What hinders Singapore companies from entering the metaverse?
Two in three companies say they are still unprepared to do so.
Whilst metaverse has been the talk of the town and often touted as the next phase of the internet, several companies in Singapore have yet to tap into the space.
In a recent study, KPMG said the main hindrance to metaverse adoption in Singapore is cost, with 68% of Singapore executives saying it’s costly to develop metaverse experiences.
In other markets, the main barrier is proper technology.
“Singapore is well-poised to capture the opportunities presented by Metaverse and Web 3.0. The country’s ambition of becoming a world-class, tech-driven state signifies Singapore’s commitment to ensuring accessibility and wide penetration of technology. It is thus no surprise that fewer Singapore executives see the lack of proper technology as a barrier to the metaverse, compared with some of their regional and global peers – and they are more willing to experiment with emerging technologies,” Darren Yong, Head of Technology, Media and Telecommunications, KPMG Asia Pacific, said.
To add, more than half (67%) of executives also feel underprepared when it comes to platforms for designing metaverse experiences.
Nearly half also said they have IT and cybersecurity concerns when it comes to adopting the metaverse.
Executives, however, are still attracted to the idea of investing in the metaverse, saying it will help in product and service innovation (76%) and will likely improve customer experiences (72%).