What exactly does the 4D Universe report released by global consulting giant McKinsey say?

A must-see for Metaverse practitioners and enthusiasts!

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

Recently, the world-renowned consulting firm McKinsey released the latest research report “Value Creation in the Metaverse”, arguing that the Metaverse will significantly affect our business and personal lives.

The report shows that since 2022, more than 120 billion US dollars of investment has flowed into the Metaverse; 79% of active users have made purchases in the Metaverse; 25% of executives said that it is expected that more than 15% of the company’s revenue will come from Yuan in the next five years. universe.

It could be worth $5 trillion by 2030 and could be the biggest new growth opportunity over the next decade across multiple industries including consumer goods, retail, financial services, technology, manufacturing and healthcare.

Additionally, the report aims to better understand the value of the Metaverse, the breadth of adoption, where the greatest traction is likely to occur, and what businesses can do now to capture value. 

We spoke with McKinsey senior partners Eric Hazan and Lareina Yee, both lead authors of the report, to discuss the potential and momentum of this virtual world.

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

According to Lareina, the Metaverse is like the internet, a platform where we can work, live, bond and collaborate.

It will be an immersive virtual environment that connects different worlds and communities. There will be tons of creators and alternative currencies that people can use to buy and sell things. The Metaverse will have a lot of components for Web3 and games and AR, but it’s much more than that.

In Eric’s view, the most basic Metaverse consists of immersion, real-time interactivity, and user agents. Consumers and many companies are experimenting with everything from social to fitness, business, virtual learning and other everyday activities.

Like all other technologies, we cannot define the Metaverse itself in terms of simply good or bad. All we have to do is learn and draw from previous eras of great technological change.

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

According to a new McKinsey research report, the Metaverse consists of ten layers that can be broken down into four core building blocks: content and experience, platform, infrastructure and hardware, and enablers.

A “complete” Metaverse experience is characterized by immersive visual effects, diverse social interactions, and a decentralized and distributed organizational structure. In a space different from reality, people create and trade freely in virtual identity.

content and experience

Content: Enrich the Metaverse experience – including first-party content, developer content, creator content, UGC, and more.

Applications: Relevant to specific Metaverse use cases – from learning to collaboration to events to industry specific applications

Virtual worlds: environments where large numbers of users can gather, interact, create, and move in and out of different experiences

platform

Access and Discovery: Platforms that facilitate content, experience, app distribution and discovery – including browsers, search/visual search, app stores, in-app storefronts

Creator/3D Development Platform: A core set of tools and platforms for building 3D experiences – including design, game engines, AI services, creator tools

infrastructure and hardware

Devices, Operating Systems, and Accessories: Device hardware, components, accessories/peripherals, and operating system layers that are part of the HMI layer

Infrastructure: Infrastructure across clouds, semiconductors, networks, and more, powering the Metaverse

enabling factors

Security, Privacy & Governance: Security, Identity & Data Governance, Privacy & Content Moderation Platform

Identity: A platform for managing digital identities, avatars and social graphs

Payments and monetization: platforms and tools (eg, advertising, asset stores) to enable virtual world economies

In a nutshell, the progress from Web 2.0 to Web 3 gave birth to the Metaverse.

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

What are the chances of the Metaverse?

Eric: We expect the economic value of the Metaverse to grow exponentially. Its appeal cuts across gender, geography, sector and generation. Consumers are open to adopting new technologies; companies are investing heavily in developing Metaverse infrastructure; and brands experimenting in the Metaverse are getting positive feedback from consumers.

Our bottom-up view of consumer and enterprise use cases suggests that the Metaverse could have an impact of up to $5 trillion by 2030, roughly the size of the world’s third-largest economy, Japan.

What should leaders do to prepare in advance?

Eric: How digital trust in the Metaverse is viewed remains to be defined. But there are some pressing challenges that need immediate consideration. On the one hand, part of the workforce needs to be retrained to maximize the use of the Metaverse rather than compete with it.

Stakeholders need to develop a roadmap to ensure that experiences in the Metaverse are ethical, safe enough, and inclusive. This could mean developing guidelines around issues such as data privacy, security, ethics, personal safety, sustainability and fairness.

As long as these challenges are considered along the way, there is a lot of hope and potential in the Metaverse.

