The strategy and PwC research report stated that the Metaverse industry will input $15 billion into the Gulf Cooperation Council (GCC) by 2030.
TakeAway Points:
- The strategy and PwC research report showed the metaverse will input $15 billion into GCC countries by 2030.
- According to the report, the metaverse is projected to transform how GCC residents carry out basic engagements.
- The technologies supporting the GCC metaverse program are VR, AR, Blockchain, and Haptic Technology.
Strategy and PwC Report
The metaverse industry will input $15 billion into Gulf Cooperation Council countries by 2030. The report highlighted existing metaverse initiatives in Saudi Arabia and the United Arab Emirates that have the potential to spread throughout the region. Business executives are advised to leverage this opportunity.
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“The region is already seizing the opportunity, with important metaverse initiatives in Saudi Arabia and the United Arab Emirates. The metaverse’s potential contribution to GCC economies could be around US$15 billion by 2030. Metaverse elements and applications are developing swiftly.”
the report reads.
The report emphasized the vast array of opportunities that the metaverse can offer. However, it argues that these opportunities do not stop at next-generation gaming and internet shopping. According to the paper, the metaverse will change how people live, work, plan, shop, recreate, travel, and transact in the GCC countries.
The GCC Metaverse Program
The GCC metaverse program is supported by virtual reality (VR), augmented reality (AR), blockchain, and haptic technology. These technologies would enable a strong ecosystem, facilitating virtual communication and data storage.
In addition, the report pinpointed seven building blocks to enable the GCC to realize its metaverse project goals. They include use cases, engagement, metaverse types, digital assets, functionalities, technologies, and regulations.
Meanwhile, Strategy and PwC noted the existence of both known and unknown risks that could trigger setbacks or disappointments. However, it affirmed that the GCC metaverse project will not stop, citing the emerging number of metaverse applications in the region.
According to the report, the promise of value creation can only grow as the region overcomes the metaverse’s theoretical and practical issues.
