McKinsey: The Metaverse Could Generate $5 Trillion by 2030 — "Simply Too Big to Be Ignored"
Global consulting firm McKinsey & Company has forecasted that the metaverse may generate up to $5 trillion by 2030. In addition, more than 80% of commerce could be impacted by activities in the metaverse. Metaverse Could Generate $5 Trillion by 2030
Global management consulting firm McKinsey & Company published a report last week titled “Value creation in the metaverse.”
The report 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: By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse.
In addition, more than 80% of commerce could be impacted by activities in the metaverse, the firm described, adding that most learning, development, and collaboration could happen in the metaverse. Furthermore, McKinsey said, “We expect the average internet user to spend up to six hours a day in metaverse experiences by 2030.”
More than $120 billion has already flowed into the metaverse space in 2022 — more than double the $57 million in 2021, the report notes.
“While estimates vary widely, we forecast it [the metaverse] may generate up to $5 trillion by 2030,” the firm described. “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.”
Noting that the metaverse “will have a major impact” on people’s commercial and personal lives, the report concludes: With its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored.
Several major banks and investment houses now have a presence in the metaverse, including JPMorgan, HSBC, Standard Chartered Bank, and Fidelity Investments.
In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.”
Besides McKinsey, there are other estimates of the size of the metaverse. Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Goldman Sachs sees the metaverse as an $8 trillion opportunity. Tags in this story Mckinsey, mckinsey metaverse, metaverse prediction, metaverse size
What do you think about the metaverse? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Meta Launches Metaverse Digital Clothing Store METAVERSE | 2 mins ago Report: Globant Finds 73% of Tech Professionals Believe Metaverse Is Accessible to Them METAVERSE | 4 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleKevin O’Leary Says He Won’t Sell Any Crypto Despite Downturn – ‘You Just Have to Stomach It’ Next articleMeta Launches Metaverse Digital Clothing Store Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method