Deloitte estimates that the metaverse could add $1.4 trillion annually 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 platforms of the metaverse are already used by millions of people.“
Deloitte metaverse study
A new report from Deloitte, titled “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 metaverse’s impact on GDP in Asia could be between $0.8 and $1.4 trillion annually by 2035, or about 1.3-2.4% of global GDP annually by 2035.
“The metaverse offers a trillion-dollar opportunity to significantly transform the region’s major economies… Conversely, Asian economies will have a significant impact on how the metaverse takes shape globally“, described Deloitte, noting that “the development trajectory of this nascent technology is still uncertain.“
The financial services firm explained: “The metaverse is no longer science fiction. The first platforms of the metaverse are already used by millions of people… In Asia, many consumers play, socialize, attend concerts and buy things on virtual platforms such as Roblox, Decentraland, Fortnite, but also Sandbox and Zepeto.“
The Deloitte report provides more details:
Estimates of the metaverse’s potential impact on global GDP range from $1.5 trillion annually by 2030 to $3 trillion annually by 2031.
Duleesha Kulasooriya, chief executive officer of the Deloitte Center for the Edge in Southeast Asia, told CNBC: “If you look at young people… they are the ones interacting and engaging in the metaverse mostly today, and 60% of the world’s young people live in Asia.“
The CEO added: “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 economic activities.“
Emphasizing that “the potential growth and contribution of the metaverse could be significant globally“, the report continues:
Estimates of the potential global metaverse market size (i.e. revenue) range from $678.8 billion… to $13 trillion… annually 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.