pte20221117004 Business/economy, technology/digitalization
New Deloitte report predicts ‘transformative effect’ for countries in the region
Asian metropolis: often a pioneer in terms of technology (Photo: unsplash.com, Jezael Melgoza)
London (pte004/17.11.2022/06:15) –
Facebook’s mother, Meta, could ring household coffers in many Asian countries with her Metaverse. At least that’s what a new report from Deloitte says, claiming that trading in virtual real estate in particular will have a “transformative effect” on many Asian economies. The 3D virtual world could bring them a whopping over $800 billion to $1.4 trillion by 2035. dollars per year – equivalent to 1.3 to 2.4 percent of the region’s total GDP.
“More Science Fiction”
“The Metaverse is no longer science fiction. The first Metaverse platforms are already used by millions of people,” says the Deloitte report “The Metaverse in Asia: Strategies for Accelerating Economic Impact”. Although the relevant technology is still largely in its infancy, it is already attracting a lot of interest, especially in Asia. “Millions of Asians are already spending a lot of time and money in popular online worlds such as Fortnite, Roblox and Decentraland,” experts point out.
If their forecasts for Asian countries are so generous, it is also because of the particular demographic situation of this region. “Just look at the young people. They are the most engaged in the metaverse today. And 60% of the world’s young people are from Asia,” said Duleesha Kulasooriya, managing director of Deloitte’s Center for the Edge. Additionally, around 1.3 billion mobile gaming users live in Asia, which is the largest gaming community in the world. “The game is one of the first apps to be exposed to the metaverse,” Kulasooriya says.
Decisive Individual Strategies
In their report, Deloitte experts took a closer look at the potential impact of the Metaverse on twelve different countries in Asia. However, they also point out that the countries concerned can only exploit their full economic potential if they make “sustainable technological investments” in the next five to ten years. “What actually comes out ultimately depends on the individual strategies each economy employs,” they concede.
Various factors can be used to measure whether a country is truly “ready for the metaverse”. In this context, for example, reference is made to the networking of society, the penetration of smartphones and the adaptation of digital payment models. In addition, a corresponding IT infrastructure, an economy designed for innovation and a certain level of income are necessary, the report summarizes.