Metaverset could generate $ 5 trillion by 2030 – EURACTIV.com

The consulting firm McKinsey & Company urges companies and governments not to miss out on the opportunities that metaverse offers, as the market is expected to generate up to $ 5 trillion for the economy by the end of this decade.

Nearly 8 months after Facebook, Meta and its founder, Mark Zuckerberg, announced their intentions for “metavers”enthusiasm is not weakened.

Although difficult to define, the metaverse is destined to become the next step on the Internet, where the user will be completely immersed in the online environment thanks to virtual reality and will no longer be content to browse a screen. in two dimensions.

It’s still unknown how the metaverse actually develops, but it could very well be a real game-changer, and tech companies are still looking for “the next big thing” definitely got the message. Consumers could soon test drive a luxury car in the meta-verse before buying it, or shop and try on new clothes in an immersive virtual store.

The metaverse could be worth a lot, up to $ 5 trillion by 2030, according to a study presented by the American consulting firm McKinsey & Company at the annual VivaTech event to be held this week in Paris.

“Metaverset is just too important to ignore”writes the authors, pointing out that it is “completely plausible” that half of the live events take place in the metaverse, and the average user spends “up to six hours a day” discover these experiences by 2030.

The e-commerce industry is likely to be the first to benefit from this growth, with an estimated market power of $ 2 trillion to $ 2.6 trillion by 2030, followed by the e-learning market ($ 180 to $ 270 billion), advertising (144 to 144) billion dollars). $ 206 billion) and game ($ 108 to $ 125 billion).

The business opportunities are significant. McKinsey’s report showed that around 79% of active consumers in the metaverse have already made a purchase, primarily to improve their online experience.

Companies, venture capitalists and private equity firms have already invested $ 120 billion in the meta-verse in the first five months of 2022, compared to $ 57 billion invested throughout 2021, the report continues, pointing out that “large tech companies are the biggest investors and to a much greater extent than they were in the case of artificial intelligence (AI) at a comparable stage in their development“.

Like all technological revolutions, companies that have shown interest early on may eventually be able to count on lasting competitive advantages.

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The challenges ahead

But the emergence of the meta-verse is likely to come with many challenges and difficult questions due to its ability to exacerbate pre-existing online problems such as cyberbullying, scams or hate speech.

As Charlie Bell, Executive Vice President of Microsoft, noted in a recent blog post, “Internet problems past and present – identity theft, attempted identity theft, social manipulation, state espionage, inevitable vulnerabilities – will be present in the metaverse”.

Competition policies and antitrust rules are also likely to need an upgrade.

“Political leaders will benefit from planning ahead and defining the legal, political and governmental aspects of the metaverse and its broad implications in these discussions”says the McKinsey report.

The European Executive Board would have begun to investigate the matter. “The meta-verse is already there. So, of course, we start analyzing what the role of a regulator will be, what is the role of our legislature. “said Commission Vice-President Margrethe Vestager at an online event in February.

“Everything we do must be based on facts and on the information we are able to obtain. We need to understand them before we can decide which measures would be appropriate. “she added.

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