The concept of the metaverse, a virtual world where users can engage with extended and virtual reality technologies, is poised to revolutionize various sectors of the economy. A recent study commissioned by Meta Platforms (formerly Facebook) reveals that by 2035, the metaverse could contribute a staggering $760 billion or approximately 2.4% to the annual gross domestic product (GDP) of the United States. This economic impact is expected to arise from advancements in defense, medical, and manufacturing sectors, as well as the entertainment industry, including video games and communication platforms. As Meta leads the charge in metaverse development, skeptics question the viability of its large investments, but the potential rewards cannot be ignored.
Economic Contributions Across Industries
The Deloitte report commissioned by Meta highlights the potential economic gains that the metaverse can bring across various sectors. In defense, augmented and virtual reality technologies can be utilized for training simulations, enhancing soldiers’ preparedness and reducing costs associated with traditional training methods. The medical sector can leverage the metaverse for telemedicine, virtual patient consultations, and collaborative research, leading to improved healthcare outcomes. Additionally, the manufacturing industry can benefit from virtual design and prototyping, streamlining production processes, and reducing time to market. Furthermore, the metaverse’s integration with entertainment, such as immersive video games and advanced communication platforms, opens up new avenues for user engagement and revenue generation.
Meta’s Vision for the Future
Meta, the driving force behind the metaverse’s development, foresees this virtual reality realm surpassing mobile technology as the primary computing platform. By focusing on metaverse technologies since 2021, Meta aims to position itself at the forefront of this paradigm shift. Although some investors have expressed doubts about the return on Meta’s substantial metaverse investments, the company remains steadfast in its vision, envisioning a future where the metaverse becomes an integral part of everyday life.
A Global Phenomenon
Meta’s ambitions extend beyond the United States. The company’s separate report reveals that the European Union (EU) could witness an economic opportunity ranging from €489 billion to 1.3%–2.4% of its total GDP by 2035 through metaverse adoption. Similarly, in Canada, the metaverse is projected to contribute between C$45.3 billion and C$85.5 billion to the country’s annual GDP by 2035. These regional projections align with the findings of a previous global economic impact report commissioned by Meta, which estimated that metaverse adoption worldwide could contribute a staggering $3.01 trillion by 2031.
The metaverse holds immense potential to reshape the global economy and redefine the way people interact with technology. The recent study commissioned by Meta Platforms paints a promising picture, forecasting that the metaverse could contribute $760 billion or 2.4% of the US GDP by 2035. From defense and healthcare to manufacturing and entertainment, the metaverse’s impact spans across industries, creating new opportunities for economic growth and innovation. As Meta continues to spearhead metaverse development, it remains committed to transforming the digital landscape and positioning itself as a key player in the future of computing. With the metaverse on the horizon, the potential for economic advancement and transformative experiences is within reach.