How will the Metaverse grow in the coming years?

The global consulting firm McKinsey & Company issued a new report on “Metavirus,” stating that in eight years from now, this space could be worth nearly $5 trillion, the same size as the Japanese economy.

The report, “The Genesis of Value in Metaverse,” draws its data from extensive surveys, including probing the opinions of 3,104 consumers in 11 countries and 448 companies in 15 different industries.

metaverses opportunities:

As metaverses continue to infiltrate daily life, it is projected that the holding of live events in a virtual space will reach 50%, and 80% of commerce will be affected by something consumers do in metaverses by 2030.

In the year 2030 it is also expected that the Internet user will spend approximately 6 hours per day in the Metaverse space.

In particular, the gaming sector will be the main driver behind "Metaverse", bypassing entertainment industries such as music and movies.

Currently, the gaming sector includes about 3 billion gamers around the world and is valued at $200 billion.

It is worth noting that in addition to gaming, e-commerce and virtual advertising are two major sectors that could benefit from “Metaverse” by 2030, with approximately $2 trillion to $2.6 trillion.

The report's lead author, Eric Hazan, revealed that the current state of Metaverse is similar to Web 2.0 in 2004.

At the time, online social networks and user-generated content were about to change the way people interact with each other online.

He added:

Infrastructure technology was not ready to foster idealized visions of consumer control and the democratization of the Internet.

Citing metaverse as an emerging field similar to what synthetic technology was five years ago, Hazan predicted that capital would continue to flow into the region to build core technologies for its infrastructure, and explained:

There are billions of dollars pouring into every corner of the metaverse infrastructure to help expand the arena.

Enthusiasm and skepticism in the “Metaverse” arena:
The report indicated that 95% of CEOs believe that metaverses can have a positive impact on their industry.

Meanwhile, nearly two-thirds of consumers are excited about the potential changes that integrated technology will bring between the virtual and physical worlds.

In addition to revolutionizing social and corporate interactions, Hazan said, “The integrated network of virtual worlds can open up new avenues for delivering public services such as education and health care, creating job opportunities, and planning community spaces.

31% of all CEOs are somewhat concerned about investments in emerging technology as it is seen as a rapidly evolving emerging space with the advantage of instability.

Despite the extreme pessimism that has gripped the cryptocurrency market recently, more than $120 billion has already been poured into metaverse-related technologies, more than twice the total investment of $57 billion in this area recorded in 2021.

Posted using Proof of Brain