Emerging metaverse technologies are unveiling a range of potential benefits, from enhancing individuals’ lives and experiences as well as streamlining business operations, for example, through the use of digital twins. Metaverse technologies could be used to attend virtual concerts, access education, and healthcare, or even visit virtual shopping malls, making these technologies particularly relevant to the region’s young population. In addition, for businesses it could improve collaboration, customer engagement, and operational efficiency, creating additional B2C and B2B opportunities.
Deloitte provided a study for Meta that shows that the Middle East will have one of the biggest economic impact estimates due to the Metaverse. The study shows how Saudi Arabia, Egypt, and the UAE will be leading the MENA market in development in the Metaverse.
Within Saudi Arabia, the projected economic impact of adopting the Metaverse ranges from $20.2 Billion to $38.1 Billion by 2031. Over the past few years, Saudi Arabia has shown an interest in the metaverse and experimented with providing a range of experiences for their citizens. One such example is the Al Ula experience in Decentraland, as mentioned in this blog.
Deloitte and Meta expect the Middle East, Northern Africa, and Turkey (MENAT) region to greatly benefit from the development and adoption of the metaverse. On a global scale, the estimated economic contribution to the global GDP ranges from $1.5 trillion per year (in 2030) to $3 trillion per year (in 2031).
Source:
Deloitte and Meta
