Understand the economic potential of the metaverse


2 weeks ago

By Rob Sherman, Vice President Policy

While metaverse As the company is still in the early stages of development, its potential in areas such as B. already recognizable Training, gaming, wellness And trade. As metaverse technologies become more prevalent, more commercial opportunities will emerge, such as: B. Opening up new markets and business models, creating better ways of working and transforming training and development. This new research series examines the economic potential of the metaverse for different countries and regions around the world.

These reports examine how metaverse technologies such as augmented reality (AR) and virtual reality (VR) are already being deployed on-premises. and what might be necessary Maximize economic opportunity in every country and region, and empower governments and industry to make evidence-based decisions about the policies they adopt and the focus of their efforts. The reports, commissioned by Meta and produced by Deloitte, explores the economic opportunities that could be realized in the United States, Canada, the Middle East and North Africa, Sub-Saharan Africa, Turkey and Asia. We also estimated the economic potential of the metaverse for the European Union (EU) and the United Kingdom.

The study concludes that the United States is well positioned to capitalize on the potential of the metaverse and to lead its global development – both of which are expected to bring significant benefits to the US economy, contributing between $402 billion and $760 billion to annual GDP by 2035. The report finds that American companies are already using Metaverse technologies to create new revenue streams and enhance existing ones. US brands and retailers have already started selling virtual versions of their products in addition to the physical goods they already sell. Other American companies use the Metaverse to market their physical goods and allow customers to try before they buy with virtual overlays.

The US report also describes how American companies are beginning to see signs of greater operational efficiencies in areas such as training employees in immersive VR, enhancing remote work through more lifelike online interactions, and creating virtual replicas to streamline physical processes . This is already happening with US companies, for example, who are using digital twins to optimize the design of objects or buildings before they are manufactured or built, offering the potential to save companies time and money.

Likewise, the research shows that the EU already has relatively high rates of corporate adoption of technologies such as AR and VR – with rates being higher in the EU (10%) than in the US (9%). In addition, building strong digital foundations is a key part of the work of the European Commission digital decade Vision. Like their US counterparts, European retail brands are already exploring how to engage with consumers in the metaverse. EU farmers are testing how Metaverse technology can improve production, and European car manufacturers are developing VR-based systems to design and reconfigure their factories and training systems to improve safety and efficiency. According to the study, the further successful development of the metaverse could contribute an additional 259 to 489 billion euros to the region’s GDP annually until 2035.

As the report points out, the Middle East and North Africa is on a journey of economic transformation and digitization, and regional businesses and governments are showing a growing appetite for new digital and immersive tools. The United Arab Emirates (UAE) and Saudi Arabia (KSA) are taking the lead and actively investing in metaverse ecosystems. KSA invests $1 billion in Metaverse-related projects to become a global technology hub. Similarly, Dubai has launched one Metaverse StrategyIt aims to “make Dubai one of the top ten metaverse economies in the world” by focusing on innovation in tourism, real estate, education, retail and government services. According to this study, metaverse technologies could bring significant benefits to the economy of the region, with benefits for KSA’s economy could reach additional GDP of $20.2-$38.1 billion by 2035. In the United Arab Emirates, these benefits could total between $8.8 billion and $16.7 billion.

Asia Pacific is a global leader in the development and adoption of metaverse technologies. Last year’s analysis was independently prepared by Deloitte Center for the Edge It is estimated that the impact of the metaverse on regional GDP could range from $0.8 trillion to $1.4 trillion per year by 2035. Japan, Taiwan, and Korea all have thriving VR industry ecosystems, and people are already learning, socializing, buying items, playing, and accessing social networking services on virtual platforms. Several governments in the region, including South Korea and Japan, have incorporated the Metaverse into their economic plans.

In developing markets like Thailand, India and Indonesia, where VR technology is not yet commonplace, there is a booming creator economy and they are world leaders in AR technology. The Metaverse is creating new marketplaces, new businesses, new employment opportunities, and new ways of working in Asia Pacific, and creators are at the forefront of bringing that future closer.

The Metaverse continues to promise great potential for fostering creativity and economic opportunity around the world. Maximizing its potential depends on maintaining effective openness throughout the Metaverse ecosystem while ensuring appropriate protections for users when engaging with immersive experiences. This requires the ongoing collaboration of technology companies, policy makers, academics and civil society worldwide.

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