With the promise of reshaping technology paradigms and fundamentally redesigning industries, the Metaverse is one of the most exciting technologies out there. A new report sheds light on Saudi Arabia’s booming Metaverse market and some of the most notable developments in this scene.
The concept, broadly referred to as the metaverse, is an interconnected digital realm that merges the virtual and physical worlds in what some experts believe will be the next version of the Internet. The ultimate goal is to create a single immersive 3D virtual space. Shared among all users.
The concept of high-altitude flight is rapidly gaining interest in major markets, but its adoption and maturity vary by region and country, with the United States (where the Metaverse was conceptualized) and China being at the forefront of developments in this field. .
Saudi Arabia is a notable metaverse leader in the region alongside the UAE, according to a benchmark study summary by Strategic Gears, one of Saudi Arabia’s largest management consulting firms.
According to the report, the Metaverse market was already worth $1.1 billion last year, and the market size will rapidly grow to $7.6 billion by 2023.
The addressable market for service providers, including strategists, implementation consulting firms, and IT companies, was approximately $185 million last year, but the scale, scope and challenges of Metaverse’s involvement in the country’s economic transition mean that the reported figure It may be higher than stated. Comes with expense tracking feature.
Key areas of application
Saudi Arabia is piloting (and in some cases scaling up) Metaverse activities across a variety of industries, including retail, online, tourism, education, and media, using Metaverse solutions in all kinds of shapes and forms. .
One of the biggest projects involving the Metaverse to date is the infamous desert city NEOM, which was announced in 2017. He helped pre-sell the property, with more than $1 billion invested in creating an immersive digital twin of the location. By allowing people to experience his NEOM before it is built, we are integrating digital and real experiences, creating a market for cryptocurrencies and NFT trading as part of everyday life.
In the tourism sector, the AlUla Royal Commission last year launched an immersive 3D experience of the Hegra Tomb of Quza’s son Lihyan, allowing digital users to enter the Metaverse realm. This experience was created at Decentraland to allow tourists from all over the world to take part in a virtual tour that is close to ‘real life’.
Integrating digital services into daily life can also bring great benefits to the healthcare sector. For example, researchers say that Metaverse technology has the potential to provide medical care, with Seha Virtual being the “first virtual hospital” that can not only provide advice to remote users but also transport hospitals across the kingdom with supplies. It also points out that adjustments can be made with logistics support.
Meanwhile, in the education sector, virtual reality headsets and software are making online learning and e-learning more accessible than ever, simulating immersive learning environments and increasing remote student engagement and performance. You can.
According to Strategic Gears, the emergence of these use cases, and many more currently in the works, provides significant opportunities for Metaverse deployment in Saudi Arabia. The market is expected to grow to $1.5 billion this year, with double-digit growth expected for the second year in a row.
Still, that growth has been relatively slow compared to the technology’s global potential, and consultants believe that developing a national strategy could be key to making the most of Saudi Arabia’s metaverse. I am.
China’s Metaverse industry is projected to be worth $1 trillion in 2023, in contrast to the (much) lower numbers of the United States and Saudi Arabia, noting that neither has established a national plan for this technology. , Strategic Gears pointed out that “the Chinese government is investing heavily in the Metaverse industry.” Leveraging virtual reality and augmented reality technology, we have set ambitious goals for the development and implementation of the Metaverse platform. ”
Fortunately, the researchers also found that “Saudi Arabia is developing various strategies” to exploit this sector, such as through e-sports and digital tourism, and the potential for metaverse revenues in the country’s economy. This suggests that further efforts will be made to maximize gender performance. soon.