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

Notably, based on consumer and enterprise use cases, McKinsey predicts that the Metaverse could generate as much as $5 trillion in value by 2030.

The potential impact of the Metaverse varies by industry and could be $2 trillion to $2.6 trillion for the e-commerce market; $180 billion to $270 billion for the virtual learning market, and $144 billion to $206 billion for the advertising market , with an impact of $108 billion to $125 billion on the gaming market.

Metaverse offers retailers the opportunity to reimagine and personalize store environments.

For example, Boson Protocol has a shopping mall in Decentraland that allows users to explore digital goods and buy NFT vouchers that can be redeemed for that item in the real world.

The fashion industry’s early experiments with virtual worlds were mainly through the launch of virtual clothing, and the long-term opportunity for fashion brands is to attract consumers through NFTs. As the virtual world develops and customer attention increases, funding for virtual experiences will become more active.

As the Metaverse brings together online social networks, games, cryptocurrencies and increasingly diverse digital assets, financial services companies have joined to explore potential opportunities in the virtual world.

Additionally, the Metaverse presents huge opportunities for tech companies, particularly in the three areas of infrastructure, developer tools and platforms, virtual worlds and content.

What should business executives do now for the Metaverse?

Lareina: Keep an open attitude towards new businesses and some potential applications, and have a long-term mindset. Society is constantly evolving. Understand that you are not planning investments for this quarter, but long-term trends for the future.

Eric: It’s a great idea for companies and executives to dive into and experience the Metaverse to better understand what it’s about.

But the inescapable fact is that companies and executives need to become familiar with the Metaverse if they want to understand both the opportunities consumers and businesses may have in the Metaverse. The best way for business leaders to explore is to become a user of the Metaverse.

How do consumers feel about this?

Eric: We surveyed more than 3,400 consumers around the world and found that two-thirds are excited about moving everyday activities to the virtual world, especially when it comes to connecting with people, exploring virtual worlds, and collaborating remotely with colleagues .

Almost 60% of consumers prefer activities in an immersive world over physical alternatives. Even more surprising is that 79% of consumers active in virtual worlds have already made purchases in the Metaverse.

What about executives?

Lareina: Executives generally disagree with these views, but our research shows that they do agree on one thing: 95% of executives believe virtual worlds will have a positive impact on their industry.

About a third believe the Metaverse could bring significant changes to the way their industries operate, and a quarter believe the Metaverse will generate more than 15% of corporate revenue over the next five years.

How does the Metaverse drive sustainable and inclusive growth?

Eric: In the Metaverse we have the opportunity to reimagine public services and infrastructure. This opens up new avenues for delivering public services such as education and healthcare, creating jobs and planning community spaces.

For example, we’ve seen this with the Seoul government, which plans to spend at least $32 million on the Metaverse ecosystem to improve city services, planning and management, and increase support for virtual tourism.

Overall, a major challenge we face today is ensuring that the talent base in the public sector is equipped to set priorities for the greatest benefit to society, and work with technology providers to achieve this.

Lareina: The Metaverse as an inclusive environment for creators, providers and consumers is promising. Access and inclusion in the Metaverse ecosystem is not a matter of the few but of the great majority.

This creates space to help democratize opportunities such as learning, development and education.Opens new and exciting doors for removing geographic barriers.

What exactly does the 4D Universe report released by global consulting giant McKinsey say?

Clearly, the Metaverse could bring about widespread social change. People can work and play in virtual worlds, own virtual assets, consume virtual land and goods, socialize in virtual spaces, and create worlds and objects. At the same time, they may also pose risks to individuals and society.

“From a cybersecurity perspective, it’s not just about servers, nodes or networks anymore,” said Pearlman of the XR Safety Initiative. “The attack surface has expanded into our human brains and our living spaces because we can now Extending screens and activities into our real-world environment.”

It also heralds the need for a roadmap for an ethical, safe, and inclusive Metaverse experience by a variety of stakeholders, and possibly guidance around issues such as data privacy, security, ethics, and governance.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-exactly-does-the-4d-universe-report-released-by-global-consulting-giant-mckinsey-say/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-07-11 10:30
Next 2022-07-11 10:33

Related articles