The potential economic impact of metaverse in India by 2035 will be in the range of $79 billion to $148 billion per year, or 1.3-2.4 per cent of the overall gross domestic product (GDP), management consulting company, Deloitte has said in a recent analysis.
According to the report, the impact of metaverse on Asia’s GDP might range between $0.8 trillion and $1.4 trillion annually by 2035. This analysis appears in the report titled The Metaverse In Asia - Strategies For Accelerating Economic Impact and highlights the potential effects of the metaverse in 12 Asian economies. These are: Hong Kong, India, Indonesia, Japan, China, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
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The research also focuses on the methods these economies are undertaking to benefit from the metaverse. Each economy included in this paper has a different approach to metaverse, the report says.
According to the report, India has a young, digitally-connected population that is prepared for the metaverse. India is also poised to have the third-largest economy by 2030, the report says.
“The nation produces the most science, technology , engineering, and mathematics (STEM) graduates worldwide, since more than half of its population is under 30. Given that it is already the preferred location for IT offshore globally, it is demographically well-positioned to provide digital labour to the metaverse. High levels of social acceptance, good digital skills, and more stringent security and privacy legislation are key enablers for India,” the report says.
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The report adds that there is a significant amount of awareness on metaverse in Asia, and millions of individuals are already using early metaverse platforms for gaming, socialising, building digital twins, going to concerts, and making purchases.
For instance, the Zepeto app from South Korea has more than 300 million users. However, it will still be years before there is a completely immersive metaverse with fluid real-time depiction of visually stunning worlds for millions of concurrent users.
Key Industries To Monitor
The report listed out a few industries that will play a pivotal role in the growth of metaverse in India and the region.
Digital payments: In order for metaverse to facilitate the trading of digital assets, digital payments will be a key element. As the country with the biggest percentage of real-time digital payments worldwide, India might play a significant role in this evolution, the report says.
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