The Metaverse could add $1.4 trillion a year to Asia’s GDP

Deloitte estimates that the metaverse could add $1.4 trillion a year to Asia’s GDP by 2035. Noting that the metaverse market could reach $13 trillion by 2030, the financial services firm said, “The metaverse is no longer science fiction. The first metaverse platforms are already being used by millions of people.

Deloitte study on metavers

A new report from Deloitte, entitled “The Metaverse in Asia: Strategies for Accelerating Economic Impact“, estimates that the metaverse represents a trillion dollar opportunity in Asia. The study takes an in-depth look at 12 selected Asian economies: Hong Kong, India, Indonesia, Japan, Mainland China, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

The Deloitte report states:

We estimate that the impact of the metaverse on GDP in Asia could be between US$0.8 and US$1.4 trillion per year by 2035, or about 1.3 to 2.4 percent of overall GDP per year by 2035.

The metaverse presents a trillion-dollar opportunity to significantly transform the region’s major economies…Vice versa, Asian economies will have a significant impact on how the metaverse takes shape globally“, Deloitte described, noting that “the development trajectory of this nascent technology is still uncertain.

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The financial services firm explained, “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions of people… In Asia, many consumers are playing games, socializing, attending concerts, and purchasing items on virtual platforms such as Roblox, Decentraland, Fortnite, as well as Sandbox and Zepeto.

The Deloitte report goes into more detail:

Estimates of the potential impact of the metaverse on global GDP range from $1.5 trillion per year by 2030 to $3 trillion per year by 2031.

Duleesha Kulasooriya, managing director of Deloitte Center for the Edge in Southeast Asia, was quoted by CNBC as saying, “If you look at young people… they are the ones interacting and engaging in the metaverse primarily today, and 60% of the world’s youth live in Asia.

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The executive director added: “The metaverse is inevitable. Developing the technology stacks, human capital, and regulatory frameworks to realize the potential of Asia’s $1 trillion metaverse will benefit a wide range of industries and economic activities.

Stressing that “the potential growth and contribution of the metaverse could be significant at the global level“, the report continues:

Estimates of the potential global metaverse market size (i.e., revenue) range from US$678.8 billion…to US$13 trillion…per year by 2030.

The $678.8 billion comes from Grand View Research, while the $13 trillion estimate comes from Citi Group. Meanwhile, Goldman Sachs sees the metaverse as an $8 trillion opportunity and McKinsey thinks the metaverse could generate $5 trillion by 2030.

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