According to a study commissioned by Facebook owner Meta Platforms (META.O), the metaverse might add up to $760 billion, or around 2.4%, to the country’s yearly gross domestic product (GDP), by 2035. According to research by the consulting company Deloitte, the idea of the metaverse comprises augmented and virtual reality technologies that enable users to fully immerse themselves in a virtual world or digitally overlay information over pictures of the actual world.
According to Deloitte, the metaverse could increase Canada’s yearly GDP by between C$45.3 billion to C$85.5 billion by 2035
According to the paper, economic benefits could result from the employment of technology in the manufacturing, defense, and healthcare industries as well as in leisure applications like video games and communication. The social networking behemoth Meta predicted that the technology would eventually displace mobile as the primary computing platform when it shifted its focus to developing metaverse technologies in 2021. Investors have questioned Meta’s substantial investments in its metaverse project, doubting the returns at a time when the company’s revenue growth was being constrained by a slump in the advertising industry.
In a different analysis, Meta predicted that by 2035, the European Union might experience an increase in the economic potential of up to 489 billion euros ($538.29 billion), or roughly 1.3%–2.4% of its overall GDP. According to Deloitte, the metaverse could increase Canada’s yearly GDP by between C$45.3 billion ($33.88 billion) to C$85.5 billion by 2035. The regional forecasts come after a global economic effect study that consulting company Analysis Group was commissioned by Meta to produce last year, which predicted that the adoption of the metaverse will generate $3.01 trillion by 2031. ($1 = 0.9084 euros) ($1 = 1.3372 Canadian dollars)