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In a report published last week, global consulting firm McKinsey & Company forecasts that the metaverse could generate up to $5 trillion by 2030.
The case study, titled “Value creation in the metaverse,” details:
“Our work began by surveying more than 3,400 consumers and executives on metaverse adoption, its potential, and how it may shift behaviors. We also interviewed 13 senior leaders and metaverse experts.”
According to McKinsey, more than 80% of global commercial activities could be impacted by the metaverse. In addition, the firm notes that soon most learning, development, and collaboration could take place in the metaverse. The report says:
“By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse.”
The McKinsey team adds:
“We expect the average internet user to spend up to six hours a day in metaverse experiences by 2030.”
McKinsey elaborates on the staggering growth numbers that the metaverse space has been experiencing. In 2022, more than $120 billion has already flowed into the metaverse space, already double the $57 million in 2021.
The firm explains:
“While estimates vary widely, we forecast it [the metaverse] may generate up to $5 trillion by 2030.
Our estimate of the metaverse’s potential impact by 2030 is based on a bottom-up view of consumer and enterprise use cases, derived from discussions with around 20 internal and external experts … In short, our forecast is our best estimate given the very high levels of technical, regulatory, and societal uncertainty.”
In conclusion the report predicts that the metaverse “will have a major impact” on people’s commercial and personal lives:
“With its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored.”
Other traditional institutions and financial powerhouses have also come with estimates of the metaverse economy. Citigroup believes that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Goldman Sachs is slightly more conservative and sees the metaverse presenting itself as an $8-12 trillion opportunity.