Metaverse: Metaverse could provide up to 2.4% of US GDP by 2035: study

metaverse could contribute up to $760 billion, or about 2.4%, to the US annual gross domestic product (GDP) by 2035, according to a study commissioned by the Facebook owner. Meta Platforms.

The metaverse concept includes augmented and virtual reality technologies that allow users to immerse themselves in a virtual world or digitally overlay information on images of the real world, the consulting firm said in a report. Deloitte.

The report states that economic benefits can be generated from the use of technology in the defense, medical and manufacturing sectors, as well as for entertainment purposes such as video games and communications.

Social media giant Meta, which has focused on creating metaverse technologies in 2021, predicts that the technology will eventually replace mobile devices as the main computing platform.

Investors are skeptical about Meta’s massive investment in its metaverse project, skeptical of earnings at a time when the downturn in the advertising sector has put pressure on the company’s revenue growth.

In a separate report, the Meta said that European Union could see an increase in economic opportunity to 489 billion euros ($538.29 billion) in annual GDP by 2035, or about 1.3%-2.4% of total GDP.

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The metaverse could contribute between CA$45.3 billion ($33.88 billion) and CA$85.5 billion to Canada’s annual GDP by 2035, according to Deloitte. The regional projections are based on a global economic impact report commissioned by Meta from a consulting firm. Analysis group last year, according to which by 2031 the implementation of the metaverse will bring 3.01 trillion dollars.

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