A Deloitte study commissioned by Facebook’s parent company Meta shows that by 2035, the Metaverse will contribute as much as $760 billion to the annual gross domestic product (GDP) of the United States., accounting for about 2.4%.
According to the Deloitte report, economic gains could come from the use of these technologies in defense, medical and manufacturing, as well as entertainment use cases such as video games and communications. The Metaverse concept includes augmented reality and virtual reality technologies that allow users to immerse themselves in virtual worlds, or overlay digital information on images of the real world.
In 2021, Meta focuses the company on building the Metaverse technology, which it predicts will eventually replace mobile devices as the primary computing platform. However, investors have questioned Meta’s huge investment in the Metaverse project. Investors were skeptical about the project’s return at a time when an advertising downturn weighed on Meta’s revenue growth.
In a separate report, Meta said the EU could boost economic opportunity by up to 489 billion euros ($538.3 billion) a year to 2035, or about 1.3%-2.4% of its total GDP.
Deloitte says the Metaverse will contribute between C$45.3 billion ($33.88 billion) and C$85.5 billion to Canada’s annual GDP by 2035.
Last year, Meta commissioned consulting firm Analysis Group to publish a report on the global economic impact. The report estimates that the popularity of the Metaverse will contribute $3.01 trillion to the global economy by 2031.
