Global consulting firm McKinsey&Company estimates that the metaverse could generate up to $5 trillion by 2030. Additionally, more than 80% of commerce could be affected by activities in the metaverse.
Metaverse could generate $5 trillion by 2030
The McKinsey&Company, a global management consulting firm, last week released a report titled “Value Creation in the Metaverse.” The Company released a report last week titled “Value creation in the metaverse.”
The details of the report are as follows.
“Our work began with a survey of more than 3,400 consumers and executives about the adoption of the metaverse, its potential, and how it might change behavior. We also interviewed 13 senior leaders and experts in the Metaverse.”
According to McKinsey:
By 2030, it is quite possible that more than 50% of live events will take place in the Metaverse.
Additionally, more than 80% of commercial transactions could be influenced by activities in the metaverse, the firm explained, adding that most learning, development, and collaboration could take place in the metaverse. McKinsey further stated that “by 2030, the average Internet user is expected to spend up to six hours a day on metaverse experiences.”
More than $120 billion has already flowed into the metaverse space by 2022, which is more than double the $57 million in 2021, the report noted.
“Estimates vary widely,” the company explained, “but we estimate it (the metaverse) may generate up to $5 trillion by 2030.” Our estimate of the potential impact of the metaverse through 2030 is based on a bottom-up view of consumer and enterprise use cases derived from discussions with about 20 internal and external experts… In short, our estimates are our best estimates that take into account a very high level of technological, regulatory, and social uncertainty.”
Noting that the metaverse “will have a significant impact” on people’s commercial and personal lives, the report concludes.
With the potential to generate up to $5 trillion in value by 2030, the metaverse is simply too large to ignore.
Several major banks and investment firms are currently in the metaverse, including JP Morgan, HSBC, Standard Chartered Bank, and Fidelity Investments.
In addition, an April survey showed that the metaverse will be the most popular location for crypto, with 70% of respondents agreeing that “advances in cryptocurrency and blockchain technology are essential to shaping the future of the metaverse.”
In addition to McKinsey, others have estimated the size of the metaverse. Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Goldman Sachs sees the metaverse as an $8 trillion opportunity.
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