In a recent report, McKinsey & Company suggested that the metaverse may grow up to $5 trillion in value by 2030.
The new research by McKinsey & Company suggests that the metaverse may generate up to $5 trillion in value by 2030. The firm claims that in the coming years, its economic value will increase drastically as the metaverse will involve different genders, geographies, sectors, and generations.
The metaverse may look like some concept from science fiction books or movies, however, McKinsey states that it actually has a huge potential to affect everything "from employee engagement to the customer experience, omnichannel sales and marketing, product innovation, and community building."
The report reads that the metaverse’s technology builds upon four main blocks: content and experiences, platforms (including game engines), infrastructure and hardware, and enablers (for example, payment mechanisms and security) – the things that already exist. So, the firm claims that the primary question here will be only how far will the interoperability between those elements will go.
McKinsey states that large technology companies, venture capital and private equity firms along with start-ups and established brands are already looking to capitalize on the metaverse opportunity. Additionally, lots of corporations, venture capital and private equity firms have already invested in the metaverse. And this funding keeps growing – only in the first half of 2022 over $120 billion have been invested in building out metaverse technology and infrastructure, that's more than double the $57 billion which was invested in 2021.
The firm says that the main factors that influence investors' desire to fund the metaverse include the technological advances which can be used to power the metaverse, consumer-led brand marketing, and marketplace readiness that grows every day as users get to know the early version of the metaverse that today we see in gaming.
McKinsey has conducted a survey that has shown that over 3,400 consumers and executives are quite excited about the metaverse's potential. Based on the experience from the early metaverse that we have today, nearly 60% of consumers said that they are eager to see how the metaverse will incorporate their daily activities in the future. And 95% of executives stated that the metaverse will have a positive influence on their industry within 5-10 years, while 61% believe that it will moderately change the way their industry operates.
So, the firm estimates that by 2030, the metaverse might grow to up to $5 trillion, while, of course, its potential impacts will vary from the industry. For instance, by that period, it may have a market impact of $2 – $2.6 trillion on e-commerce, $180 billion to $270 billion impact on the academic virtual learning market, a $144 – $206 billion impact on the advertising market, and a $108 billion to $125 billion impact on the gaming market.
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