It can be said that the development of the Metaverse and the tech that surrounds its ecosystem has been slower than expected, especially if we take a look at the Asian countries. But, the area is a dominant factor in the global tech supply chain making it an interesting case study for the development of Metaverse tech.
From Singapore to Hong Kong, India to South Korea, the tech industry is rapidly growing. These countries are currently creating the blueprint for the development of Metaverse tech and also building guidelines that would ensure safe and user-friendly platforms for the audience.
According to a recent study by Deloitte, the share of Metaverse-based earnings could potentially add up to $1.4 trillion to the Asian GDP in the next decade. How is this humongous figure possible for the Asian tech segment? Let’s take a closer look!
Metaverse Already Exists in Asia
While the Meta (formerly Facebook) organization has not yet launched its Metaverse in Asian countries, there still exist quite a few local Metaverse platforms that people are using for gaming, online interactions, shopping, and other purposes.
The concept of creating a digital twin is prevalent amongst Asian youth, particularly for gaming purposes. When the Metaverse finally drops in this region, the primary crowd for it will be the younger generation, as they will have created their digital twins on the platform in a heartbeat.
So, in the heart of Asian tech-heavy countries such as Singapore, Malaysia, etc., there is a strong following for all things Metaverse. Even SMEs in the region are opting for various blockchain-based and Web3 tech to modernize their businesses. With the advent of the Metaverse to the region, these organizations would welcome the innovations with open arms.
There also exists a strong diversity factor in this equation. The development of business tech in Asia has allowed the concept of diversity to truly flourish in the global IT segment. The same can be said about the Metaverse. While it is still being launched only in the global West, the global South has the ability to add a lot to it. Even a small Asian country such as South Korea already has a blueprint for fostering diversity on digital platforms.
Multiple Factors At Play
All the above reasons are more than enough to understand that the Metaverse will truly be the next big thing in Asia, and the tech economy of the region will hugely benefit from it. However, there are many aspects to consider before it can take off, and the Deloitte report also attested to this.
Considering the current level of tech in use, a fully immersive experience is still years away. What the Metaverse segment in Asia needs right now is key investors coming together with a shared vision for the next decade, because the region has both the hype and the talent necessary.