A study by Deloitte (a global financial service firm) estimates that the metaverse could help boost Asia’s annual GDP by 2035. According to Deloitte, the virtual world could add a yearly revenue of $1.4 trillion to the continent’s GDP by 2035.
“The metaverse is no more a fictional tale as it is gradually becoming a reality. Millions of individuals are already using the present metaverse platforms,” the report stated.
Deloitte Publishes Metaverse Report
The global financial service firm recently posted a metaverse report. The report evaluates the economic impact of the metaverse on Asia.
In addition, the study opines that the virtual world is a trillion-dollar sector with considerable prospects in Asia.
“We predict that the effect of the metaverse on Asia’s GDP can range from $0.8 to $1.4 trillion annually by 2035. This is roughly about 1.3 to 2.4% of total GDP annually by 2035,” the report stated.
Although the metaverse presents vast opportunities, Deloitte acknowledged that the metaverse’s development path remains unclear.
Individuals use these platforms for concert shows, buying virtual items, socializing, and gaming.
Additionally, the report said the global GDP estimate of the metaverse ranges from $1.5 trillion in 2030 to about $3 trillion by 2031 annually.
The Metaverse Is Unavoidable – Kulasooriya
Duleesha Kulasooriya, the MD for Deloitte Center for the Edge in Southeast Asia, said the youths are the largest proportion of those using the metaverse. Moreover, he revealed that over 60% of them reside in Asia.
In addition, the MD stated, “the metaverse is unavoidable.” Kulasooriya noted that creating technological stacks, human resources, and regulatory frameworks for the metaverse is essential.
These would help Asia actualize its future trillion-dollar metaverse market and benefit a diverse set of economic sectors and activities.
Furthermore, the research continues by elaborating on the idea that “the potential expansion and input of the virtual world might be enormous internationally.”
Besides, there are various estimates of the potential size of the worldwide market for the metaverse (in terms of revenue). The predictions range from $678.8 billion to $13 trillion annually by 2030.
Grand View Research was the source of the $678.8 billion estimate, while Citi Group was the source of the $13 trillion estimate.
In the meantime, McKinsey predicts that the metaverse has the potential to be worth over $5 trillion by the year 2030. On the other hand, Goldman Sachs values the metaverse at $8 trillion by the same period.
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