The metaverse has the potential to generate an additional $800 billion to $1.4 trillion per year in Asia’s gross domestic product (GDP) by 2035, growing to a market of up to $13 trillion annually by 2030. report good International Consulting by Deloitte.
report entitled The Metaverse in Asia: Strategies to Accelerate Economic ImpactMetaverse provides an in-depth assessment of the economic opportunities presented by 12 countries and regions in the region: mainland China and Hong Kong, India, Indonesia, Japan, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
“The potential impact of the metaverse in Asia and globally could be significant if investments are made in fundamental and enabling factors. While investments made over the next five to ten years may not yield an immediate short-run return on output, these investments potentially longer as the technologies mature,” according to the report.
“Using preliminary estimates on potential metaverse investment from the literature, we estimate that the metaverse impact to GDP in Asia could be between US$0.8 trillion – US$1.4 trillion per year by 2035, with a total GDP per year approximately 1.3-2.4% of the product by 2035.1 However, the development path of this nascent technology is still uncertain,” the consultation said.
By 2035, the impact of the metaverse on Asian economies could reach between 1.4% and 2.4% of the region’s total GDP, Deloitte said.
“These effects have implications across many sectors, not just in entertainment and gaming. Retail, e-commerce and manufacturing processes can be fundamentally changed. Innovations in healthcare and education will not only create economic value, they can also improve well-being and the human condition,” according to the study.
As an increasing number of large companies are expanding their online presence into the metaverse, international consultancy McKinsey & Co. believes that that annual global spending related to virtual worlds could reach $5 trillion by 2030. Gartner Inc. Analysis by confirms that the Metaverse is the next big innovation in technology. The firm expects that, within a few years, one in four people will spend at least one hour per day in the Metaverse.
Hamza Khan, co-head of the Metaverse efforts at McKinsey, said that “[b]Rand needs to get closer to its customers, and Metaverse is a channel to do that. Compared to the early days of e-commerce, brands are much more active this time, much earlier.”
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