Deloitte: Metaverse Could Add $1.4 Trillion a Year to Asia’s GDP

Deloitte: Metaverse Could Add $1.4 Trillion a Year to Asia"s GDP

Deloitte estimates the metaverse could add $1.4 trillion to Asia’s GDP annually by 2035. Noting that the metaverse market could be as large as $13 trillion by 2030, the global financial services firm said: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions.” Deloitte’s Metaverse Study

A new report by Deloitte, titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact,” estimates that the metaverse is 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.

Deloitte’s report states: We estimate that the impact of the metaverse to GDP in Asia could be between US$0.8 trillion – US$1.4 trillion per year by 2035, roughly 1.3-2.4% of overall GDP per year by 2035.

“The metaverse presents a trillion-dollar opportunity to significantly transform major economies in the region … Vice versa, the Asian economies will make a meaningful impact on how the metaverse takes shape globally,” Deloitte described, noting that “the development path of this nascent technology still remains uncertain.”

The financial services firm explained: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions … In Asia, many consumers are already gaming, socializing, attending concerts, and purchasing items on virtual platforms such as Roblox, Decentraland, Fortnite, and Asia’s very own Sandbox and Zepeto.”

The Deloitte report further details: The potential GDP impact estimates of the metaverse globally range from US$1.5 trillion per year by 2030 and US$3 trillion per year by 2031.

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

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

Emphasizing that “the potential growth and contribution of the metaverse could be significant globally,” the report continues: The potential global market size estimates of the metaverse (i.e., revenue) range from US$678.8 billion … up to US$13 trillion … per year by 2030.

The $678.8 billion came from Grand View Research while the $13 trillion estimate came from Citi Group. Meanwhile, Goldman Sachs sees the metaverse as an $8 trillion opportunity and McKinsey believes the metaverse could generate $5 trillion by 2030. Tags in this story Deloitte, Deloitte metaverse, Metaverse, metaverse Asia, metaverse Asia Pacific, metaverse globally, metiverse Asia Pacific

What do you think about Deloitte’s metaverse estimates? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Chinese Platforms to Test Metaverse Tech During Qatar World Cup 2022 Broadcasts METAVERSE | 3 days ago Big Four Company KPMG to Examine New Business Models in the Metaverse METAVERSE | 5 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitget Gives Investors an Edge With a Series of Crypto Social Trading Features Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining