The Metaverse Could Add USD 1.4 Trillion Per Annum to Asia’s GDP

The Metaverse Could Add USD 1.4 Trillion Per Annum to Asia’s GDP

Deloitte estimates the metaverse could add USD 1.4 trillion per annum to Asia’s GDP by 2035. The metaverse market could be as large as USD 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."

The New Metaverse Study by Deloitte

The new metaverse study 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. India, Hong Kong, Indonesia, Japan, China, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

The Deloitte report further states:

"We estimate that the impact of the metaverse on GDP in Asia could be between USD 0.8 trillion and USD 1.4 trillion per annum by 2035, or around 1.3-2.4% of the GDP per annum by 2035."

"The metaverse presents a trillion-dollar opportunity to significantly transform major economies in the region. The Asian economies will have a meaningful impact on how the metaverse takes shape globally," Deloitte has described, noting that "the development path of this new technology remains uncertain."

The financial services firm further explained, "The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions. Many consumers in Asia are already gaming, socializing, attending concerts, and shopping on virtual platforms such as Roblox, Decentraland, Fortnite, and Asia’s very own Sandbox and Zepeto."

Potential Global Market Size Estimate

The Deloitte report further details, "The potential GDP impact estimates of the metaverse globally range from USD 1.5 trillion per annum by 2030 to USD 3 trillion per annum 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 today, and 60% of the world’s youths live in Asia."

The managing director said, "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."

"The potential global market size estimates of the metaverse range from USD 678.8 billion to USD 13 trillion per annum by 2030."

The USD 678.8 billion estimate is from Grand View Research, while the USD 13 trillion estimate is from Citi Group. Goldman Sachs estimates the metaverse as a USD 8 trillion opportunity, and McKinsey believes the metaverse could generate USD 5 trillion by 2030.