Report: Majority of execs believe data is vital to sustain the metaverse

The metaverse is still in its infancy, but businesses recognize the value of the new digital environment and the role data will play to drive the metaverse’s development. According to a new report by Bright Data, 70% of C-suite executives are either planning a metaverse strategy or already have begun implementation.

This business investment in the platform also highlights new questions – such as security in the metaverse or how the enterprise can best use this digital ecosystem – and data is the common thread. Eighty-nine percent of respondents considered metaverse data important to their business operations in the next 5 years. Among respondents who considered themselves very familiar with the metaverse, that number jumped to 96%. These early data points lend form to the breathless speculation around business in the metaverse, and they outline a clear message: businesses are preparing, in some form or another, to enter the metaverse, and they place data front-and-center.

Alongside their most urgent concerns about data and security, respondents also hinted at other ideas for how business might use the metaverse. While 72% of respondents point to virtual markets as a use for the metaverse, more than two-thirds (68%) also pointed to the metaverse’s potential as a future digital coworking space.

This enthusiasm comes with potential challenges though. Seventy-four percent of respondents shared that they were either looking into data intelligence solutions now or planned to in the next couple years. Sourcing metaverse-savvy personnel is also on the minds of IT leaders – 87% of respondents agreed that they would have to hire new staff or upskill existing employees to integrate with the metaverse.

For these findings, the research team collected a sample of 400 respondents from the U.S. and U.K. The sample also represented a broad range of enterprise sizes and industries. Most respondents were either senior management or C-suite leadership within their organizations, and 90% of the sample were primarily employed in IT.

Read the full report by Bright Data.