Metaverse platforms are likely to become a channel with a $1.3 trillion potential by 2030 according to a new report from BCG.
The report, The Future of Sales and Marketing Is Here, highlights the increase in readiness in investment from consumers and the growth in big tech investment in the arena.
According to BCG, 65 percent of Gen Z consumers have spent money on a virtual item that exists within only the confines of a video game.
Meta, Microsoft and Google have all made significant investments within the metaverse space. Including Meta’s $10 billion rebranding from Facebook to its current namesake, Microsoft’s mixed-reality feature Mesh for Teams; US$70bn acquisition of Activision Blizzard and Google’s reorganisation of AR/VR team, Google AR glasses and acquisition of North.
At the same time, technological innovation is fuelling this exponential change such as AI, AR/VR, the metaverse, NFTs and crypto.
There are a number of breakthroughs expected this year through devices, content, enablers, and corporate adoption, the report said.
For devices, there has been the convergence of AR/VR in the first mixed-reality devices from Apple and Meta, for example with quick use cases.
For content, VC investment will mature the start-up space, there will be integrations with current systems that will solve content bottlenecks such as limited content, BCG said. Interoperability will remain limited with long-term open platforms likely to get an edge.
The report notes, 43 percent share of value is expected to accrue to content providers by 2025.
There will be a doubling down on 5G and computing power — yet these are likely to remain a challenge, BCG warns. In terms of corporate adoption, BCG predicts, corporates will communicate their strategy and deploy first AR/VR use cases at scale.
The report encourages marketers and sales people alike to not be shy about exploring new channels, “understand value drivers, focus on experimentation and big opportunities.”
BCG recommends marketers and sales people to experience the new channel, assess their role and value add for customer outcomes, determine the impact on other channels, prioritise learning and experimentation in use cases and communicate and partner externally on new channels.