DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Metaverse Market Intelligence and Future Growth Dynamics Databook - 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend - Q1 2023" report has been added to ResearchAndMarkets.com's offering.
Metaverse industry in Saudi Arabia is expected to grow by 37.1% on an annual basis to reach US$1,585.8 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 31.0% during 2023-2030. The Metaverse Spend Value in the country will increase from US$1,156.3 million in 2022 to reach US$5,414.3 million by 2030.
Saudi Arabia is expected to emerge as a key player in the global metaverse sector over the next few years. With millions pledged towards the development of metaverse infrastructure, coupled with innovative projects launched in the region, the Kingdom certainly has the potential to drive the growth of the global metaverse industry.
Already many innovative projects have been launched in the Kingdom, including the Virtual Black Stone Initiative that makes it possible for Muslims to virtually touch the Black Stone at the Kabba. Furthermore, the metaverse is more popular among the young generation and the fact that most of the population in the Kingdom is young means that the stage is set for the growth of the metaverse industry in Saudi Arabia over the next three to four years.
Millions of dollars are being invested into the development of metaverse projects in the Kingdom
To make the country more appealing to investors and potential residents, Saudi Arabia has launched several mega-projects, such as the Neom city, which is expected to be 33-times the size of New York City. As part of the mega-project, the country is also investing millions into the development of metaverse projects.
In September 2022, Neom Tech & Digital, the subsidiary of the Neom megacity, announced that the firm had invested US$1 billion towards the development of AI projects, which also includes the development of a metaverse platform. The US$1 billion investment was made during the first three quarters of 2022. The metaverse platform built by Neom Tech & Digital will allow people from all over the world to visit and explore the city virtually, before making an investment decision.
Going forward, the publisher expects the investment to further grow in the metaverse sector over the next three to four years. This will keep driving innovation and growth of the market from the short to medium-term perspective.
Advertising agencies are forging strategic alliances to celebrate Saudi National day inside the metaverse
To create an immersive experience for people and to educate future generations on the great heritage of Saudi Arabia, firms are launching innovative projects in the metaverse sector.
In September 2022, The Bold Group, a creative advertising agency, announced that the firm partnered with Darah, King Abdulaziz Foundation for Research and Archives, to launch a metaverse project allowing people to celebrate the Saudi National ay inside the Decentraland metaverse. The metaverse project is aimed at creating interest among young generation Saudis as well as to teach them about the rich history and culture of the Kingdom.
The publisher expects more such innovative project launches in Saudi Arabia over the next three to four years, which will also boost the popularity of the metaverse among consumers. This will keep supporting the investment and the industry growth from the short to medium-term perspective in the Kingdom.
The Kingdom is launching the World Heritage Site inside the metaverse for tourists to experience from around the world
With its ability to transcend borders, while offering an immersive experience, the metaverse holds the potential to revolutionize the global tourism sector. In Saudi Arabia, which is one of the leading tourism destinations around the world, authorities are looking to merge tourism and metaverse sector.
In November 2022, the Kingdom announced that the Royal Commission for AIUIa has entered the metaverse. Developed inside the Decentraland metaverse, the AIUIa monument is accessible to virtual tourists to explore the World Heritage site from anywhere around the world. Furthermore, the metaverse will allow tourists to explore and access parts of the site that are not accessible to real-world visitors.
From the short to medium-term perspective, the publisher expects more such innovative metaverse project launches in the Kingdom, thereby supporting the growth of the industry over the next three to four years.
Scope
Saudi Arabia Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
- Total Spend Value Trend Analysis
- Business Spend Value Trend Analysis- Consumer Spend Value Trend Analysis
Saudi Arabia Metaverse - Business Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other
Saudi Arabia Business Spend on Metaverse by Use Case / Application, 2021-2030
- Retail (Marketing & Advertising, Commerce, Operations & Training)
- Technology & Telecommunications (Marketing & Advertising, Commerce, Operations & Training)
- Financial Services (Marketing & Advertising, Commerce, Operations & Training)
- Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
- Travel and Hospitality (Marketing & Advertising, Commerce, Operations & Training)
- Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
- Training & Education (Marketing & Advertising, Commerce, Operations & Training)
- Real Estate (Marketing & Advertising, Commerce, Operations & Training)
- Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
- Other (Marketing & Advertising, Commerce, Operations & Training)
Saudi Arabia NFT Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other Industry
Saudi Arabia Business Spend on Metaverse by Technology
- By Technology
- Retail Industry
- Technology & Telecommunications
- Financial Services
- Manufacturing Industry
- Travel and Hospitality
- Media & Entertainment
- Training & Education
- Real Estate
- Health & Wellness
- Other
Saudi Arabia Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
Saudi Arabia Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
- Retail Shopping
- Travel and Hospitality
- Online Food Service
- Media & Entertainment
- Health & Wellness
- Technology Products & Services
- Other Industries
Saudi Arabia NFT Market Size and Future Growth Dynamics by Key Performance Indicators
- NFT -Total Sales Spend Value Trend Analysis, 2021-2030
- NFT - Total Sales Spend Volume Trend Analysis, 2021-2030
- NFT - Average Value Per Transaction Trend Analysis, 2021-2030
Saudi Arabia NFT Market Size and Forecast by Key Assets, 2021-2030
- NFT Collectibles and Art Trend Analysis, 2021-2030
- NFT Real Estate Trend Analysis, 2021-2030
- NFT Sports Trend Analysis, 2021-2030
- NFT Gaming Trend Analysis, 2021-2030
- NFT Utility Trend Analysis, 2021-2030
- NFT Fashion and Luxury Trend Analysis, 2021-2030
- Other Assets Trend Analysis, 2021-2030
Saudi Arabia Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
Saudi Arabia Consumer Spend on Metaverse by Hardware Devices, 2021-2030
- AR (Augmented Reality)
- VR (Virtual Reality)
- MR (Mixed Reality)
For more information about this report visit https://www.researchandmarkets.com/r/r3vxdx
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