The metaverse, which is seen as the next iteration of the internet, has gained significant attention and investment in recent years. With an estimated market value of between $200 billion to $300 billion and potential growth to $4 trillion to $5 trillion by 2030, the metaverse is drawing the attention of CEOs across industries. With its combinatorial nature where it brings together elements of AI, immersive reality, advanced connectivity and Web3, it has the potential to touch and improve many aspects of an enterprise.
With its broad appeal, consumer willingness to adopt new technologies, and the heavy investment required for its infrastructure, CEOs become the natural integrators who can marshal their company’s resources to produce a coherent and value-driven response to the adoption of the metaverse in their businesses. The metaverse has two major benefits for any company that deploys it: it can be used for brand marketing and consumer engagement, as well as creating a ‘digital twin’ of your organization’s physical offerings.
This insightful article by Homayoun Hatami, Eric Hazan, Hamza Khan, and Kim Rants discusses the three main issues CEOs need to consider before integrating the metaverse into their business. They suggest starting with the consideration of ‘why’ to map out why the metaverse fits into the organization’s growth and innovation trajectory. Next, they focus on ‘what’ use cases are relevant to the company’s strategy, and then work out ‘how’ the organization will ensure that they are applied and fulfill the business objectives. With the wave of change that the metaverse is ushering in, CEOs who ensure they are meeting the needs of their customers both virtually and physically might gain an advantage over their competitors.