PARIS, FR – According to two new reports from Research And Markets, France and Saudi Arabia are burgeoning environments for metaverse growth. The Saudi Arabia and France metaverse market is fertile soil for the burgeoning industry.

Saudia Arabia metaverse market

Saudi Arabia is set to emerge as a critical player in the global metaverse sector over the next few years. The report reveals that the metaverse industry in the country is expected to grow 37% annually, reaching over $1.5 billion in 2023 with a steady compound annual growth rate (CAGR) of 31% during 2023-2030.

The report highlights Saudi Arabia has already launched several innovative metaverse projects popular among the country’s youth, which comprise most of the population, providing a promising growth market. 

The country is also investing heavily in developing metaverse projects such as Neom megacity, which is expected to be 33 times the size of New York City. Neom Megacity’s parent company, Neom Tefch & Digital, has already invested $1 billion to develop AI projects, including a metaverse platform that allows people worldwide to visit and explore the city virtually. 

Saudi Arabia is also looking to merge tourism and the metaverse. The Royal Commission for AIUIa is developing the AIUIa monument inside the Decentraland metaverse, accessible to virtual tourists to explore the World Heritage site anywhere. 

France metaverse market

Research And Markets also published a report on the metaverse market in France. It found that the steady growth of the France metaverse market is expected to record a CAGR of  28.6% during 2023-2030, with metaverse spending value reaching over $22 billion by the end of the decade.

Though France’s adoption rate for metaverse technology is subdued compared to other countries, business and consumer investment in the industry is gaining momentum. Large companies such as LVMH are investing in the metaverse, offering event attendees the chance to experience augmented reality by trying on clothing. 

French metaverse startups are accelerating the development of their businesses by building their brands and managing their presence in the metaverse. METAV.RS, a Paris-based metaverse content management platform, recently raised €3 million to accelerate its service, providing other companies with increased visibility of their content in the metaverse.

Meta, formerly Facebook, has plans to invest $100 billion to expand its virtual reality platform and development in France and other countries over the next five years. With this much wealth poured into the country, the French government has asked regulators to start watching the metaverse industry and cryptocurrency market. With a positive regulatory framework, France can accelerate innovation and growth over the next few years.

The metaverse industry

The metaverse industry is set to proliferate in France and Saudi Arabia, with recent quarterly spending on the spectator signaling a CAGR of 30% in each country. France is seeing a growing buzz around the metaverse, with companies investing in the necessary technology, while Saudi Arabia has launched metaverse projects that are very popular among the youth.

As both countries continue to invest in the metaverse, more innovative projects and strategic alliances will launch in the next three to four years, driving growth, innovation, and market adoption.