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Research Roundup: Metaverse edition

Peter Krass's picture

by Peter Krass on 06/22/2022
Blog Category: advanced-technologies

The metaverse is coming—or is it? Are plans for a virtual world where you can conduct meetings, get trained and more the tech world’s great hope, or just more hype?

Skeptics, beware. According to the latest IT research, the metaverse is looking very real. Here’s your tech provider’s research roundup.

MCKINSEY: $5 TRILLION

Management consultants McKinsey & Co. believe the metaverse is real to the tune of $5 trillion in value by 2030. “The metaverse is too big for companies to ignore,” it says.

Here are some stats from McKinsey’s new report, Value Creation in the Metaverse:

> Virtually all business leaders (94% of those surveyed by McKinsey) expect the metaverse to have a positive impact on their industry in the next 5 to 10 years.

> $120 billion in investment has flowed into the metaverse so far.

> Nearly 8 in 10 consumers (79% of those surveyed by McKinsey) active in the metaverse have used it to make a purchase.

> 1 in 4 senior executives surveyed expect that more than 15% of all corporate revenue will come from the metaverse in the next 5 years.

> Venture capital and private-equity investments in metaverse companies last year reached $13 billion.

BUT HOW FAST?

Okay, the metaverse market could be large. But how fast will it grow?

Very fast, says market watcher Global Market Estimate (GME). It’s predicting a compound average growth rate (CAGR) of 45% from this year until 2027.

Even faster growth is being predicted by another market research firm, Valuates Reports. It's expecting a CAGR of 95% for the years 2022 to 2028. The estimate also calls for total metaverse sales worldwide to rise from $510 million this year to $28 billion in 2028.

ACCENTURE: HEALTHCARE FOCUS

The metaverse will have unique uses in specific industries. Take healthcare. Just over 8 in 10 healthcare executives (81%) surveyed by consultants Accenture say they expect the metaverse to have a positive impact on their industry.

In a new report entitled Accenture Digital Health Technology Vision 2022, the consulting firm says the healthcare metaverse may seem futuristic, but in fact it’s taking shape today.

Accenture is even advising its healthcare clients to start investing in metaverse technology. Those that invest today, it says, will shape the next generation of healthcare.

Healthcare organizations are also looking into other advanced technologies, Accenture says, including the Internet of Things and edge computing. Nearly all the executives surveyed by Accenture (96%) say their organizations’ long-term success will depend on next-gen tech.

STANDARDS FORUM

One sign that a tech market is real? It has its own trade associations.

Lo and behold, we now have the brand new Metaverse Standards Forum.

Metaverse Standards Forum logo

Its mission? “To foster the development of open standards for the metaverse.”

Founding members include representatives from Adobe, Huawei, IKEA, Meta (the erstwhile Facebook), Microsoft, Nvidia, Qualcomm and Sony.

Such a group is needed, says Forum president Neil Trevett, because the metaverse “will bring together diverse technologies, requiring a constellation of interoperability standards, created and maintained by many standards organizations.”

Interested in joining? Membership, unlike the metaverse itself, is free.

 

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