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New report suggests metaverse could be five trillion dollar sector by 2030

By Rachel Douglass

Jul 4, 2022

Business

Image: Unsplash

A new report by McKinsey & Company has suggested that the metaverse’s potential economic value could see it generate up to five trillion dollars in impact by 2030.

According to the management consulting firm, digital worlds are quickly becoming the biggest new growth opportunity for a number of industries over the next decade, including e-commerce, which it estimated could have a market impact of up to 2.6 trillion dollars by 2030.

The report said the virtual goods economy, for example, was estimated to contribute nearly 75 percent towards global gaming revenues, with about 79 percent of consumers active in the metaverse to have made a purchase, mostly to enhance their online experience.

Out of products bought, 47 percent of consumers had made in-game purchases, 37 percent bought virtual cosmetic items and 33 percent purchased real-world items.

“Consumer behaviour has largely shifted toward adopting digital personas, yet many brands have yet to provide a solution,” noted AnamXR co-founder and CEO, Irene-Marie Seelig, in a statement for the report. “This opens up a whole new revenue model for brands who can supply digital assets like clothing, for example.”

McKinsey said that businesses already leveraging the metaverse “may build lasting competitive advantages”, noting that leaders should be developing a strategic stance by establishing metaverse goals and the role they want to play in it.

Digital Fashion
McKinsey
METAVERSE