Meta — the social media corporate giant that owns Facebook, WhatsApp, Instagram, and other high-profile platforms — commissioned Analysis Group to conduct a study on the potential global economic impact of the metaverse.
The study includes regional estimates for Asia Pacific, Canada, Europe, India, Latin America and the Caribbean, the Middle East, North Africa, Turkey, Sub-Saharan Africa, and the US.
The metaverse — which is still in its formative stages — is envisioned to comprise an expansive network of digital spaces enabled by developing technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR).
To make the metaverse a reality, many pieces still need to come together, and businesses, consumers, creators, and policymakers are expected to band together to contribute to its success.
While estimates about the economic impact of the metaverse are already part of the public discourse, Analysis Group’s report — ‘The Potential Global Economic Impact of the Metaverse’ — utilises analytical and quantitative methods to further the discussion about how the metaverse can expand economic opportunities.
According to this report, the metaverse has the potential to add an estimated $3 trillion to the global economy in a decade if adoption and growth are similar to mobile technology. Estimates are that the metaverse could add a 6.2% contribution to regional GDP — or $360 billion — in the Middle East, North Africa, and Turkey.
This finding demonstrates the potential of the metaverse to bring substantial, beneficial economic impacts, including contributing to GDP growth, creating jobs, increasing productivity, and improving quality of life in developed and developing countries.