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

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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.

Originally appeared on: TheSpuzz