The metaverse, if it follows a trajectory similar to the adoption of mobile technology, is predicted to contribute $3 trillion to the global GDP within the next ten years, according to a new study conducted by economists at the international consulting firm Analysis Group.
The study highlights that the expansion of the virtual world in Europe alone could contribute 1.7 percent, equivalent to $440 billion, to the continental economy over the next decade. The report further concludes that if mass adoption of metaverse technology commences in 2022, it could contribute 2.8 percent to the global GDP by the year 2031.
I WILL ENTER WIDE EXTENSIVE PLACES
Similar to the transformative impact of mobile technology, the Metaverse is anticipated to have profound applications across various societal sectors in the years to come. The Metaverse is expected to significantly influence economic domains such as education, health, production, job training, communication, entertainment, and retail.
Researchers have drawn parallels with mobile technology, considering it a suitable analogy due to the shared characteristics between the two in terms of combining existing innovations to reshape global technological and economic landscapes.
This analysis relied on academic literature examining the innovation cycles of technology, along with publicly available data on mobile technology adoption and its impact, to make projections about the potential impact of the Metaverse.
ASIAN WILL PROVIDE THE MOST BENEFITS
According to the research, the Asia-Pacific region stands to gain the most from the Metaverse, with a projected contribution of 2.3 percent, equivalent to $1.04 trillion, if widely adopted in 2022.
On the other hand, Canada was identified as the region with the lowest expected contribution, accounting for 0.9 percent of GDP ten years later, amounting to $20 billion.
TRILLION DOLLAR SOCIAL MEDIA
Mark Zuckerberg, the CEO of Facebook, introduced the term “metaverse” to the public last year, leading to the rebranding of the company as “Meta.” Zuckerberg emphasized that the metaverse represents the future of the internet and holds significance for the trillion-dollar social media company.
In preceding years, various companies, including Roblox, Nvidia, and Microsoft, have been actively developing virtual worlds using virtual or augmented reality technology. Despite the promising advancements, critics have raised concerns about potential risks associated with rapidly evolving technology, particularly in areas such as privacy, data security, desensitization, and other health-related issues.
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