Recent research conducted by Bain & Company has unveiled the potential for the metaverse to attain a market value of up to $900 billion by the year 2030. However, experts anticipate that the metaverse may remain in a preliminary stage for another five to ten years before reaching full fruition.
The Bain report, titled “Taking the Hyperbole Out of the Metaverse,” underscores the genuine and burgeoning economic prospects presented by the metaverse. Businesses engaging in the early phases of metaverse development, known as the ‘seed stage,’ during the next five to ten years, are more likely to secure a prominent position in the market.
Chris Johnson, a partner in Bain’s Technology practice, emphasized the rapid evolution of the metaverse and its integration into various industries, citing the example of immersive gaming platforms, which already boast hundreds of millions of monthly active users. Johnson stated, “This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology.”
The Metaverse’s Diversity:
The Bain report suggests that the metaverse is unlikely to manifest as a singular platform, instead predicting a diverse landscape where platforms with substantial user bases will strive to become increasingly immersive and engaging. Simultaneously, smaller metaverse-like environments will attempt to attract larger user bases. These virtual worlds are expected to remain independent, as private companies seek to capitalize on the value of their underlying data sets.
Metaverse Adoption Across Industries:
Various industries have embraced metaverse-type technologies, spanning entertainment, manufacturing, healthcare, education, and employee training. These sectors have shown considerable potential for integrating metaverse solutions into their operations.
Five Key Areas of Market Potential:
1. Virtual Experiences: While gaming currently dominates the consumer metaverse application, immersive fitness and entertainment are anticipated to gain traction in the medium term. On the enterprise front, innovative use cases are emerging in collaboration, productivity, digital marketing, employee training, education, and healthcare. These are projected to constitute approximately 65% of the market size by 2030.
2. Content Creation Tools: A growing array of software tools for generating metaverse worlds and experiences is becoming available. These tools are set to make up about 5% of the projected market size in 2030.
3. App Stores and Operating Systems: During the metaverse’s seed stage, app stores will play a crucial role, offering users curated, high-quality experiences to maintain their engagement with the platform and the headset they use to access the metaverse. These will represent around 10% of the projected market size in 2030.
4. Devices: Overcoming technological barriers is essential for the arrival of comfortable, standalone devices that provide truly immersive experiences. For broad adoption, content must be compatible with various devices, including personal computers, gaming consoles, and smartphones. Devices are expected to comprise about 10% of the projected market size in 2030.
5. Computing and Infrastructure: Hardware companies will face mounting pressure to develop higher-performing chips, servers, and networking technologies to render high-quality graphics and reduce latency, making up approximately 10% of the projected market size in 2030.
As the metaverse continues to evolve, businesses across various sectors are positioning themselves to leverage the opportunities it presents. The metaverse’s potential to transform the way we interact, work, and play is a driving force behind these forecasts.
