According to Deloitte, the Metaverse could boost the economy from $79 billion to $148 billion annually by 2035. This corresponds to 1.3-2.4% of GDP.
As a major IT service hub, India has a digitally enabled workforce that is at the forefront of the metaverse.
Global Metaverse Economy Expected to Reach $5 Trillion by 2030, India Needs to Strengthen
Facebook’s name change to Meta was an announcement that the Metaverse had arrived, a line in the sand. The metaverse concept is still largely undefined and evolving. Some definitions describe it as a fully immersive virtual world, but others, myself included, perceive it as an extension of current digital communication tools such as Zoom, WhatsApp, and Google Meet. .
Ideas about how the metaverse works remain vague, but its economic potential is unquestionable.In India, Deloitte and Metaverse boost the economy by $79 billion This equates to 1.3-2.4% of Gross Domestic Product (GDP).
new digital economy
With the help of Augmented Reality (AR), Virtual Reality (VR), and many other technologies, the Metaverse offers new ways for humans to virtually interact with the world. People can find social, work, shop, and entertainment in virtual spaces available 24/7.
Welcome to the new digital economy New Rules of EngagementIn the future, Metaverse realtors may take homebuyers on virtual tours of real estate. An engineer can replicate an online model of a tool that has not yet been manufactured, giving investors her 360-degree experience of the look, feel and function of that tool. The emergence of digital twin cities has the potential to improve urban planning practices.
Elements of the Metaverse are already being used to train retail staff and medical personnel. And there are many more. Last year, a Hong Kong-based luxury fashion brand held a virtual fashion show without the use of physical apparel, offering VR and AR tools to allow shoppers to virtually try on clothes before ordering. Did. The result is less inventory, a lower carbon footprint, and new ways to shop.
When I recently shopped for sneakers online at Adidas, I was blown away by the powerful effects of AR in providing an immersive and realistic experience. AR allowed me to not only see what the shoe looked like on my foot, but also feel the texture of the shoe to get the actual fit.
India and the Metaverse
Thanks to its young and tech-savvy population, India has the basic ingredients to help the Metaverse thrive. Moreover, the country has already shown its readiness to embrace new technologies, with mobile phones being a prime example.
In the late 1990s, the first mobile devices appeared on the Indian market. By 2020, smartphones were ubiquitous from his 23% in 2016 to his 54% of the Indian population. Smartphone penetration could reach 96% by 2040, he said, according to one estimate.
Please also consider our prompt acceptance digital payment Since the pandemic lockdown. Between September 2019 and 2021, the use of digital payment tools in India grew by 75% year-over-year. This impressive trend is further evidenced by the massive increase in digital payment transactions, which surged from INR 2,071 Cr in 2017-18 to INR 8,840 Cr in 2021-22.
This openness extends to the metaverse. His recent IPSOS survey found that 80% of his Indian respondents were familiar with the Metaverse and 75% were positive about using AR and VR in their daily lives.
Indian gamers are already embracing transmedia experiences. They spend 8+ hours each week gaming and may be willing to plug into the metaverse. Moreover, the introduction of 5G will revolutionize the gaming industry, offering gamers many previously unattainable benefits. According to some forecasts, the Indian PC and mobile gaming market is expected to reach a value of $1.4 billion by 2026, attracting a user base of 630 million gamers.
Fundamentals of Focused Technology
As a major IT service hub, India has a digitally enabled workforce that is at the forefront of the metaverse. As users blend their physical and virtual identities while interacting within the metaverse, the blockchain can be extended to verify ownership claims and track the movement of digital assets.
Effective taxation of digital currencies and non-fungible tokens (NFTs) could bring in affordable revenues for governments. Meanwhile, the Reserve Bank of India hopes to successfully adopt the newly launched Central Bank Digital Currency (CBDC) pilot, the e-rupee.
india is Setting the pace of regulation likewise. The upcoming Digital India Law Framework will replace outdated IT Laws and address not only cybercrime, but also security, data privacy rights, misinformation, online harassment, identity theft, and other issues unique to our time. It also addresses many other issues in .
With the global metaverse economy expected to reach $5 trillion by 2030, India needs to strengthen. Affordable access, supportive regulation, and mechanisms to spread digital literacy will support the well-being of Indian netizens while the new virtual economy drives job growth and income.