CES 2023 News: Accenture Releases Consumer Data on Metaverse Uses
January 05, 2023
CES 2023. Ever since my sons opened up their Meta Quest 2 on Christmas Eve, they have been encompassed in the metaverse or fighting about who gets to jump into the metaverse. During CES 2023, Accenture will release its accumulated data suggesting that both consumer and business interest in the metaverse will grow towards an astonishing 4.2% of company revenue, or $1 trillion in commercial sales by 2025.
Accenture’s findings include a survey of nearly 9,000 consumers, 55% of them see the metaverse for a way to capitalize on content creation. 90% of the surveyed want to be part of the metaverse by the end of the year, and all users want easy-to-use interfaces, access to a wide variety of applications, headsets, and the ability to customize their avatars.
Over half of the metaverse users in the research see the platform as a high-level gaming experience. However, only 4% of all consumers involved in the case study see the metaverse solely as another gaming device. I was surprised that it was only 4%, being in a house with all gamers, that number just seemed low.
While gaming is on some minds, most metaverse participants see it as a way to find goods and services across many different areas including entertainment, fitness, retail, travel and healthcare. A common theme amongst all ages is to have the ability to utilize the metaverse for everyday experiences like working out and gaining more healthcare support.
Kevan Yalowitz, Accenture’s Software & Platforms industry practice lead, stated, “Consumers are starting to see the metaverse as an essential tool which, when integrated into their lives, can streamline how they complete tasks and increase productivity. Businesses able to deliver tangible experiences that address consumer needs in key areas of interest will gain early-mover advantage in a rapidly forming metaverse industry.”
After compiling data from research, Accenture believes businesses should strategically change their business models utilizing the metaverse. Accenture’s recommendations include:
Be creative and keep it simple
- Businesses should only develop metaverse experiences that are within their users’ mental models. Creativity is still key, but this means going back to the basics and building upwards. With this mindset, businesses can focus on the right metaverse strategies and operating models.
Start small and focused
- Businesses should approach the metaverse with a rigorous, customer-focused mindset that artfully services their needs. They should also focus on understanding how to apply the metaverse to different parts of the business.
Engage with early building blocks
- Metaverse and Web3 ecosystems are rapidly developing and launching new opportunities for value generation. This continues to open new doors for businesses — as long as they target the right areas quickly but thoughtfully.
“The metaverse as a continuum of technologies and human-centric experiences will usher in the next era of our digital lives and transform all aspects of business,” said David Treat, senior managing director and co-lead of Accenture’s Metaverse Continuum business group. “Underpinning it all are opportunities for new products and services, digital assets, business models and the technical capacity for conveying a sense of presence and expression.”
A note from Accenture about its research:
Accenture’s findings are the result of two research projects. The first report, based on a survey of 9,156 consumers, explores widespread attitudes, preferences and use cases in the metaverse. The second report combines recommendations, market analysis and a parallel survey of 3,200 C-suite executives. Read more about Accenture’s two metaverse reports: “Evolution, Then Revolution” and “From the Art of the Possible, to the Art of the Tangible.”