McKinsey & Co .: The Metaverse Could Reach $ 5 Trillion In Value By 2030

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New research from McKinsey & Co. shows that Metaverse could reach $ 5 trillion in value by 2030. This illustrates the impact Metaverse is expected to have on key industries and companies over time.

McKinsey said the report, was dubbed Value creation in the metaverse, shows that the metaverse can be too large to ignore. Many of us think it’s a science fiction, because the metaverse is the universe of virtual worlds that are all connected, like novels like Snowfall and Loan player usa. But it has become a vision for the next generation of computing, as a spatial version of the Internet. (Neal Stephenson, author of Snow Crash, published in 1992, recently launched an open metaverse effort called Lamina1).

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Preliminary forecasts from McKinsey show that the metaverse has the potential to grow to $ 5 trillion by 2030. This shows that e-commerce is the largest economic force ($ 2.6 trillion), ahead of sectors such as e-learning ($ 270 billion), advertising ($ 206 billion), and games ($ 125 billion).

While companies of all shapes and sizes are looking to get into the Metaverse, this report provides a clear look at what the Metaverse is and isn’t, what the leading brands are doing. driver, what increases investment and potential for consumers and businesses. business to business (B2B).

The report is based on numerous proprietary insights and analysis, including a survey of more than 3,400 consumers and executives about Metaverse adoption, its potential, and possible behavioral impact. The researchers also interviewed metaverse builders and industry experts.

“The metaverse represents a strategic turning point for businesses, and it presents an important opportunity to influence how we live, connect, learn, change and collaborate,” he said. Eric Hazan, senior partner at McKinsey & Co., in a press release. “Our ambition is to help leaders of consumers and B2B companies better understand its power and potential, identify strategic requirements and act as a driving force for its evolution.”

This year, corporations, venture capital firms, and private equity firms have invested more than $ 120 billion in the metaverse, more than double the $ 57 billion invested last year.

Several factors support this investor motivation:

  • ongoing advances in infrastructure technology needed to drive the metaverse
  • demographic tailwind.
  • increasing consumer-centric marketing and brand engagement.
  • increase market readiness as users explore the current version of the metaverse, which is largely driven by gaming as applications emerge in collaboration, robustness, commerce, virtual learning, and other tools.
  • Already, more than three billion players worldwide have access to different versions of the metaverse.

“While the idea of ​​connecting has been around for almost decades, it’s now becoming a reality, meaning real people are using it and spending real money and companies are betting big,” said Lareina Yee, senior partner at McKinsey & Co., in a statement. “But this growing interest makes it difficult to separate hype from reality. It’s worth remembering that while the collapse of the first dot-com boom led to the disappearance of many companies, the Internet itself has become stronger and more robust, generating new entrants.

Consumers are already engaged in the metaverse

Snowfall

Consumers are already there. McKinsey research shows that consumers are excited about moving their lives to the Metaverse, with nearly six in ten consumers (59%) preferring at least one Metaverse experience over a physical alternative. of it.

Among these consumers, certain types of activities are the most preferred in the immersive world:

  • purchase – purchase of physical or virtual objects (79%).
  • attending virtual social activities or playing social games (78%).
  • exercise using virtual reality (76%).

Senior executives believe the metaverse has a huge impact on their industry

Business leaders see the potential in the metaverse to drive impact and margin growth. Nine and five percent of executives say they expect Metaverse to have a positive impact on their industry within five to ten years, with 31% saying that Metaverse will fundamentally change. way of working in their industry. Above all, a quarter of executives expect metaverse technology to drive more than 15% of their organization’s overall margin growth over the next five years.

“Metaverse puts us at the forefront of the next wave of digital disruption,” said Tarek Elmasry, senior partner, McKinsey & Company. “It’s transformative. This is likely to have a huge impact on our business and personal lives, so businesses, policy makers, consumers and citizens may want to explore and understand as much as possible in this event, the technology behind it. and the possible consequences of it. for our economy and society as a whole.

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