McKinsey’s Research: Metaverse Will Be Worth $5Trn By 2030
A popular research company, McKinsey & Company, has released a new report. The report titled “Value creation in the metaverse” evaluates the worth of the metaverse.
According to the research, the metaverse would be worth over $5 trillion by 2030. The biggest sector would be the e-commerce industry ($2.6 trillion), followed by virtual learning at $270 billion. Next are advertising and gaming at $206 billion and $125 billion, respectively.
Additionally, the report surveyed the metaverse adoption of over 3,400 users and executives. It also assessed the impact of the metaverse on businesses and consumers.
According to McKinsey’s senior partner, Eric Hazan
“For businesses, the metaverse marks a crucial turning point. It is a great way to change the way we learn, connect, innovate, interact, and collaborate. Our goal is help heads of B2B companies and consumers to understand its potential.”
Why Are Companies Investing In The Metaverse?
Notably, several venture capital firms, companies, and private firms have shown interest in the metaverse. As of 2021, companies have invested over $57 billion in the metaverse.
Meanwhile, in 2022, the figure has doubled with an investment of about $120 billion. As per McKinsey’s research, several factors are pushing the interest of investors.
One is the ongoing technological advancement needed to power the virtual world. Another factor is the increased dependence of engagement and marketing on consumers.
Lastly is the increased participation of consumers in the metaverse version of today. Virtual platforms such as Roblox and Sandbox provide consumers with a virtual experience. Virtual learning platforms are also available.
Also, the idea of a virtual connection is gaining widespread acceptance in all sectors. Presently, over 3 billion gamers have access to diverse versions of the digital world.
Consumers Embracing The Metaverse
McKinsey’s study reveals that consumers are looking forward to the digital world. About 59% of consumers prefer at least a metaverse experience over the physical one.
Furthermore, different activities stand out among these consumers. 79% of consumers look forward to shopping for virtual or physical goods. Also, 78% are waiting to attend virtual events and play social games. Lastly, 76% are waiting to have exercises in the virtual space.
Business Leaders Believe The Metaverse Has Huge Potentials
Business executives consider the metaverse as having the ability to increase impact and profit margins. According to the research, 95% of leaders believe it will positively affect their industry.
They expect to record immense growth in the next 5 to 10 years. Also, 31% noted that the metaverse would change their mode of operation.
According to a senior partner in McKinsey & Company, Tarek Elmasry,
“We are on the verge of the next generation of the digital revolution, thanks to the metaverse.”
Elmasry added that the metaverse is transformative and will affect personal and commercial lives. As a result, citizens, consumers, policymakers, and businesses are exploring it.
They want to understand how it would work and the technology behind it. Also, businesses are looking at how this will affect the general economy and society.
However, it is not certain when the metaverse will be launched. Meanwhile, various firms are already working towards taking the top spot.