This New Survey Shows How Buzzword Compliance Leads to Inflated Tech Trends

Corporate executives are responsible for charting the path that their companies will take, but many of them get mislead by their desire to use buzzwords with all things having been considered and taken into account. A new report released by KPMG revealed that upper management might be taking current fads a bit too seriously because of the fact that this is the sort of thing that could potentially end up sounding good in a board room meeting but might not have any actual value.

With all of that having been said and now out of the way, it is important to note that around 70% of all companies are investing heavily in the most talked about tech trends. These trends include NFTs, Web3, cryptocurrencies, VR and AR, 5G, the Metaverse as well as quantum computing among others. 58% of companies said that they plan to invest in the Metaverse, with 62% saying the same for Web3.

In spite of the fact that this is the case, many of these trends are already starting to die out. NFTs were touted as the next big thing, but the majority of NFTs are currently being traded at a small percentage of their initial market value. Cryptocurrencies have followed a similar route, with most new forms of crypto being derided for not providing anything worthwhile and often being parts of pump and dump schemes that are designed to scam trustworthy people.

Major companies have been doubling down on the metaverse as well, none more so than the recently rebranded Meta. Facebook’s new name may have been an attempt to distance it from past controversies, but it also suggests that the company thinks the metaverse will be a big earner for them moving forward.

New reports indicate that consumer interest in the metaverse is minimal at best, and there are only very specific use cases that most consumers would not relate to. Hence, this might potentially create another tech bubble with so many investors pouring billions into industries that may not pan out, and when the bubble bursts only the strongest companies will survive.

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by Zia Muhammad via Digital Information World