May 10, 2023

Metaverse Predicted To Contribute $760 Bln To US GDP by 2035 – Study Says



A recent report by consulting firm Deloitte said that the metaverse could contribute $760 billion or (2.4%) to the US annual gross domestic product (GDP) by 2035. 

In a study commissioned by Meta Platforms, the report mentioned that the metaverse’s economic gains would come from its use in the fields of entertainment use cases such as video games and communication, manufacturing, defense, and medicine, according to Reuters

The metaverse industry in the United States is flourishing as it is expected to hike by around 44% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the US metaverse market and its future, the metaverse industry in the US is predicted to increase by 44.1% on an annual basis to reach $51,435.7 million in 2023, a matter which shows the significant growth of the metaverse in the country.

The report also anticipated that the US metaverse industry would grow up steadily in the coming period to hit a CAGR of 32.9% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in the US is predicted to increase from $35,688.1 million in 2022 to reach $375,700.0 million by 2030.

It attributed this significant growth to that more brands engaged with US consumers by launching activities in the metaverse in addition to increasing investments in the virtual space due to its popularity among US consumers.

Deloitte, in another survey, also pointed out that the metaverse is estimated to contribute between $45.3 billion and $85.5 billion to Canada’s annual GDP by 2035 representing 1.3% to 2.4% of the country’s GDP.

According to the survey, which was conducted in April and May in 2021, 74% of Canadian adults were familiar with virtual reality, 43% with augmented reality, 37% with the metaverse, and 30% with extended reality.

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