78% of US Adults Value Immersive Socialization According to KPMG Survey
A KPMG survey shows an overwhelming majority of adults in the U.S. are excited about the prospects of the metaverse.
According to the KPMG survey, 78% of American adults see value in immersive metaverse activities like socializing with family and friends. Some 76% see value in immersive on-the-job training inside the metaverse.
59% of U.S. adults surveyed in the report said they are expecting the metaverse to significantly impact their lives in the next 12 months. 48% of those surveyed stated that they expect the metaverse will significantly impact their lives in the next five years.
KPMG’s leader of enterprise innovation Cliff Justice said that although the metaverse was still a fledgling phenomenon, American adults were already increasingly adapting to the creation of real-life experiences across the ‘phygital’ world. Justice says that every interaction is familiarizing users with engaging activities in the metaverse. Application scenarios include banking, telemedicine, working, learning, and training among others. The medium of communication and interaction is shifting “perpetually” towards the virtual.
The KPMG survey involved 1,000 adults in the U.S. who are aged between 18 and 65.
The KPMG report states that the metaverse could potentially revolutionize how businesses and consumers engage, transact, socialize, and work.
92% of the respondents in the survey said that the metaverse improves learning opportunities such as school, higher education, and learning opportunities. 86% of those surveyed reported that the metaverse offers opportunities for entrepreneurship such as marketing and selling.
The KPMG survey shows most U.S. adults are interested in virtual experiences. Apart from socialization, other top applications that users expressed an interest in include telemedicine (72%), virtual shopping apps (67%), virtual work (65%), and starting a business (51%).
Although broader metaverse adoption is growing steadily, there is still some residual skepticism about the metaverse hindering its growth. Privacy concerns were cited by 80% of the respondents and personal information concerns by 79% of the respondents in the survey.
The top factors needed to boost participation in the metaverse according to the survey were privacy and the security of users’ personal information. Respondents also cited factors such as improving access to affordable technology (38%) as well as customizable avatars (36%) as key to increasing diversity, equity, and inclusion (DEI) in metaverse experiences.
30% of the respondents cited the need to make the metaverse environments more accessible to people with disabilities as a priority. Justice cited the need to prioritize inclusive, safe, and secure practices that not only protect users but also ensure these experiences are adaptable and there is a need to integrate these priorities across technologies as they evolve.
Recently, KPMG branches in the U.S. and Canada partnered for the launch of a metaverse collaboration hub in which employees, clients, and communities can connect, engage and explore growth opportunities across various sectors and industries, as part of the companies’ strategic innovation roadmap. KPMG also formed a new dedicated team that will assist its clients in developing and executing their metaverse strategies.
Here is a Summary of the Top Findings in the Survey
- 78% of the respondents in the survey stated that the metaverse would allow for personal connections with family and friends.
- 76% of the survey respondents stated that the metaverse improves or could improve learning opportunities like higher education and job training.
- 66% of the survey respondents stated that the metaverse provides similar benefits to what we get from social media interactions but in a more immersive way.
The KPMG survey showed that millennials (69%) showed the greatest interest in the metaverse, followed by Gen Z (61%), and Gen X (44%).
59% of U.S. adults surveyed stated that they are expecting the metaverse to have a significant impact in the next five years while 48% are expecting a significant impact in the next 12 months.
The survey showed those already using the metaverse at the moment showed the greatest satisfaction with their virtual experiences.
The respondents in the survey identified their top experiences in the metaverse as starting a business (91%), collaborative online games and simulations (91%) along with brand-generated immersive, virtual experiences (87%).
Existing users of the metaverse in the survey reported their top experiences as follows: – training for work and school (96%), work meetings (82%), and virtual classrooms (72%).
The survey shows that most U.S. adults are interested in virtual experiences, irrespective of whether they have participated in such experiences before. The leading metaverse interests for U.S. adults were as follows according to the survey: virtual meetings with family and friends (73%), telemedicine (72%), virtual shopping apps (67%), virtual work (65%), and starting a business (51%).
32% of those surveyed stated that they were open to trying out metaverse experiences although they were still undecided. 31% of this group of respondents were not very familiar with the metaverse.
Opportunities for Greater Engagement
According to the survey, 79% of the respondents cited privacy as a major concern when using the metaverse. This was followed by personal information concerns (79%).
Gen Z users were more concerned with avatar customization (42%) and 36% of the respondents reported it as a top DEI concern. 30% of the respondents expressed concerns over metaverse accessibility to people with disabilities and said it should be a priority.
39% of millennials and 40% of GenX/Boomers cited affordable access to metaverse technologies as a top concern.
Source: Venture Beat