March 28, 2024

Deloitte: Metaverse market could increase Asian GDP by $1.4 trillion by 2035

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Deloitte: Metaverse market could increase Asian GDP by $1.4 trillion by 2035

Analysts of a large financialDeloitte said the metaverse market could add $0.8 trillion to $1.4 trillion to Asia's GDP, or about 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 major economies in the region. Conversely, Asian economies will have a significant impact on how the metaverse is shaped on a global scale.

The analysts added that “the way thisthe nascent market still remains uncertain." However, the metaverse is no longer science fiction, since such platforms have already become a part of our lives.

“In Asia, many consumers play, communicate,attend concerts and buy goods on virtual platforms such as Roblox, Decentraland, Fortnite, as well as Asian Sandbox and Zepeto,” Deloitte experts said.

Potential Impact AssessmentsMetaverse per GDP globally ranges from $1.5 trillion per year by 2030 to $3 trillion per year by 2031. Managing Director of Deloitte Center in Southeast Asia Duleesha Kulasooriya said that now it is mainly young people who interact with the metaverse.

“The metaverse is inevitable.Developing the technology stacks, human capital and regulatory frameworks to realize the potential of Asia's trillion-dollar metaverse will benefit a wide range of industries and all types of economic activity,” he believes.

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.

Formerly Indian National Associationsoftware and services companies (NASSCOM) reported that revenue from Web3 has grown 37 times in two years, if the momentum continues, the industry will add $1.1 trillion to India's GDP.