The UAE is poised to benefit from the potential of the Metaverse through numerous useful applications. According to the report, the Metaverse offers more than just games, and the UAE economy will benefit greatly if leaders remain open-minded to rapidly emerging technologies.
The Metaverse ecosystem is expanding rapidly in the Middle East, and the UAE seems poised to make the most of it. For example, the Dubai Metaverse Strategy, which was introduced in the second half of 2022, aims to create 40,000 jobs and add about $4 billion to the economy over the next five years, while making Dubai a major metaverse economy. there is
A report by the Boston Consulting Group and Meta (Facebook’s parent company) shows that the Metaverse (a virtual environment that delivers digital experiences in a real-world environment) offers “huge potential” for various industries in the UAE. increase.
The study predicts that the total global market opportunity for the Metaverse could reach up to $400 billion by 2025, with the crypto-asset economy accounting for the bulk of it. The rest of the market consists of virtual reality, augmented reality, cloud and network products and services.
According to the report, business leaders, investors, and tech enthusiasts all predict that the Metaverse could offer significant economic potential with the right investments and ecosystem. The report recommends that the UAE actively plan its future course.
You can think of the metaverse as structured with a front end and a back end. On the front end are the virtual worlds, experiences, and services that encourage users to use technology. The backend consists of devices and developer tools that allow users to access infrastructure elements such as services and other ownership, digital assets, payments, security and connectivity.
Considered the next stage of the Internet, the Metaverse delivers value in three main use case categories: employee experience, customer experience, and technical support.
Here are the 10 most relevant use cases for the Middle East (as is): Virtual collaboration, digital skills/training. Strengthening education, telemedicine. digital twin. Strengthening tourism. Live extended event. games; virtual and enhanced shopping; and virtual assets.
UAE is a ‘leader’
The report’s authors say the UAE is a “leader” in preparing for the introduction of the Metaverse, given the notable investments made over the past few years.
In assessing metaverse readiness, the authors outline several key strengths. Core digital infrastructure is in place, UAE has the highest sales of AR/VR headsets in the region, consumer readiness for the Metaverse is high, UAE is keen on advancing the Metaverse scene We have built a thriving ecosystem of start-ups, companies and investors.
Benchmarks show the UAE to be better prepared for the Metaverse than Saudi Arabia, Egypt, Turkey and several other large Western economies.
UAE Minister for Artificial Intelligence Omar bin Sultan Al Orama said: “The Metaverse is a rich source of opportunity for the UAE, putting us at the cutting edge of important and rapidly changing digital technologies and creating business prospects well beyond our physical boundaries.” We openly embrace this new reality with a spirit of curiosity, entrepreneurship and innovation. ”
Enabling the metaverse
However, the UAE still has room for improvement. “There are gaps to address, particularly connectivity costs,” said Leila Hotate, managing director and senior his partner at Boston Consulting Group. “Technology is important, but it’s just part of the broader ecosystem we need to unlock the doors of the metaverse.”
“With 44% of small and medium enterprises (SMEs) reporting no digital presence, it is clear that some gaps remain, especially for enterprise metaverse users,” Hoteit added.
Researchers emphasize the need to address numerous barriers to market entry to ensure continued growth and maturity of the metaverse market. These include investments required in the innovation and hardware needed for virtual/augmented reality, mitigating the risk of cybercrime and data breaches, and bridging interoperability challenges between different metaverse platforms. increase.
“The Metaverse is a new kind of world, a world where physical and virtual experiences complement each other and seamlessly combine to create something vast and captivating like we’ve never imagined. But it’s still in its early stages,” said Tibor Mérey, managing director and partner at The Boston Consulting Group.
“Now is the time for the UAE to consider opportunities, considerations, required capacities, policy implications and proactively plan its course forward.”
Earlier this year, at the World Economic Forum in Davos, Accenture and Microsoft unveiled a custom-built Metaverse environment.