A metaverse’s vision of the future excites the business world. Businesses are investing billions – although it could be another 20 years before it becomes a reality. But money can already be made with it today. This is shown by a recent study.
A coherent metaverse, as currently being drawn up as a vision for the future, does not yet exist. Experts estimate that its realization will take another twenty years. However, some companies are already investing billions in the idea and making sales with products such as virtual sneakers (Nike), augmented and virtual reality games (gaming sector) or digital tours of the house (real estate sector).
Management consulting firm McKinsey recently conducted a survey of the Metaverse, consulting approximately 3,400 consumers and executives across Asia Pacific, China, Europe, and the United States. The goal of the study was to understand the habits, motivations, and expectations of users and developers of the metaverse.
According to this, the metaverse could grow to a value of up to $5 trillion by 2030. E-commerce is the largest item in the forecast ($2.6 trillion). This is followed by learning in the virtual space (270 billion euros), advertising (206 billion dollars) and gaming (125 billion dollars).
Therefore, there are high expectations for the Metaverse
The basis for these calculations is that investments in the metaverse would already reach $120 billion by 2022 — more than twice what it would be in 2021 ($57 billion), the study said. This increase is due to several factors:
- Technological advancement in the necessary infrastructure,
- Changing demographics (younger people are more open to metaverse and digitization),
- Consumer-oriented marketing and engagement.
These sectors invest the most
According to the study, the leading industries currently investing a large portion of their digitization budget in the metaverse include energy and resources, high tech, media and entertainment, healthcare and public sector, professional and business services, insurance and finance, consumer protection. AF&L and retail, automotive, machine building and assembly, construction, tourism and logistics.
hype or reality? Companies should not be fooled
The survey found that 59 percent of people already active in the virtual world prefer the digital experience over an analog alternative. However, this is a number that needs to be put into perspective: The people who already buy digital shoes, play augmented reality games, or take digital tours of the home are probably naturally attached to a potential metaverse and digitization. When you think about it, that percentage isn’t that impressive. The great interest in the vision of a metaverse, which is mainly fueled by the business community itself, makes it difficult for companies to distinguish between hype and reality, the study authors emphasize.
The most popular activities of consumers who already shop, play and visit in the virtual world are:
- purchase of physical or virtual goods (79 percent),
- Participation in virtual events or gaming (78 percent),
- exercise (76 percent).
That’s what managers expect from the metaverse
According to the study, 95 percent of executives surveyed expect the Metaverse to have a positive impact on their industry within five to 10 years. 31 percent believe the metaverse will fundamentally change the way their industry operates. A quarter of executives expect Metaverse technology to account for more than 15 percent of their company’s total margin growth over the next five years.
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