Metaverse is likely to create $ 4 trillion to $ 5 trillion for various consumer and business sectors in the ongoing decade i.e. by 2030, says a detailed report by McKinsey & Company. According to the report, titled as “Value creation in the metaverse – The real business of the virtual world” metaverse may generate up to $5 trillion by 2030.
A Metaverse is the new name for the expanding network of 3d virtual reality. It is therefore an affluent virtual space which provides various opportunities to its users like socializing, shopping, interacting or playing games.
McKinsey & Company is the world oldest and largest global management consultancy company which provides professional services including consultancy services to corporations, organizations and governments of many countries in the world. The McKinsey’s reports are generally considered extremely important in the economic world for depth and quality of research undertaken to produce them.
Listing examples of various business sectors experimenting with metaverse, the report lays special focus on five categories of industries which are already the frontrunners in experimenting with metaverse and according to the report, most likely to make good use of metaverse in consumer and business fields with considerable impact across other sectors as well. These five industries, according to report are, “apparel, fashion, and luxury; consumer packaged goods; financial services; retail; and telecommunications, media, and technology.”
McKinsey’s metaverse report is based upon a survey of more than 3400 consumers and business executives. According to the report, about 95% of the executives were of the view that metaverse is going to have positive impact on their industry within five to ten years.
The report presents a very rosy picture for the metaverse proponents. Presenting major conclusions of the potential impact of metaverse on the economic sector, the report says that almost 50% of live event are likely to be held in metaverse by 2030, more than 80% of world’s commercial activities would be impacted by the consumers’ experiment with brands and virtual store of companies in the metaverse.
Concluding the report, McKinsey says that an average internet user is likely to spend 25% of his daily life i.e. 6 hours a day in the metaverse by 2030. Potential to generate $5 trillion makes metaverse too big to be ignored in economic terms. On societal front as well, it will have a major impact on personal live. Due to these reasons, McKinsey advises consumers, organizations, businesses and policy makers to gain as much information and knowledge about the metaverse phenomenon, technology behind it and its potential implications on society at large.
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