A report published by International Consulting Firm, Mckinsey & Company, suggested that the global spending in the metaverse could reach $5 trillion by 2030. The 77-page report titled “Value Creation in the Metaverse” analyzed the current adoption trend and drew additional insights from two global surveys. The first survey gathered data from 3,104 consumers across 11 countries, while the second polled a range of executives from 448 companies cutting across 15 industries in 10 countries.
Using these data, McKinsey predicted that the future of consumer behavior in the metaverse would most likely be divided into five main activities; commerce, gaming, socializing, remote learning and fitness. McKinsey discovered from the data that 60% of all surveyed consumers prefer at least one activity in the metaverse compared to physical alternatives. In comparison, 79% are active in the virtual world and have already made a purchase.
According to Mckinsey, E-commerce will be the primary cash cow in the metaverse as it will make up about $2 trillion to $2.6 trillion of all spending in the metaverse world by 2030. Another sector will be virtual advertising, which is predicted to make up around $144 billion to $206 billion. Considering the current downturn in the crypto market, the report highlighted that the first five months of 2022 recorded more than $120 billion investment into the metaverse, more than double the $57 billion invested in metaverse tech in the whole of 2021.
In a related blog post, the lead authors of the report, who are also senior partners at McKinsey, Lareina Yee and Eric Hazan, said, “What’s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate.” Yee commented on the response from executives, stating that “Executives often don’t agree very much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.”
Yee concluded her commentary by reiterating that the metaverse is still a dynamic and evolving space and that creators and big brands need to have a long-term mindset if they want to be successful in the future of the metaverse.
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Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.