Analysis Group, one of the biggest and most renowned consultation businesses throughout the globe, posted meticulous research into the likely economic impact of the metaverse. The report highlighted that it could potentially inject a whopping $3 trillion into the world economy in the coming decade.
The metaverse became a widely discussed topic of interest shortly after Facebook CEO Mark Zuckerberg announced that he was going to dramatically change the focus of his business. Although quite a lot of time has passed since the announcement, and there’s been a wide shift in the pendulum of interest demonstrated by the general public, it seems that the hype has considerably died down.
Interestingly, businesses in the US and beyond continue to show support and invest in the idea of the metaverse.
The press release posted by Analysis Group is essentially a summary of validation taking such factors into account.
A Brief Look into What the Report Says
Analysis Group released a 45-page evaluation on the economic potential of the metaverse. However, we’re going to talk about the numbers mentioned. According to the research, it was identified that if Europe continues to expand its probe into the virtual stratosphere, the metaverse economy could very likely generate up to 1.7% of $3 trillion, which would amount to $440 billion.
Moreover, the report revealed that Asia will most likely benefit the most from the widespread adoption of the metaverse. The analysis suggests that Asian economies will have the potential to generate $1.04 trillion in the next decade (if the technology is adopted in 2022). That’s a 2.3% contribution to the world economy.
However, Canada showed the least amount of potential. The report indicates that the region will most likely generate 0.9%, amounting to $20 billion.
The Global Impact of the Metaverse
Conceptually similar to mobile innovation, it is profoundly speculated that the metaverse will have momentous applications for the day-to-day functioning of society. It will have far-reaching benefits and features that will help transform critical industries in any economy, such as healthcare, education, manufacturing, retail, entertainment, and much more.
The study carried out by Analysis Group was inspired by previous technologies and how they became successful and widely accepted in terms of adoption, adaptation, and their impact on the gross domestic product of developed and developing nations.
Experts utilized mobile technology as the best models owing to their stark similarities with the metaverse; more specifically, merging today’s innovative platforms and how they’ve transformed the economic and technological landscapes of different countries.
While it’s true that the metaverse is far from mature, it is predicted to be infinitely vast, consisting of a dearth of virtual spaces augmented by other technological products such as VR and AR devices. The analysis took examples of existing academic content looking at the various growth stages of innovative products, software, and platforms.
Moreover, the study also took from data available from the public regarding the adoption rates of digital technologies, which is perhaps the most important factor in assessing the rise and fall of any new technological marvel.