Metaverse – How big can this market be

Metaverse – How big can this market be

In this article today, I’m going to share with you some latest research from McKinsey that estimates the metaverse will be a $ 5 trillion market by 2030.

We better understand these numbers so we can know a little more about what the future holds for us. This research was used to make predictions about what consumer behavior will be in the metaverse, which, according to McKinsey, will have five main activities: gaming, shopping, socializing, fitness, and remote learning.

A report called “Creating Value in Metaverse” has been published, which analyzes current adoption trends and aggregates information from two more global surveys, one conducted with consumers in 11 countries and the other with company executives from 15 different industries 10. 10 countries.

What has been found is that 60% of the total universe of consumers surveyed have preferred to do at least one activity in their daily lives in the virtual world to the detriment of the physical world and 79% of consumers assets in the metaverse have already made a purchase.

In these first five months of the year alone, more than $ 120 billion has been invested in technology and infrastructure for the metaverse, more than double the amount invested in all of 2021.

What does this show us? Trends! Surveys are intended to collect data, stratify and analyze it to generate a trend report. And why are trends so important? Why are millions being invested in research? Because, with the knowledge of the trends, the market is able to project investments and companies are able to structure their strategic planning to be able to enter this new world and guarantee a share of this promising market.

The vast amount of financial money in the metaverse will be focused on e-commerce, which, according to the McKinsey report, will account for between $ 2 trillion and $ 2.6 trillion of the total volume of spending on the metaverse by 2030.

What I see in the market is a movement in search of information and suppliers that can make the metaverse a reality in their business.

At this point, we are like a sponge, absorbing everything we hear to put it into practice at the right time. There is a huge uproar in the race for innovation, in search of this consumer who is open to this new digital world that he has experienced and embraced since the pandemic began.

As I said in other articles, the pandemic has accelerated the line of technological innovation. And it prepared the ground by creating the digital culture. It was already part of our lives, but much less so than we are today. And I will go further: we really like this experience and we want more!

The report’s lead authors and former McKinsey partners Lareina Yee and Eric Hazan commented on the research: “What’s exciting is that the metaverse, like the internet, is the next platform on who can work, live, connect and collaborate. ” They also commented that a unanimous opinion among the executives under investigation was that the metaverse would have a positive impact on their sectors.

When we talk about the positive impact, we are talking about different metrics, increasing business margins and the big changes that the metaverse can bring to operations. But not everything is perfect. The survey also shows that 31% of executives are still skeptical about the return on investment in the metaverse.

This cautious look is essential. There are opportunities, but also challenges. Brands need to make a well-structured plan to get into this metaverse dance. It is not enough to want to enter; need to plan.

One of the big challenges will be recovering a portion of the workforce so that it can be used instead of competing with the metaverse.

This new roadmap that is already written for the metaverse needs to ensure that the experience is safe, ethical and inclusive.

We are moving towards this new platform that will open up a range of opportunities in our lives and will certainly introduce us to new worlds!

See you in the next episode!

Patricia B. Bordignon Rodrigues is Director of Marketing and Benkyou Channels.
Image: Shutterstock

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