In a recent report, McKinsey estimates that over USD $120 billion was invested in the metaverse sector in 2022. With this in mind, the value of the metaverse could reach USD $5 trillion by 2030, it says.
The metaverse is one of the hottest tech trends going at the moment, with the impact of the technology potentially being felt across online dating, social media, the future of work, and education. 59% of consumers are excited for their everyday activities to move into the metaverse, McKinsey’s report highlights.
The activities most highly anticipated by everyday consumers are social, entertainment, gaming, travel and shopping. Among consumers who may prefer metaverse activities to the real-life alternative, 73% of respondents said they would prefer going on a date in the metaverse.
Apart everyday activities, why is the metaverse expected to reach $5 trillion in value by the end of the decade? McKinsey explains that “its appeal spans genders, geographies, and generations”. Additionally, the public has already demonstrated interest in spending money on digital assets, while also being open to new technologies.
The report identifies some leading use cases for the metaverse that are making an impact already. For example, it says Ariva Digital is already letting users harness its Wonderland platform to visit recreated or imagined destinations for tourism and travel.
When it comes to user-to-user interactions, San Diego’s Rady School of Management provides a virtual campus where students can attend real-time lectures, breakout sessions, and outdoor areas.
“Consumers and businesses are already beginning to explore ways it can deepen connectivity and complement everyday activities. And, within a decade, the metaverse has the potential to drive a very different world”, the report concludes.