With more than half of its population under the age of 30, the country produces the highest number of STEM (science, technology, engineering, and math) graduates in the world and is demographically well-positioned to contribute to the digital work of the metaverse.
The report, “The Metaverse in Asia -Strategies for Accelerating Economic Impact”, estimates that the impact of the Metaverse on GDP in Asia could be between $0.8 trillion and $1.4 trillion per year by 2035, i.e. around 1.3 to 2.4% of overall GDP. .
“Beyond its obvious demographic advantage, its population’s attitudes toward the Metaverse are more optimistic than the rest of the world. The metaverse could open exciting opportunities for tech talent in India,” said Jehil Thakkar, Partner, Media and Entertainment Industry Leader, Deloitte India.
The Metaverse is designed to create new market, business and employment opportunities while improving the way people work, consume technology and collaborate. For the four billion people living in Asia, these developments will be transformational if fully scaled up.
Each region in Asia has a different metaverse strategy based on its strengths, ranging from electronics and semiconductor supply chain to tech talent and creating a regulatory framework.
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The report highlights digital payments, gaming and entertainment as the two key sectors where the metaverse would have an impact in India. “Digital payments will be a crucial part of the metaverse for exchanging digital assets. India could figure prominently in this development, as it has the highest real-time digital payments rates in the world,” according to the report.
With India being the largest mobile games market in the world in terms of app downloads, this is a promising development as games are a vital entry point into the metaverse.
The study found that awareness of metaverse in Asia is high and early metaverse platforms are already used by millions of people in the region to play, socialize, create digital twins, attend concerts and purchase items. . However, a fully immersive metaverse with smooth real-time rendering of visually rich worlds for millions of concurrent users is still years away.