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Metaverse could add $1.4T annually to Asia’s economy driven by its younger consumers

The global financial services firm estimates that Asia’s metaverse market could expand to around $13 trillion by 2030.

Image by: Wikimedia Commons

Sun, 27 Nov 2022, 09:23 am UTC

Facebook and other tech companies are busy positioning themselves to take advantage of the projected rise in the metaverse economy by investing in metaverse-related projects. A recent study predicts that the metaverse could add more than a trillion dollars to Asia’s economy in 13 years.

Deloitte recently released a new report by Deloitte, titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact,” which studied the metaverse’s potential in Asia’s economy. The report concluded that the new digital market represents a trillion-dollar opportunity for the region.

According to Deloitte, the metaverse could add up to $1.4 trillion per year to Asia’s annual GDP by 2035, Bitcoin.com reported. The global financial services firm estimates that Asia’s metaverse market could expand to around $13 trillion by 2030.

“The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions,” Deloitte noted.

The study took an in-depth look at 12 economies in Asia including mainland China, Hong Kong, India, Indonesia, Japan, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. “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,” Deloitte explained.

While the projected rise of the metaverse is a huge opportunity for Asian economies, these economies can also impact how the technology will develop in the coming years. This firm noted that the technology is still in its infancy and its development path remains uncertain.

“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 added.

“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 company said.

The Deloitte report further estimates that the global metaverse market could grow as high as $3 trillion annually in less than ten years. “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,” the company added.

This expected growth will be fuelled by younger consumers. “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,” according to Duleesha Kulasooriya, Deloitte Center for the Edge’s managing director in Southeast Asia.

“The metaverse is inevitable,” she added. “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.”

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