Despite reports about the state of the metaverse last year, new research from Bain & Company suggests that the metaverse could be a $700-$900 billion worthy sector by 2030. Suggested.
However, the sector is currently in the “seed stage” of early development, which could last another 5-10 years. That means the window is closing, but there are opportunities to take advantage of it right now.
The company’s report, “Extracting Exaggeration from the Metaverse,” predicts that the Metaverse will not become a unified platform, but rather follow the path of multiple siled platforms with their own datasets. Therefore, large companies will try to make their platforms more immersive and engaging, while smaller companies will try to grow their user base through their own services.
The most popular metaverse gaming platforms, Fortnite, Roblox and Minecraft, each already have around 200 million users (equivalent to Disney+ subscribers), according to the report, and are looking for more photorealistic gaming platforms. It points out that content is trying to deepen the immersive experience. Outside of the gaming world, Metaverse-enabled technologies such as virtual and augmented reality are beginning to emerge in areas ranging from medicine to manufacturing to rapid learning and product development.
The report identifies five key areas of opportunity within the metaverse for businesses. Virtual Experiences (will account for ~65% of metaverse market size by 2030), Content Creation (~5%), App Stores & Operating Systems (10%), Devices & Hardware (10%), and Compute. and infrastructure (10%).
“We have already seen this kind of technology take hold in various industries as the metaverse evolves rapidly,” he said. Chris Johnson, a partner in Bain’s technology practice. “This is an ongoing effort towards a more immersive and collaborative experience made possible by rapid improvements in the underlying technology.”