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Metaverse value is failing to convince CTOs

Metaverse

Metaverse projects have been launched by just 25 per cent of CTOs polled in a new survey of 2023 business objectives. The metaverse is failing to excite UK chief technology officers (CTOs) with just one-quarter having launched a metaverse project in 2022, according to new research from Deazy that found future-proofing the business is their main priority for 2023.

The State of European Dev Ecosystem 2022 report also revealed a further one-third of CTOs had discussed a metaverse project, but it was clear that CTO priorities currently lay elsewhere. Almost half of respondents said that future-proofing the organisation was their main remit for 2023, while one-quarter admitted that obsolete legacy systems plagued their organisation. 26 per cent said they spent too much time firefighting to focus on strategic technology objectives.

“As we head into 2023, the challenges facing CTOs are many and varied,” said Andy Peddar, CEO, Deazy. “The metaverse will likely turn out to be strategically important, but currently it’s little more than a distraction as CTOs try and plan for the future while still working with outdated systems. CTOs need assistance – it’s a challenging job which will only get harder as businesses place more demands on technology and the teams that manage tech.”

Other key CTO priorities for 2023 included managing increasingly complex tech environments – cited by 37 per cent of respondents – and managing the data privacy issues arising from hybrid working, which was cited by 36 per cent. Successful hybrid working was a constant theme for many CTOs, as 16 per cent said that making hybrid work whilst maintaining productivity kept them awake at night the most.

More than one in five CTOs said they were constantly being asked to do more with less budget, while around three in 10 UK CTOs felt that if they could change one thing about their role, it would be to make the role more focused on strategy. 27 per cent said they would diversify their company’s use of tech stacks, and 27 per cent wanted quicker onboarding of development talent.

“There’s no magic wand or quick fix for CTOs in 2023, and demand for tech talent is only going to grow, meaning that projects will be under pressure from the start,” continued Andy Peddar. Everyone in the industry is aware of the challenges around finding the development talent to ensure project success and, in turn, to help align technology with what the business wants. CTOs must explore different ways of finding that talent, or they may face an even more challenging 2023.”

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