By 2030, the metaverse market could be worth $5 trillion. That’s according to a wide-ranging report by consulting firm McKinsey, which also predicts the most lucrative activities within the virtual world…
Some see the metaverse as a revolutionary technology, as the next step in the evolution of the internet. The most fanatical see it as a new world where humans will be able to give free rein to their imagination.
For others, it is on the contrary only a ” buzzword “overused by marketing agencies. Of a fashion effect, of a useless novelty and doomed to disappear as quickly as it appeared…
However, whatever one thinks of the interest of the metaverse, this innovation could generate a huge market. This is at least what is predicted by the analysts of McKinsey & Company.
According to a new report from the international consulting firm, which manages the Covid vaccination campaign in France, spending in the metaverse could reach 5 trillion dollars by 2030.
This 77-page report, published on June 15, 2022, is entitled ” Value Creation in the Metaverse “ (value creation in the metaverse). McKinsey’s experts have analyzed current adoption trendsand drew on two other global studies.
The first study assembles data from more than 3104 consumers in 11 countriesthe second is based on a survey of executives of 448 companies in 15 industries in 10 different countries.
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McKinsey reveals the five most profitable metaverse businesses
From this data, McKinsey analysts have attempted to predict future consumer behavior in the metaverse. According to them, the top five activities will be video games, socializing, sports, shopping, and distance learning.
The study highlights several interesting phenomena. We learn for example that 60% of consumers prefer at least one activity in the virtual world than in reality.
In addition, 79% of consumers already active in the metaverse have performed at least one purchase. It seems that the virtual world is conducive to consumption…
Also according to McKinsey, e-commerce will be the main source of revenue in the metaverse. It alone could generate between 2 and 2.6 trillion in 2030. The virtual advertising will also be a juicy business, which could bring in between $144 and $206 billion.
Already $120 billion invested in the metaverse in 2022
The report also points out that since the beginning of the year 2022more than $120 billion has been invested in metaverse infrastructure and technology. This is more than double the $57 billion invested in 2021.
On the sidelines of the report’s release, the two main authors Lareina Yee and Eric Hazan, senior partners at McKinsey, commented on the study through a blog post.
According to them, ” what is exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect and collaborate “.
Referring to the response of executives interviewed for the survey, Yee adds that ” executives often disagree, but our study shows that they are unanimous on one thing: 95% of them believe that the metaverse will have a positive impact on their industry “.
The report also states that 25% of all executives expect metavers to account for 15% of their margin rate within 5 years. Similarly, one-third believe that metavers can bring about a major change in the way their industry operates.
Ethics and reconversion: the challenges of the metaverse
However, despite this general enthusiasm, some respondents remain skeptical. Of the executives surveyed, 31% were uncertain about the potential return on investment of metaverse experiences.
And while brands are right to be excited about the opportunities that await them in the metaverse, Hazan confirms that they must be ready to face several challenges : “ There are urgent challenges that must be considered. For example, there will be a need to retrain a portion of the workforce so that it can take advantage, rather than compete with the metaverse “.
The expert adds that ” stakeholders will need to create a roadmap to ensure the metaverse experience is ethical, safe and inclusive “. The adoption of this new technology will depend heavily on the quality of the proposed experiences…
Finally, Yee concludes by again noting that the metaverse remains at present a very dynamic and constantly evolving space. She believes that individual designers and major brands must think long-term to expect success…