Interested in knowing what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry in October at GamesBeat Summit Next. Learn more.
New research from McKinsey & Co. shows that the Metaverse could be worth $5 trillion by 2030. This illustrates the impact the Metaverse is expected to have on key industries and companies over time.
McKinsey said the report, dubbed Creation of value in the metaverse, shows that the metaverse may be too large to ignore. Many of us think this is science fiction, because the metaverse is the universe of virtual worlds that are all interconnected, like in novels such as Snowfall and Loan player one. But it has become a vision for the next generation of computing, as a spatial version of the Internet. (Neal Stephenson, author of Snow Crash, which was published in 1992, has just launched an open metaverse effort dubbed Lamina1).
Preliminary forecasts from McKinsey show that the metaverse has the potential to grow up to $5 trillion by 2030. It shows that e-commerce is the biggest economic force ($2.6 trillion), ahead of sectors such as e-learning ($270 billion), advertising ($206 billion), and games ($125 billion).
As companies of all shapes and sizes seek to enter the Metaverse, this report provides a clear view of what the Metaverse is and isn’t, what earlycomers are doing, what’s driving investment and potential for consumers and businesses. business enterprises (B2B).
The report is based on multiple proprietary insights and analysis, including a survey of more than 3,400 consumers and executives about Metaverse adoption, its potential, and likely impact on behavior. The researchers also interviewed metaverse builders and industry experts.
“The metaverse represents a strategic inflection point for businesses, and it presents a significant opportunity to influence how we live, connect, learn, innovate and collaborate,” said Eric Hazan, senior partner at McKinsey & Co. ., in a press release. “Our ambition is to help leaders of consumer and B2B companies better understand its power and potential, identify strategic imperatives and act as a force for its evolution.”
Already this year, corporations, venture capital firms, and private equity firms have invested more than $120 billion in the metaverse, more than double the $57 billion invested last year.
Several factors are behind this investor enthusiasm:
- ongoing technological advancements in the infrastructure required to power the metaverse
- demographic tailwinds.
- increasingly consumer-centric marketing and brand engagement.
- increase market readiness as users explore the current version of the metaverse, which is largely driven by gaming while applications emerge in socializing, fitness, commerce, virtual learning, and other uses.
- Already, more than three billion players worldwide have access to different versions of the metaverse.
“While the idea of connecting virtually took decades, it is now increasingly real, meaning real people are using it and spending real money and businesses are betting big,” said said Lareina Yee, senior partner at McKinsey & Co., in a statement. “Yet this growing interest has made it difficult to separate hype from reality. became stronger and stronger, giving rise to new entrants.
Consumers are already engaging in the metaverse
Consumers are already there. McKinsey research shows that consumers are excited about life’s transition to the Metaverse, with nearly six in ten consumers (59%) preferring at least one Metaverse experience over its physical alternative.
Among these consumers, certain types of activities stand out as the most preferred in the immersive world:
- purchases — purchase of physical or virtual goods (79%).
- attend virtual social events or play social games (78%).
- exercise using virtual reality (76%).
Senior executives believe the metaverse will have a significant impact on their industry
Business leaders see the potential of the metaverse to drive impact and margin growth. Ninety-five percent of executives say they expect the Metaverse to have a positive impact on their industry within five to ten years, with 31% saying the Metaverse will fundamentally change the way their industry works. More importantly, a quarter of executives expect metaverse technology to drive more than 15% of their organization’s total margin growth over the next five years.
“The Metaverse has placed us on the cusp of the next wave of digital disruption,” said Tarek Elmasry, senior partner, McKinsey & Company. “It’s transformative. It’s likely to have a major impact on our business and personal lives, which is why businesses, policymakers, consumers and citizens may want to explore and understand this phenomenon as much as possible, technology who will underpin it and the ramifications it could have for our economies and society at large.
About McKinsey & Company
McKinsey & Company is a global management consulting firm committed to helping organizations achieve sustainable and inclusive growth. We work with private, public and social sector clients to solve complex problems and create positive change for all their stakeholders. We combine bold strategies and transformative technologies to help organizations innovate more sustainably, realize lasting performance gains, and build workforces that will thrive for this generation and the next.
About Growth, Marketing and Sales, McKinsey & Company
The mission of McKinsey’s Growth, Marketing and Sales practice is to help leaders of consumer and business-to-business clients create growth that matters through meaningful transformation and marketing-driven benefits. The practice helps clients set their strategic direction, develop their marketing and sales capabilities, and connect their organization to realize the full potential of today’s omnichannel opportunities. Clients benefit from McKinsey’s experience in key areas of growth, marketing and sales such as growth strategy, branding, client insights, marketing ROI, digital marketing , CLM, pricing and sales and channel management.
For more information please contact
US Media Contact: MaryLiz Ghanem, DiGennaro Communications, [email protected], +1 917 518 8422
UK media contact: Ruth Jones, 3THINKRS, [email protected], +44 0208 0872843
This message was distributed by GlobeNewswire.
2321 Rosecrans Ave. Ste 2200, El Segundo, CA, 90245, USA. +1-800-307-6627. www.globenewswire.com
On behalf of McKinsey & Company New York, NY 100022 US https://www.mckinsey.com
This message was sent to [email protected]
If you no longer wish to receive these messages, you can unsubscribe
Dean Takahashi [email protected]
06:27 (44 minutes ago)
Lead Writer for GamesBeat
GamesBeat Summit events: GamesBeat Summit Next, November 9-10; GamesBeat Summit Into the Metaverse 2, January 25-27; GamesBeat Summit 2022, April 26-27.
author of The Xbox 360 Uncloaked
Page 1 of 2
The GamesBeat creed when covering the video game industry is “where passion meets business”. What does it mean? We want to tell you how much the news means to you, not only as a decision maker in a game studio, but also as a game fan. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about and engage with the industry. Learn more about membership.