Analysts at major financial firm Deloitte said the metaverse market could increase Asia’s GDP by $0.8 trillion to $1.4 trillion, or roughly 1.2%-3.5% of the total per year by 2035.
Deloitte studied the economies of 12 Asian countries, including China, Singapore and India, and concluded that the metaverse could significantly transform the major economies in the region. Conversely, Asian economies will have a significant impact on how the metaverse will shape itself on a global scale.
Analysts added that “the path forward for this nascent market is still uncertain.” However, the metaverse is no longer science fiction, as such platforms are already firmly established in our lives.
“In Asia, many consumers play, chat, attend concerts and buy goods on virtual platforms such as Roblox, Decentraland, Fortnite, as well as Asian Sandbox and Zepeto,” Deloitte said.
Estimates of the potential impact of the metaverse on GDP on a global scale range from $1.5 trillion a year by 2030 to $3 trillion a year by 2031. Duleesha Kulasooriya, managing director of the Deloitte Center in Southeast Asia, said that it is mostly young people who interact with the metaverse right now.
“The Metaverse is inevitable. Developing the technology stacks, human capital, and regulatory framework to unlock the trillion-dollar potential of Asia’s Metaverse will benefit a wide range of industries and all economic activities,” he said.
Estimates of the potential size of the global metaverse market, according to Deloitte, range from $678.8 billion to $13 trillion per year by 2030.
Earlier, the Indian National Association of Software and Service Companies (NASSCOM) reported that Web3 revenues grew 37 times in two years, if the dynamics continue, the industry will add $1.1 trillion to India’s GDP.