Global consulting firm McKinsey & Company has forecasted that the metaverse may generate up to $5 trillion by 2030. The metaverse could also have an impact on more than 80% commerce.
Metaverse could generate $5 Trillion in 2030, according to experts
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.”
McKinsey says:
It is possible that by 2030 more than half of all live events will be hosted in the metaverse.
The firm also stated that more than 80 percent of commerce could be affected by metaverse activities. They added that the most learning, collaboration, and development could occur 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:
The metaverse has the potential to create up to $5 Trillion in value by 2030.
Several large banks and investment firms now have a presence on the metaverse. These include JPMorgan and HSBC as well as 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.”
McKinsey’s estimates are not the only ones. Citigroup estimated that by 2030, the metaverse will have 5 billion people and a potential $13 trillion market. Goldman Sachs considers the metaverse an $8 trillion investment.
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