A research report by McKinsey & Company estimates that the Metaverse could generate up to $5 trillion in value by 2030 due to its potential to cater to a variety of consumer and business-centric use cases.
The report analyzes the factors contributing to the development of the sector, including investment flows and evolving consumer and business behavior, as well as its potential economic impact. It also provides recommendations for leaders to consider in order to capitalize on the value of the Metaverse.
A survey of over 3,400 users and executives found that almost 60% of users using its current version are excited about the prospect of conducting everyday activities within it. Connectivity with others was the primary motivator, followed by the possibility of exploring digital worlds.
The survey found that 79% of users active on the Metaverse have started buying, mainly to improve their online experience. Additionally, 95% of business leaders expect it to positively impact their industry within 5-10 years, with 61% anticipating moderate changes to their industry’s operations as a result.
The users and retail, media and telecommunications, and healthcare industries are likely to be most hit by the sector, which is also one of the firms that are investigating metaverse efforts.
Metaverse Has Potential To Drive Different World
According to the research report, the Metaverse could significantly shape the world by 2030 and has potential implications for all industries, although the specific impact will vary.
It is expected to have a market impact of $2-$2.6 trillion on e-commerce by 2030, depending on the scenario. It could also impact the academic virtual learning market ($180-$270B), the advertising market ($144-$206B), and the gaming market ($108-$125B). These impacts may manifest differently across the value chain.
The report brings to light that the Metaverse also poses challenges for firms, employees, independent designers, content creators, governments, and users. Related Reading | DeFi-Type Projects Had The Most Cyberattacks In 2022: Report
This suggests that some workers may need to be retrained to thrive in this sector rather than compete with it. To become a hub for the development of the Metaverse, cities, and countries will need to compete for talent and investment.
The report stated that:
The Metaverse also has obvious societal implications. A variety of stakeholders will need to define a road map toward an ethical, safe, and inclusive metaverse experience.
Furthermore, the report also argues that rules may be necessary to address issues such as data privacy, security, ethics, regulatory compliance, physical health and safety, sustainability, and equity and justice.