Metaverse could make up 2.4 per cent of US economy by 2035, Meta-commissioned study says

The metaverse could contribute as much as US$760 billion to US GDP, according to the report from Deloitte and commissioned by Facebook owner Meta Platforms

Economic gains may come from use in defence, medical and manufacturing sectors, plus entertainment use cases such as video games and communication

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An employee wears a Meta Platforms Oculus Quest 2 virtual reality headset to demonstrate an immersive experience of BPI banking services inside the Banco BPI SA ‘All in One’ concept bank branch in Lisbon, Portugal, on April 17, 2023. Photo: Bloomberg

Published: 10:54am, 10 May 2023Updated: 11:02am, 10 May 2023

The metaverse could contribute as much as US$760 billion or about 2.4 per cent to US annual gross domestic product (GDP) by 2035, according to a study commissioned by Facebook owner Meta Platforms.

The concept of the metaverse includes augmented and virtual reality technologies that allow users to immerse themselves in a virtual world or overlay information digitally on images of the real world, according to the report by consulting firm Deloitte.

Economic gains may come from the use of the technologies in the defence, medical and manufacturing sectors, plus entertainment use cases such as video games and communication, the report said.

Social media giant Meta, which pivoted its focus on building metaverse technologies in 2021, has forecast the tech would eventually replace mobile as the main computing platform.

Investors have questioned Meta’s large investments in its metaverse project, sceptical of the returns at a time when a downturn in the advertising sector pressured the company’s revenue growth.