Riyadh, KSA: Strategic Gears’ latest thought leadership publication explores the development of the global metaverse industry and its integration into real-world business, including its uptake/adoption in Saudi Arabia and the rise of the Saudi metaverse market.

The report also examines global benchmarks in the metaverse industry in the US, China, the UAE, Saudi Arabia, Spain, Barbados, South Korea and Japan in terms of their industry size, their national strategies for the metaverse and industries or areas where the metaverse is used/adopted.

Strategic Gears experts also conducted interviews with two metaverse players in Saudi Arabia – Dolf Technologies and FalconViz -- on where the growth opportunities are and the challenges to overcome them in the global and Saudi context.

The report concludes with Strategic Gears expert recommendations on maximising metaverse adoption in terms of overall metaverse development, transforming challenges into enablers, Saudi Arabia's metaverse growth, as well as recommendations based on lessons learned from the country benchmarks and interviews. Key conclusions and recommendations include:

  • Given the expanding number of initiatives and creative ideas by both the government and Saudi businesses, increasing expenditures in the sector and more participation from the private sector are crucial, as well as continuously monitoring and evaluating the amount of money spent on metaverse projects versus the return on investment.
  • Factors that could support metaverse development in Saudi Arabia include the integration of intermediaries such as banks and brokers into various metaverse platforms, the creation and implementation of appropriate governance structures, greater branding and awareness of the metaverse’s socioeconomic benefits for the Kingdom, coupled with more events and partnership opportunities domestically and with international stakeholders to bring in best practices, knowledge transfer and expertise.
  • Early adoption and a clearly defined adoption strategy are required, starting with the identification of use cases that offer real value before beginning to plug in data sources and ultimately integrating with the business.
  • Solutions need to be tailormade for the Saudi market, and sectors that stand to benefit the most from metaverse adoption are education, healthcare, industrial, entertainment and tourism.
  • There is misinformation and hype around the metaverse which can distract from real practical applications. New hardware and software infrastructure will also be needed to support the metaverse.
  • The metaverse will grow into a diverse and thriving digital economy with room for a wide range of businesses to operate and fairly compete. The goal is to create an open metaverse that is marked by collaborations that can lower access barriers.

The “Metaverse Development in Saudi Arabia” report is available to download https://strategicgears.com/index.php/providers/reports/13-reports/80-metaverse-development-in-saudi-arabia.

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About Strategic Gears

Headquartered in Riyadh, Strategic Gears is currently one of the leading management consultancies in the MENA region. The company offers consulting services in the areas of Strategy, Marketing, Operations & Organizational Excellence and Digital Transformation, to a range of clients in both the public and private sectors. The company is heavily involved in the transformation era of Saudi Arabia, driven by the Vision 2030 initiative, in engagement with various government organizations and the Vision Realization Programs.