According to a research by McKinsey, the Metaverse could be worth $5 trillion by 2030
A recent study by the global consulting firm McKinsey & Company says that by 2030, the world may have spent more than $5 trillion in the Metaverse.
“Value Creation in the Metaverse,” a 77-page report that came out yesterday, looked at current adoption trends and got more information from two global surveys. One survey talked to 3,104 consumers in 11 countries, and the other surveyed executives from 448 companies in 15 industries in 10 countries.
McKinsey’s analysis of this data shows that in the future, people will likely use the metaverse for five main things: gaming, socializing, fitness, shopping, and remote learning.
About 60% of customers polled by McKinsey said they would rather do at least one virtual world activity than its real-world equivalent, and 79% of consumers who are now active in the etaverse had already made a purchase.
McKinsey thinks that by 2030, between $2 trillion and $2.6 trillion of all spending will be done through e-commerce. Virtual advertising will also be a big business, bringing in between $144 billion and $206 billion a year, according to estimates.
In contrast to the current pessimism in the traditional crypto market, the report shows that more than $120 billion has already been invested in metaverse-related technology and infrastructure in the first five months of this year. This is more than double the $57 billion that will be invested in Metaverse technology by the end of 2021.
In a blog post, senior partners at McKinsey and co-authors of the study Lareina Yee and Eric Hazan talked more about what they had found.
“What’s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate.”
Yee said about the CEOs’ answers, “Executives often don’t agree on very much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.”
Also, according to the report, 25% of all executives think that the Metaverse will be responsible for 15% of their company’s total margin growth in the next five years, and nearly a third of them think that the etaverse has the potential to significantly change how their industry works.
Even though there was a lot of excitement, a lot of CEOs were still unsure about the return on investment of Metaverse experiences. In fact, 31% of all CEOs were still not sure.
Hazan said that companies should be excited about the opportunities that the Metaverse offers, but they should also be ready to face problems head-on and do a lot of planning.
There are important things that need to be thought about right now. First, some people will need to change their skills so they can work with the metaverse instead of against it. Stakeholders will need to make a road map to make sure that the metaverse is ethical, safe, and open to everyone.
Yee ended her talk by saying again that the Metaverse is still a place with a lot of movement and change. She said that both small creators and big companies need to think about the long term if they want to do well in the future of the Metaverse.
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