90% of Saudi CEOs and 82% of Emirati CEOs believe that Metaverse will play a major role in marketing
A new report on marketing trends shows that 90% of company leaders in Saudi Arabia and 82% of CEOs in the UAE believe that Metaverse will play an important role in their expansion strategy in the next two years as consumer demands and desires evolve.
The latest survey conducted by auditing firm Deloitte in July 2022, which discusses sustainability and metaverse among other emerging topics in marketing, surveyed 1,015 C-level executives, including 50 Saudi and 50 Emirati leaders across various industries; Participants represented international companies in the United States, the United Kingdom, Switzerland, Japan and Australia, as well as the Middle East.
Commenting on the results, Hussein M. Dajani, Digital Partner at Deloitte, said the company is “extremely excited to see a higher focus on sustainability, innovative transformation and increased adoption of emerging technologies that drive growth and allow for better customer outreach.”
He also added that the results of the survey confirm the importance of “staying at the forefront and adopting the latest technologies to maintain competitiveness in the market.”
Nearly half of marketers surveyed in Saudi Arabia, 42% of them specifically, said they plan to get involved in Metaverse within the next 12 months, while 40% are already involved in an emerging technology. In addition to the above, 2% said Only a few of the participants reported that their companies had no plans in place at the time the study took place.
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Currently, only 14% of companies in the UAE are currently leveraging Metaverse for their expansion plans, however 42% said they intend to do so within the next 12 months.
Dajani explained that most of the brands indicated the difficulty of applying complex technology because they are not involved in the world of metaverse.
Deloitte wrote in this regard: “Although the technology is new, marketers are laying the groundwork for adopting new technologies this year. For brands to stay relevant to what is happening around them, they must think about developing (strategies) that will benefit them in the long term.” .
Metaverse, a virtual world that allows its users to interact with each other through their virtual avatars, is expected to contribute $7.6 billion and $3.3 billion to the economies of Saudi Arabia and the United Arab Emirates, respectively.
Many private and public organizations, including government agencies in the Middle East, have already implemented strategies to take advantage of the technology. While the Saudi government has noted significant improvements in its operations, Saudi Minister Abdullah Al-Sawaha said clear regulations will ensure the societal benefits of Metaverse.