McKinsey Predicts Metaverse Will Be Valued at $5 Trillion by 2030
The global consulting firm McKinsey has released a new report predicting that the metaverse market will be valued at $5 trillion by 2030.
The McKinsey report found that global metaverse spending could hit $5 trillion by 2030. The 77-page report is titled “Value Creation in the Metaverse” and looks at the current adoption trends while also drawing insight from two global surveys. One of the surveys collected data from 3,104 consumers spanning 11 countries. The other survey polled different executives drawn from 448 companies spread across 15 industries in 10 countries across the world.
McKinsey tapped into this data and drew the conclusion that the future of consumer behavior in the metaverse will fall into five primary categories: gaming, fitness, commerce, socializing, and remote learning.
According to the McKinsey report, close to 60% of all consumers surveyed had a preference for at least one activity in the virtual world in comparison to the physical alternative. The report also found that 79% of consumers already using the metaverse purchased something.
The main business activity in the metaverse will be eCommerce. McKinsey predicts that metaverse commerce will account for anywhere between $2 trillion to $2.6 trillion of all spending in the virtual worlds by 2030.
Another major metaverse cash cow will be virtual advertising which McKinsey predicts will account for between $144 billion and $206 billion of all the spending in the metaverse.
The report paints a very optimistic picture of the prospects of the metaverse against a backdrop of crypto-pessimism where many of the leading cryptocurrencies are currently getting skewered. According to the report, over $120 billion has been invested in metaverse-linked infrastructure and technology in just the first five months of this year. This has more than doubled the $57 billion that was invested in metaverse technology in the whole of 2021.
The report’s lead authors -Eric Hazan and Lareina Yee- also published another blog post with additional comments on the research.
On the responses of the executives to the McKinsey metaverse survey, Yee writes that 95% of executives agree that their respective industries will derive a positive impact from the metaverse.
The report also found that 25% of all the executives surveyed expected the metaverse to drive 15% of their enterprises’ total margin growth in five years while close to a third of the executives surveyed believe that the metaverse could usher in significant changes in how their industry works.
Although the report paints a picture of general optimism and enthusiasm for the metaverse, there were still significant pockets of skepticism about the technology. Approximately 31% of the executives surveyed expressed uncertainty about the ROI of metaverse investments.
Read the full report on the McKinsey website.
https://virtualrealitytimes.com/2022/06/19/mckinsey-predicts-metaverse-will-be-valued-at-5-trillion-by-2030/https://virtualrealitytimes.com/wp-content/uploads/2021/11/Metaverse-600x448.pnghttps://virtualrealitytimes.com/wp-content/uploads/2021/11/Metaverse-150x90.pngMetaverseTechnologyThe global consulting firm McKinsey has released a new report predicting that the metaverse market will be valued at $5 trillion by 2030. The McKinsey report found that global metaverse spending could hit $5 trillion by 2030. The 77-page report is titled “Value Creation in the Metaverse” and looks at...Kristin HummelKristin Hummel[email protected]AuthorVirtual Reality Times - Metaverse & VR