McKinsey report predicts $5T metaverse value by 2030

By: Mark Jessy

January 9, 2023 6:43 AM

The future of the Metaverse depends on its ability to provide satisfying experiences for its users, whether they are customers, business owners, or ordinary people.

Even though the 2022 bear market dampened enthusiasm for new crypto sub-ecosystems like NFTs, the Metaverse is still set up for long-term upheaval. McKinsey & Company estimates that the metaverse might be worth up to $5 trillion by the year 2030 due to the wide variety of consumer and business-focused use cases it could support.

According to the research, four types of technology enablers are necessary for the Metaverse to realize its full potential: devices (AR/VR, sensors, haptics, and peripherals), interoperability and open standards, facilitating platforms, and development tools. On the other hand, the satisfaction of consumers, end-users, and citizens is more important than ever, and this fact weighs heavily on the success of Metaverse.

Effects of the metaverse by the year 2030. Report by McKinsey & Company

The most widespread use of metaverse projects thus far has been in the realms of advertising, education, and online conferences. McKinsey found, however, in an April 2022 study of top-level executives, that most Metaverse-related initiatives have only gained moderate uptake.

Suggestions for introducing the Metaverse. Report by McKinsey & Company

It was said in the paper that the metaverse "is simply too vast to be ignored" due to the potential economic and social effects it can have. McKinsey predicted that by 2030, the metaverse may host more than half of all live events, creating a market worth as much as $5 trillion.

One-third of individuals polled expressed interest in dating in the Metaverse, suggesting that it is a suitable environment for modern romantics. As reported by a recent survey by Dating.com (an online dating service):

"More daters are receptive to forging relationships that transcend multiple towns, countries, and even continents, thanks to developments in dating app technology and the metaverse."

Due to the presence of Metaverse, singles are now more willing to date people from other parts of the world.