Virtual experiences in fields like gaming, fitness, and fun are getting ready to battle for the top spot. A report from Bain & Company, released on Thursday, suggests that by 2030, the metaverse could be worth around $900 billion, but it might take another five to 10 years to fully shape up. This means virtual experiences could become about 65% of the metaverse market, ahead of things like app stores and gadgets.
Although the excitement around the metaverse has cooled down as companies focus on AI, it could still be a big deal. So, even though it might take a bit longer, the metaverse could be a strong player in the digital world.
“As the metaverse quickly evolves, we’ve already seen these types of technologies take hold within different industries,” Chris Johnson, a partner in Bain’s Technology practice, stated. “This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology.”
The metaverse won’t just be one big platform; it will likely be a mix of big platforms we use now that become more immersive, and smaller ones that attract more people, says the report. These platforms might stay separate as companies use the data they gather to make money.
The biggest competition in the metaverse will likely be about virtual experiences. Right now, games like Roblox and Fortnite are the top ways we experience it, but things like fitness and entertainment could become more important.
For businesses, the metaverse could be used for working together, learning, and even healthcare. The other 35% of the metaverse will probably be about the technology that makes the experiences really cool.
A report released at the beginning of last year shows that by 2026 25% of people will spend an hour a day in the metaverse. Also, last year, two companies announced their plans to create metaverse experiences: Youtube with gaming, and Walmart with two Roblox experiences.