of “Saudi Arabia Metaverse Market Intelligence and Future Growth Dynamics Databook – Sectors X Use Cases X Technology, Business and Consumer Spending, 100+ KPIs Covering Market Size by NFT Spending – Q1 2023” report added of ResearchAndMarkets.com Recruitment.

Saudi Arabia’s metaverse industry is expected to grow by 37.1% on an annual basis to reach USD 1,585.8 million in 2023.

The metaverse industry is anticipated to grow steadily over the forecast period, registering a CAGR of 31.0% from 2023 to 2030. The country’s Metaverse spending will grow from $1,156.3 million in 2022 to $514.3 million by 2030.

Saudi Arabia is expected to emerge as a major player in the global metaverse sector in the coming years. With millions pledging to develop the Metaverse infrastructure, coupled with the innovative projects launched in the region, the Kingdom certainly has the potential to drive the growth of the global Metaverse industry.

Saudi Arabia has already launched a number of innovative projects, such as the Virtual Black Stone Initiative, which allows Muslims to virtually touch the Black Stone of Kava. Additionally, the metaverse is more popular among the younger generation and the fact that most of the Kingdom’s population is young means that the Saudi metaverse industry is poised for growth over the next three to four years.

Millions of dollars invested in developing Metaverse projects in Kingdom

To make the country more attractive to investors and potential residents, Saudi Arabia has launched several mega-projects, such as Neom City, which is expected to be 33 times the size of New York City. As part of the mega project, the country is also investing millions of dollars in developing the Metaverse project.

In September 2022, Neom Tech & Digital, a subsidiary of the Neom Megacity, announced that it has invested US$1 billion towards developing AI projects. This includes the development of the metaverse platform. In his first three quarters of 2022 he has invested US$1 billion. The Metaverse platform built by Neom Tech & Digital enables people around the world to virtually visit and explore cities before making investment decisions.

Moving forward, publishers expect to see even more investment in the metaverse sector over the next three to four years. This will drive market innovation and growth from a short to medium term perspective.

Ad agencies form strategic partnership to celebrate Saudi National Day within Metaverse

To provide people with immersive experiences and educate future generations about Saudi Arabia’s great heritage, companies are launching innovative projects in the metaverse sector.

In September 2022, creative advertising agency The Bold Group partnered with Darah, King Abdulaziz Research and Archives Foundation, to launch a metaverse project that allows people to celebrate Saudi nationals within the Decentraland metaverse. announced the launch. The Metaverse project aims to engage Saudi youth and teach them about the Kingdom’s rich history and culture.

Publishers expect more innovative projects like this to be launched in Saudi Arabia over the next three to four years, which will also increase the popularity of the Metaverse among consumers. This will continue to support investment and industry growth from a short to medium term perspective for the Kingdom.

The Kingdom is launching a World Heritage Site within the Metaverse for tourists from all over the world to experience

With its ability to deliver immersive experiences across borders, the Metaverse has the potential to revolutionize the global tourism sector. In Saudi Arabia, one of her major tourist destinations around the world, authorities are trying to consolidate the tourism and metaverse sectors.

In November 2022, the Kingdom announced that the Royal Commission of AIUIa had entered the Metaverse. Developed within the Decentraland metaverse, AIUIa Monuments can be accessed by virtual tourists from anywhere in the world to explore the World Heritage Site. Additionally, the Metaverse allows tourists to explore and access parts of the site that are inaccessible to physical visitors.

From a short- to medium-term perspective, publishers expect more innovative metaverse projects like this to be launched in the kingdom, which will support the growth of the industry in the next 3-4 years.

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Saudi Arabia Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators

• Trend analysis of total spending

• Business Spend Trend Analysis – Consumer Spend Trend Analysis

Saudi Arabia Metaverse – Business Spending Trends by Sector, 2021-2030

• retail business

• Technology & Telecommunications Industry

• financial services industry

• manufacturing industry

• Travel and hospitality industry

• Media & Entertainment Industry

• training and education industry

• real estate business

• Health & Wellness Industry

• other

Saudi Arabian Business Spending on Metaverse by Use Case/Application, 2021-2030

• Retail (Marketing & Advertising, Commerce, Operations & Training)

• Technology and Telecommunications (Marketing and Advertising, Commerce, Operations and Training)

• Financial Services (Marketing & Advertising, Commerce, Operations & Training)

• Manufacturing (Marketing & Advertising, Commerce, Operations & Training]

• Travel & Hospitality (Marketing & Advertising, Commerce, Operations & Training)

• Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)

• Training & Education (Marketing & Advertising, Commerce, Operations & Training)

• Real Estate (Marketing & Advertising, Commerce, Operations & Training)

• Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)

• Other (Marketing & Advertising, Commerce, Operations & Training)

Trend Analysis of Saudi NFT Spending by Sector, 2021-2030

• retail business

• Technology & Telecommunications Industry

• financial services industry

• manufacturing industry

• Travel and hospitality industry

• Media & Entertainment Industry

• training and education industry

• real estate business

• Health & Wellness Industry

• Other industries

Saudi Arabia Business Spending on Metaverse by Technology

• By technology

• retail business

• technology and communication

• financial operations

• manufacturing industry

• travel and hospitality

• media & entertainment

• training and education

• real estate

• Health & Wellness

• other

Saudi Arabia Metaverse Spending by Platform

E-Commerce Spending (Total Goods Value) in Saudi Arabia’s Metaverse by Sector, 2021-2030

• retail shopping

• travel and hospitality

• online food service

• media & entertainment

• Health & Wellness

• technology products and services

• Other industries

Saudi Arabia NFT Market Size and Future Growth Dynamics by Key Performance Indicators

• NFT – Trend Analysis of Total Sales Spend, 2021-2030

• NFT – Total Sales Trend Analysis, 2021-2030

• NFT – Average Value Trend Analysis per Transaction, 2021-2030

Saudi NFT Market Size and Forecast by Major Assets, 2021-2030

• NFT Collectibles and Art Trend Analysis, 2021-2030

• NFT Real Estate Trend Analysis, 2021-2030

• NFT Sports Trend Analysis, 2021-2030

• NFT Gaming Trend Analysis, 2021-2030

• NFT Utility Trend Analysis, 2021-2030

• NFT Fashion and Luxury Trend Analysis, 2021-2030

• Other Asset Trend Analysis, 2021-2030

Saudi Arabia Consumer Spending on Metaverse by Device, 2021-2030

• desktop

• mobile

• digital gadget

Saudi Arabia Consumer Spending on Metaverse by Hardware Device, 2021-2030

• AR (Augmented Reality)

• VR (virtual reality)

• MR (Mixed Reality)

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