The metaverse is here, and brands and businesses recognize the need to get ready to have a strong presence there by building their workforce competencies to maximize the opportunities. But while 7 in 10 business leaders (68 percent) say it’s important for their company to prepare metaverse strategies to remain competitive, new research from the Singapore-based continuing education and training provider NTUC LearningHub reveals that only 6 percent have actually adopted the metaverse, and 52 percent are unsure or do not foresee adopting metaverse-related technology.
The firm’s recently released Industry Insights Report 2023 on Metaverse aims to investigate the current landscape and businesses’ readiness for the metaverse, including their awareness and challenges faced. To embrace this opportunity, half of business leaders (51 percent) reveal that their company needs to gain the relevant knowledge and expertise. In fact, 9 in 10 (89 percent) of business leaders are open to sending their employees for skills training related to the metaverse.
Despite the key benefits business leaders resonate with—such as finding new ways to engage customers (50 percent), enhancing customer service (44 percent), and finding new business opportunities (43 percent)—over a third (36 percent) of them voice that they are not confident of their company’s readiness for a future in the metaverse. Privacy and security concerns (52 percent), high technology costs (51 percent), and uncertainty about whether metaverse will show ROI (47 percent) are the top concerns.
Nonetheless, three in five (62 percent) business leaders are confident in their workforce’s ability to adapt to the metaverse
More than half (54 percent) say metaverse-related skills are required across different roles and departments in their organization, with cloud computing (53 percent), data analytics and AI (51 percent), and Internet of Things (43 percent) emerging as the top metaverse-related technologies business leaders are keen to adopt in the next two years.
“The metaverse yields a variety of economic benefits for companies, and from the survey, it is encouraging to know that business leaders are looking forward to not just riding on this wave, but investing in the next revolution through skills training,” said Tay Ee Learn, chief sector skills officer at NTUC LearningHub, in a news release.
“Developing an existing pool of employees with the relevant skills will help businesses effectively utilize the capabilities of the metaverse,” said Ee Learn. “With high technology cost being one of the top barriers to metaverse adoption, companies should tap on fundings available for training. As a start for the metaverse to gain wider awareness, companies can also consider introducing it to their employees by using it as a platform to convene, socialize, and work, before embarking on more serious work-related usage.”
Based on a survey of 200 business leaders, and interviews with industry practitioners, the report offers insights into the in-demand skills and employee training areas that business leaders are keen to explore.