Connect with us

Hi, what are you looking for?

Bytes

The Metaverse Could Generate $1 Trillion By 2025

The latest data from Accenture shows that 90% of consumers want to be active in the metaverse from next year

Source: Accenture Metaverse Report 2023

As the metaverse continues to grow and expand to more regions of the world, growing consumer and business interest in the highly-talked-about virtual space to enhance everyday tasks is expected to fuel a $1 trillion commerce opportunity by the end of 2025.

According to findings from Accenture research that was released at the Consumer Electronics Show (CES) in Las Vegas, more than half (55%) of nearly 9,000 consumers surveyed see the metaverse as a business opportunity for creating and monetising content.

The majority (89%) of C-suite executives also believe that the metaverse will play an integral role in their organisation’s growth in future. Accenture’s findings also estimate that 4.2% of company revenues ($1 trillion) could be from metaverse experiences and commerce in late 2025.

David Treat, senior managing director and co-lead of Accenture’s Metaverse Continuum business group said, “The metaverse as a continuum of technologies and human-centric experiences will usher in the next era of our digital lives and transform all aspects of business. Underpinning it all are opportunities for new products and services, digital assets, business models and the technical capacity for conveying a sense of presence and expression.”

Source | Accenture Proprietary Research, Metaverse Consumer Study 2022

The research also indicates that 55% of consumers want to be active users of the metaverse with the majority (90%) of them hoping to do so come 2024. Some of the top features consumers would love to have with the metaverse are easy-to-use interfaces (cited by 70%) and access to a wide variety of applications (68%), which outperformed more ‘form’ features, such as flashy headsets (55%) and avatar personalisation (55%).

“Consumers are starting to see the metaverse as an essential tool which, when integrated into their lives, can streamline how they complete tasks and increase productivity. Businesses able to deliver tangible experiences that address consumer needs in key areas of interest will gain early-mover advantage in a rapidly forming metaverse industry,” said Kevan Yalowitz, Accenture’s Software & Platforms industry practice lead.

And although gaming has been estimated to garner 59% of metaverse users, Accenture’s findings show that only 4% of consumers see the metaverse as just a gaming platform. Up to 70% of consumers say they intend to use the metaverse to access products and services across media and entertainment, retail, healthcare and fitness.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

You May Also Like

Level Up

Eager to be at the metaverse frontier, but not sure how to get started? As exciting as the idea of a shared digital space...

Bytes

New blockchain gaming platform based on Unreal Engine 5.

Bytes

The record for the most expensive land sale in the metaverse has just been raised

Bytes

Fashion brand teams up with proto-metaverse for two new eyewear options, the Helux and Hydra

Advertisement
Advertisement

Subscribe to the future

Advertisement