Over the past few years, there has been a notable surge in the development of the metaverse, bringing us closer to a future where captivating virtual experiences become an integral part of our daily lives. The recent unveiling of Apple’s Vision Pro and META’s Oculus Quest 3 virtual reality (VR) headsets has added a new dimension to the VR and metaverse landscape. It not only marks the dawn of a new era characterised by immersive experiences and enhanced connectivity, but it opens the door to putting virtual reality in the hands of many.
In the Middle East and North Africa (MENA) region, these opportunities hold particular significance. The region has consistently demonstrated a forward-thinking approach towards embracing technological advancements. According to a report by Deloitte, MENA region could potentially experience an additional GDP contribution of up to $83 billion per year by 2035, through the implementation of the metaverse. This indicates a strong potential for the adoption and integration of immersive technologies within the region.
Democratising virtual experiences
The concept of the metaverse initially seemed targeted towards avid gamers and tech enthusiasts, but now with the commercialisation of VR headsets, it holds far-reaching implications beyond these niche communities. In fact, the metaverse is poised to become the cornerstone of a new digital economy, wherein individual users will have the ability to create, purchase, and trade virtual goods. It transcends the boundaries of gaming and technology, transforming into a foundation that will reshape various aspects of our society and economy.
In addition, the metaverse multiplies the channels through which brands can tell their story and connect with customers. Many companies are already using technologies like VR and AR so people can try on makeup, test out furniture, or even test drive a car before they make a purchase. The metaverse allows brands to leverage consumer curiosity like never before. According to a recent survey by McKinsey & Company, nearly 60% of consumers using the metaverse are interested in transitioning to the virtual world to connect with others and explore further digital realms.
Potential for business growth
From a business profit perspective, there are compelling reasons to consider embracing the metaverse at this time. The metaverse offers a range of profit-making opportunities, including immersive experiences, virtual events, product showcases, innovative advertising, improved team collaboration, global transactions and more. In this day and age, this does not take much investment. Metaverse-as-a-Service (MaaS) providers like Shaffra, enable companies to establish their metaverse strategies and presence in a tailored data-driven way.
MaaS providers offer solutions that facilitate seamless integration into the metaverse for businesses. By leveraging MaaS platforms, businesses in the MENA region can access ready-made tools and frameworks, enabling them to build immersive virtual experiences and connect with their target audience effectively. With over 180 million internet users and a rapid rise in smartphone penetration, the region provides a conducive environment for the adoption and utilisation of VR and metaverse technologies.
A forward-looking approach to success
The bottom line is that virtual reality represents an exciting frontier for businesses to explore. Both businesses and individuals in the MENA region, with its digital advancements and significant potential for growth, are well-positioned to embrace commercial VR products. By leveraging the capabilities of the metaverse and partnering with MaaS providers, businesses in the MENA region can unlock transformative opportunities, position themselves as pioneers of innovation, and shape the future of this rapidly expanding digital landscape.
