The metaverse could become a $900 billion business by 2030, but may remain in an early stage of development for at least another five to 10 years, according to a new report by Bain & Company
The five tech spaces that will shape the metaverse are virtual experiences, content-creation tools, app stores and operating systems, devices, and computing and infrastructure.
Although the Bain report, ‘Taking the Hyperbole Out of the Metaverse’ forecasts a $900 billion industry, it also sees the sector remaining in seed stage for the next five to ten years.
Chris Johnson, partner at Bain’s Technology practice, said: “As the metaverse quickly evolves, we’ve already seen these types of technologies take hold within different industries.”
“This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology.”
It is an immersive and interactive space that allows users to create, collaborate and socialise.
Popular gaming platforms such as Fortnite, Roblox and Minecraft are currently leading the way in the consumer application of the metaverse, becoming more interactive and enabling users to create avatars and worlds within them.
However, technology, fitness and entertainment could flourish in the space.
For businesses, the metaverse technologies virtual reality and augmented reality are already providing value.
The immersive environment could be used for collaboration and productivity and in digital marketing, employee training, education and healthcare.