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 defense, 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, skeptical of the returns at a time when a downturn in the
advertising sector pressured the company's revenue growth.
In a separate report, Meta said the European Union may see
an increased economic opportunity of up to 489 billion euros ($538.29 billion)
in annual GDP by 2035 or about 1.3 percent –2.4 percent of its total GDP.
The metaverse could contribute between C$45.3 billion
($33.88 billion) and C$85.5 billion to Canada's annual GDP by 2035, Deloitte
said.
The regional projections follow a global economic impact report that Meta commissioned to consulting firm Analysis Group last year, which estimated that metaverse adoption would contribute $3.01 trillion by 2031. © Reuters