can use the metaverse to simulate physical operations (e.g., store configurations/kitchens), enhance digital twins of supply chains/manufacturing/logistics and offer new services like contact center support & telehealth.
To get started with metaverse initiatives: align them to specific goals; develop capabilities; maintain initiatives through controls testing etc.; prioritize trust over functionality.
Threats to trust in the metaverse are both familiar and new
Potential harm of an abusive experience for customers/children is especially great in a 3D digital world
Risk management approach should be adapted for the metaverse rather than create something brand new
6 main areas of consideration: economics, data, governance (including cybersecurity), digital identity, user experience & persistence
Design trust upfront & throughout; upskill executives; create risk taxonomy specific to organization; cross-domain collaboration; match innovation with trust
VR is exciting & practical but other paths into metaverse exist (AR devices, laptops/smartphones)
AI can draw insights from data/simulations & make immersive experiences accessible without tech skills
New risks include potential bias, deep fakes and abusive experiences - need responsible AI to ensure it does what you want it to do
Many companies are not taking advantage of the data opportunities present in the metaverse.
82% of executives expect to incorporate metaverse plans into their business activities within 3 years.
CEOs, COOs, CMOs, CFOs, CHROs and general counsels will have new responsibilities related to the metaverse.
These non-tech execs should work with digital/innovation/information/security officers to create & protect infrastructure & experience pipelines in the metaverse.
Teams may need upskilling but communication between senior leaders is also important for success w/the metaverse.
ESG initiatives can be helped by using the metaverse (e.g., reducing emissions from travel). Digital twins and tokens can help track supply chain provenance too.
The metaverse can enable more diverse & inclusive workforce as well as more universally accessible services & products
Metaverse can help increase accountability, transparency, and reach by freeing operations from geographic boundaries
Need to invest in closing the digital divide so that those who need metaverse's benefits most can access them
Design ESG targets (including diversity) into initiative from start to build support among stakeholders
New skills needed for monitoring/validating transactions in web3 ecosystem & creating immersive experiences; basic skills teachable through metaverse itself but more aggressive approach may be necessary for highly specialized ones
Combining physical and digital identities, products, assets across platforms will become more feasible than before
Digital assets like crypto, NFTs, and metaverse are game changers
Now is the time to understand this space & find opportunities
PwC using metaverse strategies to drive trust, innovation and value for business/clients/society
