According to Strategy and PwC, the metaverse business is expected to generate $15 billion in revenue for Gulf Cooperation Council (GCC) countries by 2030. According to Strategy and PwC, the GCC intends to investigate the metaverse’s “enormous possible impact” on revitalizing and revolutionizing diverse areas of their economies.
The report noted ongoing metaverse projects in Saudi Arabia and the United Arab Emirates, demonstrating the potential for regional expansion.
According to Strategy and PwC, GCC countries are eager to capitalize on the metaverse’s significant prospects to strengthen their economies across a variety of businesses.
The paper highlighted four critical technologies for the GCC metaverse initiative: virtual reality (VR), augmented reality (AR), blockchain, and haptic technology.
The paper details seven critical components required for the GCC to achieve its goals in the metaverse. These features include use cases, engagement tactics, metaverse types, digital asset management, functions, technological infrastructure, and regulatory frameworks.
In contrast, Strategy and PwC have acknowledged the existence of both anticipated and unforeseen risks that could result in setbacks or disappointments.
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