According to McKinsey and Company, the global spending on the metaverse could exceed $5 trillion by 2030.
Yesterday’s report , a 77-page , titled “Value creation in the Metaverse”, analyzed current adoption trends. It also drew insights from two global surveys. One gathered data from 3,104 consumers in 11 countries. The other surveyed 448 executives in 15 industries in 10 countries.
McKinsey used these data to predict that consumers’ behavior in the future will be split into five main activities: gaming and socializing, commerce, fitness, remote learning, and commerce.
McKinsey discovered that almost 60% of respondents preferred at least one activity to be done in the virtual world over the physical alternative. 79% of those who are active in the metaverse already have made a purchase.
McKinsey predicts that e-commerce will account for between $2 trillion and $2.6 trillion in total spending by 2030. Another major sector will be virtual advertising, where associated revenue is expected to amount to $144 billion to $206 billion.
Despite the current pessimism within the crypto market the report shows that more than $120billion has been invested in metaverse-related infrastructure and technology in the first five month of the year — more than twice the $57billion invested in metaverse tech in 2021.
Lareina Yee, one of the lead authors, and Eric Hazan (McKinsey senior partner), offered additional comments about their research in an associated blog .
“What’s most exciting about the metaverse is that it is the next platform where we can live, work, connect and collaborate.
Yee said that executives often disagree on many things, but their research has shown them to be unanimous in one thing: 95% believe the metaverse will have positive effects on their industry.
According to the report, 25% of executives expect the metaverse will drive 15% growth in their organization’s total margins in five years. Nearly a third believe that the metaverse could bring about significant changes in the way their industry operates.
Despite all the enthusiasm, 31% of executives still remain sceptical about the return on investment for metaverse experiences.
Similar: 71% high-net-worth individuals have made investments in digital assets. Survey
Hazan said that brands should be excited about all the possibilities in the metaverse. However, they must also be prepared to face the challenges head-on and have some serious planning.
There are many urgent issues that must be addressed. One, it’s going be necessary to reskill some of the workforce in order to compete with the metaverse. To ensure that the metaverse experience is safe, ethical, and inclusive, stakeholders will need to create a roadmap.
Yee concluded her comment by reminding us that the metaverse remains a dynamic, evolving space. If they are to succeed in the future, both individual creators as well as big brands need to have a long-term outlook.