Meta-funded research predicts the metaverse could add nearly $3 trillion to the world economy. Metaverse technologies are spreading globally, especially in Asia Pacific. Meta is confident in the metaverse’s future and is researching its potential impact, including in augmented reality (AR) and virtual reality (VR) technologies across different sectors and regions.
The reports, found on Facebook’s website, are impressively comprehensive, covering regions such as the United States, Canada, the Middle East, North Africa (MENA), Sub-Saharan Africa, the European Union, the UK, Turkey, and major Asian economies (each analyzed individually). Additionally, a global report summarizes the projected economic impact of the metaverse worldwide. Here’s a quick look at key figures. These estimates assume that metaverse adoption started in 2022.
According to Meta’s latest data, by 2035, the metaverse could contribute approximately $760 billion annually to the US GDP, €489 billion to the EU GDP, and $1.4 trillion to the combined GDP of China, Japan, and Southeast Asia. In contrast, in 2022, the US GDP was $25.46 trillion, and the global GDP was nearly $104 trillion. These projections highlight the significant potential of the metaverse in driving the global economy forward.
Critics of the metaverse may raise valid concerns about specific projects, but they often overlook the broader perspective. Rob Sherman, VP of Policy at Meta, highlights examples in the reports where metaverse technologies are already being widely adopted for various business applications.
For instance, companies globally, including those outside the US, are using digital twins to streamline the design and construction processes, resulting in significant time and cost savings. In the EU, adoption of virtual technologies is even higher than in the US (10% vs. 9%). For instance, automotive manufacturers are utilizing VR systems to design factories and train employees, while EU farmers are exploring the metaverse to enhance crop production.
Western and East Asia, including countries like the United Arab Emirates (UAE) and Saudi Arabia (KSA), are actively investing in metaverse ecosystems. However, it’s Asia Pacific that currently leads in the development of the metaverse industry. Japan, South Korea, and Taiwan have established robust metaverse ecosystems, while Indonesia, India, and Thailand are beginning to follow their lead at a slower pace.
