Global consulting firm McKinsey predicts that virtual worlds could generate as much as $5 trillion in revenue by 2030. In addition, more than 80% of businesses may be affected by virtual world activities.
Metaverse could generate $5 trillion by 2030
Global management consulting firm McKinsey & Company released a report last week titled “Value Creation in the Virtual World.”
The report details: “Our work began with a survey of more than 3,400 consumers and executives to understand the adoption of the Metaverse, its potential and how it could change behavior. We also interviewed 13 senior leaders and Metaverse experts.”
According to McKinsey:
By 2030, it is entirely possible that more than 50% of live events could be held in the Metaverse.
In addition, the company said that more than 80% of commercial activity may be affected by Metaverse activities, adding that most learning, development and collaboration will likely take place in Metaverse. Additionally, McKinsey says, “We expect that by 2030, the average internet user will spend up to six hours a day experiencing the metaverse.”
The report states that more than $120 billion has already flowed into the metaverse by 2022 — more than double the $57 million in 2021.
“While estimates vary widely, we predict [the metaverse] Up to $5 trillion in revenue could be generated by 2030,” the company said. “Our estimates of the potential impact of Metaverse in 2030 are based on a bottom-up view of consumer and enterprise use cases, derived from a Discussions with internal and external experts… In short, our forecasts are our best estimates given the very high levels of technical, regulatory and social uncertainty. “
The report states that the metaverse “will have a significant impact on people’s business and personal lives,” and concludes:
With the potential to generate as much as $5 trillion in value by 2030, the metaverse is simply too big to ignore.
Additionally, a survey conducted in April revealed that the Metaverse will be most popular 70% of respondents agreed that “advances in cryptocurrency and blockchain technology are critical to shaping the future of the Metaverse.”
Besides McKinsey, there are other estimates of the size of the metaverse. Citigroup It is predicted that the Metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Goldman Sachs Think of the Metaverse as an $8 trillion opportunity.
What do you think of the Metaverse? Let us know in the comments section below.
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