NEW YORK and LONDON and PARIS, June 15, 2022 (GLOBE NEWSWIRE) – McKinsey & Company released its new report entitled “ Creating value in the metaverse (value creation in the metaverse), indicating that the metaverse may be too important to be neglected. Preliminary McKinsey forecasts show that the metaverse has the potential to grow to $ 5 trillion worth by 2030. They show that e-commerce is the most important economic force ($ 2.6 trillion), ahead of sectors such as e-learning ($ 270 billion) ), advertising ($ 206 billion) and games ($ 125 billion).
As companies of all shapes and sizes strive to enter the metaverse, this detailed report provides a clear insight into what the metaverse is and what it is not, what leaders do, what encourages investment and the potential of consumer and B2B businesses.
The report is based on multiple ownership insights and analyzes, including a survey of more than 3,400 consumers and executives on the adoption of the metaverse, its potential and likely impact on behavior. Researchers also interviewed metaverse builders and industry experts.
“Metaverse is a strategic milestone for businesses and a significant opportunity to influence the way we live, connect, learn, innovate and collaborate,” said Eric Hazan, CEO of McKinsey & Company. “Our ambition is to help leaders in consumer and B2B companies better understand their power and potential, identify strategic imperatives and act as a force for their evolution. »
What encourages investment in the metaverse
Already this year, corporations, venture capital companies and private equity companies have invested more than $ 120 billion in the metaverse, more than double the $ 57 billion invested for the full year.
Several factors drive investor enthusiasm:
- ongoing technological advances in the infrastructure needed to power the metaverse
- demographic barriers
- marketing and engagement increasingly driven by consumers
- increased market availability as users explore the current version of the metaverse, which is mainly focused on games, while applications appear in the areas of socializing, fitness, shopping, virtual learning and other uses
More than three billion players worldwide already have access to different versions of the metaverse.
“Although the idea of virtual connectivity has evolved over the decades, it is now becoming more real, meaning real people are using it and spending real money, and companies are betting big,” said Lareina Yee, senior partner at McKinsey & Company. “Yet, with this growing interest, it was difficult to separate the hype from reality. It is worth remembering that although the reversal of the first boom in the technology bubble led to the disappearance of dozens of companies, the Internet itself continued to grow, creating newcomers. »
Consumers are already dealing with the metaverse
Consumers are already there. McKinsey’s research shows that consumers are excited about the transition from life to the metaverse, with nearly six out of ten consumers (59%) preferring at least one metaversal experience over its physical alternative.
Among these consumers, certain types of activities stand out for being preferred in the immersive world:
- shopping, physical or virtual goods (79%)
- participation in virtual social events or social games (78%)
- exercise using virtual reality (76%)
Senior executives believe the metaverse will have a significant impact on their industry
Business leaders saw the potential of the metaverse to boost influence and margin growth. 95% of executives say they expect Metaverse to have a positive impact on their industry within five to ten years, while 31% say Metaverse will fundamentally change the way their industry operates. More importantly, a quarter of executives expect metaverse technology to drive more than 15% of their organization’s total margin growth over the next five years.
“The metaverse has put us on the threshold of the next wave of digital disruption,” said Tarek Elmasry, senior partner at McKinsey & Company. “It’s transformative. This is likely to have a major impact on our business and personal lives, which is why companies, policy makers, consumers and citizens may want to explore and understand as much as possible about this phenomenon, the underlying technology. -trends and consequences that this could have for our economies and society as a whole. »
For more information and to read the full report, click here.
About the report
McKinsey surveyed more than 3,400 consumers and senior executives in Asia Pacific, China, Europe and the United States to better understand the habits of current metaverse users, including their motivation, what they do and what they do, what they hope for. Analyzing the potential for value creation and the overall investment landscape of the metaverse, we looked at the drivers of activity among large corporations, as well as venture capital and private equity funds. We examined the potential impact of the metaverse on industries closest to its technology and use, complementing our work with additional research, case studies, and real-world examples. The report also includes a detailed analysis of five sectors: clothing, fashion and luxury; Consumer packaged goods; financial services; retail; and telecommunications, media and technology.
About McKinsey & Company
McKinsey & Company is a global management consulting firm dedicated to helping organizations achieve sustainable and inclusive growth. We work with clients from the private, public and social sectors to solve complex problems and create positive change for all their stakeholders. We combine bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting results, and build a workforce that will thrive in this generation and beyond.
About growth, marketing and sales, McKinsey & Company
Mission McKinsey growth, marketing and sales is to help leaders in consumer and business clients create growth that is essential through significant transformations and marketing-driven profits. This practice helps its clients set their strategic direction, develop their marketing and sales skills, and connect their organization to realize the full potential of today’s omnichannel opportunities. Clients benefit from McKinsey’s experience in key areas of growth, marketing and sales such as growth strategy, branding, customer insight, ROI marketing, digital marketing, CLM, pricing, sales and channel management.
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