McKinsey: The Metaverse Could Generate $5 Trillion by 2030 â ‘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.
What do you think about the metaverse? Let us know in the comments section below.