McKinsey research predicts Metaverse will be a $5 trillion market by 2030

Global spending on the metaverse could hit $5 trillion by 2030, according to a new report from international consulting firm McKinsey & Company.

The 77-page report, titled “Creating Value in Metaverse,” released yesterday, analyzes current adoption trends and draws more information from two global surveys; one that collected 3,104 consumers from 11 countries. data, while another interviewed a series of executives from 448 companies in 15 industries in 10 different countries.

McKinsey uses the data to make predictions about the future of consumer behavior in virtual worlds, which the consulting firm says will be divided into five main activities: gaming, socializing, fitness, commerce and distance learning.

McKinsey found that nearly 60 percent of consumers surveyed prefer at least one activity in the virtual world compared to the physical world, and 79 percent of consumers currently active on the etaverse have already made a purchase.

E-commerce will be a major source of funding for Metaverse, with McKinsey predicting that by 2030, e-commerce will account for $2 trillion to $2.6 trillion of all spending. Virtual advertising will be another important sector, with related revenues expected to be between $144 billion and $206 billion.

In the face of the current pessimism in the mainstream cryptocurrency market, the report highlights that in the first five months of this year, more than $120 billion has been invested in technology and infrastructure related to virtual worlds — more than double the total of $57 billion.. Invest in Metaverse technology throughout 2021.

In a related blog post, the report’s lead authors and McKinsey senior partners Lareina Yee and Eric Hazan provide further commentary on their research.

“It’s exciting that the metaverse, like the internet, is the next platform where we can work, live, connect and collaborate.”

Referring to the executives’ response, Yee added: “Executives often disagree, but our research shows that they do agree on one thing: 95% believe that Metaverse will have an impact on their industry. positive influence.”

The report added that 25 percent of executives said they expect Metaverse to drive 15 percent of their organization’s total profit growth over five years, with nearly a third of them believing etaverse could bring about significant changes in the way the industry operates.

Despite the general enthusiasm, there is still a degree of skepticism, with 31% of executives still somewhat uncertain about the return on investment of the Metaverse experience.

Hazan said that while brands should be excited about the opportunities that await them in the metaverse, they should also be prepared to tackle challenges head-on and do some serious planning.

“There are pressing challenges that need to be addressed. On the one hand, there is a need to re-skill parts of the workforce to leverage rather than compete with the Metaverse. Stakeholders need to develop a roadmap to ensure that the Metaverse experience is ethical, safe and inclusive .”

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