Metaverse could be a significant factor in Latam and global economic growth over the next decade, according to a new report released by Analysis Group, which estimates that Latam could benefit from a surge of $320 billion (about 5% of GDP) over the next decade. This is the largest share of GDP among the regions projected in the study.
Analyze Group’s Metaverse Report
Metaverse has become an intensely watched topic in crypto and business in general, and many companies are already predicting the future impact it may have in several countries and regions.18} In a recent report titled “Metaverse. The Potential Global Economic Impact of Metaverse” in a recent report titled “The Potential Global Economic Impact of Metaverse” published by Analysis Group, an international economic consulting firm. The report examines the opportunities that the emergence of the metaverse could open up over the next decade, assuming that “implementation will begin in 2022.”
In the document, researchers compare the rise of the metaverse to mobile technology and examine the growth of this new technology as it evolves in a similar fashion. The industry was chosen “because of its similarities to the metaverse in that it combines “existing and emerging innovations to fundamentally change the global technological and economic landscape.
growth rates and GDP estimates for major latam countries
According to the report, Metaverse and its related activities could account for 5% of Latam’s GDP in the first 10 years of adoption (2022) and contribute $320 billion to the region’s economy. The report also predicts that growth in the Latam region will be the largest in percentage terms, while the APAC regionwill only grow by; the APAC regionwill account for over $1 trillion of GDP and will have the largest growth in volume terms.
Globally, the study estimates that the metaverse will generate $3.1 trillion, or more than 2% of global GDP in 10 years. According to the report, this growth will only occur if the sector fulfills its expected potential and has “far-reaching applications with the potential to transform a wide range of economic sectors, including education, healthcare, manufacturing, vocational training, communications, entertainment, and retail.”
Others have predicted the potential impact of this new activity and the economic opportunities it will bring to various industries in the future. Grayscale, one of the leading cryptocurrency asset managers, estimates that the metaverse could be a $1 trillion business opportunity in the future. Goldman Sachs also estimates that the metaverse could be an $8 trillion business opportunity, and JP Morgan says that this $1 trillion market “is likely to penetrate all sectors.”
Image credits: Shutterstock, Pixabay, Wiki Commons