Research conducted by consulting firm Deloitte, commissioned by the owner of Facebook Meta Platforms, has shown that the metaverse can contribute between $402 billion to $760 billion to the U.S. GDP by 2035. This represents roughly 2.4 percent of the country’s annual GDP.
These comprehensive reports explore the current usage and potential of metaverse technologies such as augmented reality (AR) and virtual reality (VR) at the local level. The objective is to provide governments and industries with evidence-based insights to guide policy and resource allocation decision-making.
By examining various regions, such as the United States, Canada, the Middle East and North Africa (MENA), Sub-Saharan Africa, Turkey, Asia, the European Union (EU) and the United Kingdom, the reports provide an assessment of the economic prospects associated with the metaverse in each specific area.
The study on the U.S. also highlights the emerging operational advantages witnessed by American companies in various areas. These include using immersive VR for employee training, enhancing remote work through lifelike online interactions and creating virtual replicas to optimize physical processes.
These advancements are already observable, with U.S. companies employing digital twins to streamline the design phase of objects or buildings before production or construction begins, saving businesses valuable time and resources.
Findings in other regions
The research also shows that the EU has comparatively higher adoption rates for AR and VR technologies, surpassing the U.S. with a 10 percent adoption rate compared to nine percent.
The EU’s Digital Decade vision significantly emphasizes establishing solid digital foundations. European retail brands are exploring methods to engage consumers within the metaverse in line with their U.S. counterparts.
EU farmers are also conducting trials to evaluate how metaverse technology can enhance production processes. Meanwhile, European automotive manufacturers are developing VR-based systems to optimize factory design and reconfiguration, improving safety and efficiency.
According to the research, the ongoing successful development of the metaverse can contribute an additional €259-€489 billion per year to the EU’s GDP by 2035. This projected value would account for approximately 1.3 percent to 2.4 percent of the total GDP of the European Union.
The reports also underline that the MENA region is undergoing economic transformation and digitalization. Businesses and governments in the region are increasingly showing interest in adopting new immersive and digital tools.
Notably, the United Arab Emirates (UAE) and Saudi Arabia are at the forefront of this movement, actively investing in metaverse ecosystems. Saudi Arabia, in particular, has made a significant commitment of $1 billion towards metaverse-related projects to become a global technology hub.
Similarly, Dubai has implemented a Metaverse Strategy to position itself as one of the top 10 metaverse economies. The strategy promotes innovation in various sectors, such as tourism, real estate, education, retail, and government services.
According to the research, adopting metaverse technologies could result in substantial economic benefits for the region. By 2035, Saudi Arabia could experience additional GDP growth of $20.2–$38.1 billion, while the UAE could see benefits ranging from $8.8–$16.7 billion.
The Asia Pacific region stands as a global frontrunner in advancing and accepting metaverse technologies. An independent analysis conducted by Deloitte Centre for the Edge last year estimated that the metaverse’s impact on the regional GDP could range from $0.8 to 1.4 trillion annually by 2035.
Countries such as Japan, Taiwan and Korea have thriving VR industry ecosystems, with individuals already engaging in activities like learning, socializing, making purchases, gaming and accessing social services through virtual platforms.