GCC Nations Target A $15 Billion Metaverse Opportunity by 2030

According to a Strategy and PwC report, the metaverse industry will inject $15 billion into GCC (Gulf Cooperation Council) countries by 2030. The report noted existing metaverse initiatives in Saudi Arabia and the United Arab Emirates that could extend to the rest of the region. 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.

The report highlighted the potential of the metaverse to provide a world of possibilities. It argues that this potential does not stop at next-generation gaming and internet shopping. The report’s viewpoint is for the metaverse to transform how the residents of GCC countries work, transact, plan, design, build, shop, recreate, travel, and live.

Notably, the report cited four advanced technologies underpinning the GCC metaverse program. They include virtual reality (VR), augmented reality (AR), blockchain, and haptic technology. Combining these technologies would enable a robust ecosystem facilitating virtual interaction and data storage.

As mentioned above, the Strategy and PwC viewpoint expects the metaverse to contribute around $15 billion to the GCC countries by 2030. Hence, it encouraged business leaders to begin preparations to take advantage of the opportunity.

The report identified seven building blocks to enable the GCC to realize its metaverse project goals. They include use case, engagement, metaverse type, digital assets, functionalities, technologies, and regulations.

Meanwhile, Strategy and PwC noted the existence of risks known and unforeseeable that could trigger setbacks or disappointments. However, it affirmed the GCC metaverse project will not stop, citing the growing number of metaverse applications in the region. According to the report, the promise of value creation can only grow as the region overcomes the metaverse’s theoretical and practical issues.