• 26 May, 2024
News

Metaverse Eyes $5T in Value by 2030: McKinsey

McKinsey dubs metaverse the next version of the Internet. But a totally immersive and interconnected metaverse will take a while to be a reality. Still, the metaverse is potentially poised to deliver $5 trillion in value by 2030, per a McKinsey report.

What matters in making the metaverse a thriving success is a human factor. It is a must to enable consumers, end-users, and residents to experience positive outcomes in the metaverse. The metaverse has several consumer and business-oriented use cases.

Source: McKinsey

As per the McKinsey report, the metaverse needs these as technology enablers: Devices (AR/VR, sensors, haptics, and peripherals), interoperability and open standards facilitating platforms, and development tools. Robust adoption of the metaverse-led activities has revolved around marketing, learning, and virtual meetings across industries.

Source: McKinsey

The McKinsey report states, the metaverse is simply too big to be ignored.

The effect metaverse can have on commercial and personal lives is noteworthy. Projections by McKinsey state that live events to the tune of 50% could take place in the metaverse by 2030. This can possibly generate up to $5 trillion in metaverse value, states McKinsey. McKinsey research also reveals that metaverse investments touched the $120 billion mark in 2022.

Sony Global and Manchester City are reportedly developing a “proof-of-concept” metaverse experience. The CES 2023 spectacle shall throw light on their anticipated metaverse developments.

Experiences and “other expressions unique to the metaverse” are reportedly being developed by Sony to redefine communication with football players. At press time, avatar creation, virtual stadium, and highlights’ inclusion in Sony’s upcoming metaverse app are unknown.

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