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Metaverse Market Value Is Forecasted To Be US$5 Trillion By 2030

Metaverse Market Value Is Forecasted To Be US$5 Trillion By 2030

Global consulting firm McKinsey & Company forecasts the market value of the metaverse could reach US$5 trillion by 2030. In addition, more than 80 percent of trade could be impacted by activity in the metaverse. launch, last week McKinsey published a report titled “Value Creation in the Metaverse”. The report is the result of a survey of more than 3,400 consumers and executives on adoption and the potential metaverse and opportunities for behavior change.

“We interviewed 13 senior leaders and metaverse experts. By 2030, it is highly likely that more than 50 percent of live events will take place through the metaverse,” explains McKinsey. McKinsey added that more than 80 percent of trades could be impacted by activity in the metaverse. Most learning, development and collaboration can also take place in virtual worlds.

Additionally, McKinsey predicts normal internet users will spend up to six hours per day in metaverse activities by 2030.

In 2022, the metaverse sector received an investment of US$120 billion, double the investment value in 2021 of US$57 billion.

Despite mixed metaverse data, McKinsey says the metaverse could be worth up to US$5 trillion by 2030. Estimates of the potential impact of the metaverse in 2030 are based on studies of consumer and business uses.

Additionally, McKinsey discussed with 20 internal and external experts the metaverse. McKinsey said they provided the best predictions despite the technical, regulatory and social uncertainties over the metaverse.

The report states, the metaverse will have a major impact on the lives of individuals and commerce. With a potential value of US$5 trillion by 2030, McKinsey views the metaverse as enormous and cannot be ignored.

A number of major banks and investment firms are entering the metaverse sector, including JPMorgan, HSBC, Standard Chartered and Fidelity Investments.

A survey conducted last April revealed that the metaverse will be the most popular location for the crypto community. 70 percent of respondents agree that advances in crypto and blockchain technology are important for the future development of the metaverse.

Apart from McKinsey, various other companies provide predictions on the size of the metaverse. Citigroup predicts the metaverse is a US$13 trillion opportunity with five billion users by 2030.

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