Key takeaways:
- Management consulting giant McKinsey has published an in-depth report about the metaverse
- The firm sees the metaverse sector growing to up to $5 trillion by 2030
- Banking, e-commerce, retail, telecommunications, and media use cases are the most likely to experience the biggest impact due to the metaverse advancements
A new report by McKinsey & Company sheds light on long-term prospects of the metaverse
Global management consulting firm McKinsey & Company (“McKinsey”) has published a 77-page report on the metaverse and its potential to disrupt a number of existing industries. According to the findings of one of the “Big Three” management consultancies, the metaverse sector could grow to become a $5 trillion industry by 2030.
McKinsey attributes the potential for immense growth over the coming years to the broad application of metaverse technologies across virtually every major industry. Case in point, the firm envisions the metaverse to disrupt banking, e-commerce, retail, telecommunications, and media.
When asked about the top three technologies most important for the development of the metaverse sector, cryptocurrency, artificial intelligence (AI), as well as augmented and virtual reality (AR/VR) were the top three choices picked by more than 400 executives surveyed. In addition, Web3, NFTs, and blockchain also ranked high on the list of technologies responsible for the growth of the metaverse.
McKinsey’s analysis shows that the metaverse growth trend has already been established. The level of venture capital investments in the space in 2022 has already surpassed the total amount invested throughout 2021. In addition, 59% of surveyed consumers said they are “excited about transitioning their everyday activities to the metaverse”.
The McKinsey researchers concluded the report by stating:
“In the end, with its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored. It will have a major impact on our commercial and personal lives, which is why businesses, policymakers, consumers, and citizens are well advised to explore and understand as much as they can about this phenomenon, the technology that will underpin it, and the ramifications it will have for both our economies and wider society.”
