Metaverse Could Raise Canada’s GDP to 20 Billion USD by 2031

A new study released two days ago from economics consulting firm Analysis Group, the virtual world, or Metaverse, could be worth $3 trillion, or 2.8% of global GDP by 2031, and Canada could increase its GDP by 2. ten billion dollars

Metaverse

While Mark Zuckerberg tried to push Meta into one of the largest Metaverses, it was highly objectionable. This virtual world has enormous potential to change the way businesses do business. Just like mobile technology The first time most people heard about Metaverse was when Facebook announced the name of the company to Meta, and many people didn’t expect it to be this big.

The forecast comes with a caveat, though. Adoption of the technology needs to start this year to see results in 10 years. This may make sense, as Gartner recently predicted that 25% of people will spend at least an hour a day in Metaverse by 2026 in research. The Analysis Group team collected data and modeled economic calculations. to forecast the resulting GDP.

Metaverse

In addition to GDP forecasts, the findings conclude that the Metaverse is still in its early stages. Economic potential depends on the availability of necessary infrastructure and technology. Because it will open the door for developers and businesses to create something new relentlessly. Just like what happened with the internet and mobile.

Matthew Ball, technology expert and venture capitalist, outlines three key components of critical infrastructure:

  1. Concurrency infrastructure – Concurrency infrastructure To be able to support the presence of millions of users simultaneously
  2. Standards and protocols – Standards and protocols are there to realize the level of interoperability expected for Metaverse, for example, standard protocols support creators because one company can’t produce all content by one person.
  3. Critical-mass adoption – Massive adaptation. to make the use of the virtual world really happen

Vendors are creating a way for users to simulate their lives in the digital world. What’s more, from entering a virtual classroom to buying digital land and building a virtual home. These activities are being performed in separate environments. Metaverse, with multiple destinations in technology and experience.

Gartner’s vice president of research, Marty Resnick, shows the adaptation of real life to the virtual world. It may mean that if various technologies are ready The virtual world will begin to soar to it.

Finally, the report concludes that each country has different policy challenges. Although Canada is expected to increase GDP by 20 billion dollars. It does not mean that other countries will seize this opportunity as well. There are many other factors, and this report focuses mainly on the technological structure. Of course, Thailand has a great opportunity to seize this growth as well. If many factors contribute to the creation of technology infrastructure that is equal or better than other countries.

Credit info https://www.analysisgroup.com/…/2022-the-potential…

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