Contrary to recent speculations of the metaverse losing its luster, a new study by Bain & Co. suggests that reports of its demise may be premature. In fact, the immersive technology driving the metaverse could burgeon into a staggering $900 billion market by the close of the current decade, although it might linger in the seed funding phase for another five years at least. (The metaverse, characterized as a virtual reality domain wherein users engage with computer-generated environments via VR headsets, can also be accessed through alternative means devoid of specialized equipment.)
Chris Johnson, a partner within Bain’s Technology division, remarked, “The dynamic evolution of the metaverse has already witnessed the integration of such technologies across diverse sectors.” Johnson cited immersive gaming platforms as an illustrative instance, having already garnered an impressive audience of hundreds of millions of monthly active users.
He continued, “While the transformative trajectory of the metaverse remains unclear, our investigation delineates five arenas of competitive engagement that executives ought to contemplate should they aspire to take the lead and eventually achieve scalability. This voyage represents an ongoing quest toward heightened immersive and collaborative encounters, facilitated by swift strides in the foundational technology.”
According to VMSD magazine’s 2023 projection issue, various retailers, including Forever 21, and reportedly notable chains like Nike, Charlotte Tilbury, and Dior, have begun cautiously exploring the metaverse landscape. Their aim is to gauge how this technology could seamlessly intertwine with their omnichannel retail strategies, marking a foray into this virtual dimension.
