Page 79 - SAMENA Trends - January-February 2023

ARTICLE SAMENA TRENDS

ARTICLE

Metaverse and Applicability in the Telecom Industry

Into the Middle East – Viewpoint on Emerging technologies
The technology landscape in the Middle East is constantly
changing, and as a region that adopts technology the fastest, it is
poised to become a prominent player in the Metaverse. Metaverse
has the potential to transform the key sectors in the region, such
as telecom, travel and tourism, financial services, and real estate.

The Dubai Metaverse Strategy, which was launched in July 2022
with the goal of making Dubai one of the top Metaverse economies,
has also helped speed up adoption in the region. It is designed to
add $4 billion to the economy in the next five years. Saudi Arabia's
$500 billion investment in developing NEOM as the world's first
cognitive city will also provide a significant boost to the adoption of
Metaverse and Digital Twins.

The GCC (Gulf Cooperation Council), the well-known alliance
between six Middle East countries, has also shown great potential
for Metaverse adoption, and Metaverse could contribute about $15
billion to the GCC's economies by 2030 (as per the reports from the
ChalHoub group).

Metaverse has the potential to transform the
key sectors in the region, such as telecom,
travel and tourism, financial services, and
real estate.

Rajesh Dhuddu Tech Mahindra plays a key role in leading the adoption of metaverse
amongst global brands by generating business ROI and drive
SVP & Global Head transformation.
Metaverse & Blockchain
Tech Mahindra Rise of the "Metaverse": Evolving Consumer Preferences
Technology has to play a key role in driving this transformation. We have
come a long way from using static websites to navigating a dynamic website,
web portals, and apps built on Web 2.0 infrastructure. However, going forward
the biggest shift in the era of telecom evolution will be brought by Metaverse
and 5G. 5G will usher us into an era of meta-commerce. Meta-commerce
is more immersive, resonates well with digital natives, and leverages Web3
technologies like blockchain and its various applications.

79 JANUARY-FEBRUARY 2023