KPMG Study Finds The Main Cause for Singapore Companies Lack of Entry into the Metaverse

A recent study by KPMG found that financial cost is the leading cause that hinders Singapore companies from entering and unlocking the benefits of the metaverse. As per the report, around 68 per cent of Singapore executives find it expensive to develop metaverse experiences, resulting in every two in three companies being unprepared to enter the metaverse.?

Interestingly, the main hindrance for other countries has been the lack of proper technology. As a country ambitious to secure the reputation of becoming a “world-class, tech-driven state,” Singapore is committed to accessing and penetrating the latest technologies available via Web 3.0 and even the metaverse. The reluctance of companies to invest in Metaverse is not due to any fear of experimenting with emerging technologies but due to the financial costs. Other reasons cited also include the lack of preparation of Singapore Companies when it comes to designing Metaverse experiences and cybersecurity.?

Despite these concerns, however, the survey also notes that around 76 per cent of executives were nevertheless open to the idea of investing in the metaverse. This is because the metaverse is to help drive product and service innovation and will likely, in the foreseeable future, become a key driver in improving customer experiences.?