By 2030, the metaverse industry is projected to contribute $15 billion to Gulf Cooperation Council (GCC) nations, as per a report by Strategy and PwC. Strategy and PwC noted the GCC aims to explore the “enormous possible impact” of the metaverse in energizing and transforming various sectors in their economies.
Ongoing metaverse projects in Saudi Arabia and the United Arab Emirates were highlighted in the report, indicating potential expansion across the region.
Strategy and PwC have pointed out that countries in the GCC are eager to use the big opportunities of the metaverse to boost their economies in different industries.
The report highlighted four key technologies essential to the GCC metaverse initiative: virtual reality (VR), augmented reality (AR), blockchain, and haptic technology.
The report has detailed seven essential components necessary for the GCC to fulfill its goals within the metaverse. These elements encompass various aspects such as use cases, engagement strategies, types of metaverse, digital asset management, functionalities, technology infrastructure, and regulatory frameworks.
In contrast, Strategy and PwC have acknowledged the presence of both anticipated and unforeseen risks that might lead to setbacks or disappointments.
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