PwC’s report suggests the metaverse, a key trend in 2022, will continue to grow, predicting significant future revenue.
PwC is a global network of firms delivering assurance, advisory, and tax services, known for its business and financial consulting expertise.
In 2023, artificial intelligence overshadowed the metaverse in technology trends. However, the metaverse’s expansion is still on track for the coming years.
The advisory firm estimates the metaverse will generate $800 billion annually by 2030. The forecasted growth rate is a substantial 40% annually.
Telecommunications, financial services, and retail are expected to be the metaverse’s main users.
PwC also believes the overall market value around the metaverse could hit $13 trillion.
Financial services, in particular, show potential for deeper consumer engagement and innovative solutions.
This sector aims to merge traditional methods with decentralized ones.
By 2030, telecommunications and financial services might each contribute 30% to metaverse revenues.
The retail sector could add another 25%, with other areas making up 15%.
Technological advances and changing consumer habits are key to the metaverse’s progress.
Developments like 5G and virtual reality glasses are driving this growth. Consumers are increasingly curious about virtual environments, boosting the metaverse’s appeal.
Companies have started to explore and develop metaverse solutions. They’re gaining expertise and a competitive edge.
Soon, they’ll create more digital platforms, products, and exclusive content for these environments.
In financial services, metaverse technology will be used for various purposes.
These include onboarding, training, community building, content creation, customer relations, and entertainment.
Telecommunications will focus on content creation, talent recruitment, entertainment, training, and coworker interaction.
These diverse applications highlight the metaverse’s broad potential across different sectors.
