The metaverse could contribute $3 trillion (€2.8 trillion) to the global GDP within a decade if it evolves in the same way mobile technology has in terms of adoption, according to new research.
The study, published by economic experts at international consulting firm Analysis Group, found that in Europe, an expansion of the virtual world could mean a contribution of 1.7 per cent – or $440 billion (€417 billion) – to the continent’s economy in 10 years.
The report concludes that if the mass adoption of metaverse technology started in 2022, it would lead to a 2.8 per cent contribution to global GDP by 2031.
Akin to mobile technology, the metaverse is expected to have far-reaching applications to society: transforming economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.
The study adopted previous research done on breakthrough technology to properly gauge the potential of the metaverse.