The GCC Augmented & Virtual Reality Market is projected to grow at a CAGR of 39% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The gaming industry in the GCC is adopting AR & VR at a rapid rate as game developers use these technologies to produce immersive gaming experiences. The public's knowledge of the potential uses & benefits of the technology in other industries, such as tourism, healthcare, and education, has also grown as a result of its popularity in nations like the UAE, Qatar, and others.
Moreover, in recent years, nations, including Saudi Arabia, the UAE, and others, have prioritized the usage of these technologies in the healthcare industry to enhance patient outcomes, advance medical education & training, and expedite operational processes. Additionally, governments in the region are also taking several steps to promote AR & VR integration in hospitals, as a result of increased awareness of the advantages of integrating these technologies across the healthcare sector. Furthermore, the healthcare sector has been integrating these technologies more & more, particularly for patient rehabilitation, as well as to reproduce medical procedures & train medical staff by having them practice surgeries in a virtual setting.
Also, mimicking operations & other invasive procedures enables medical students to learn more practically & experientially. Thus, when medical professionals gain more practical experience & self-assurance in performing medical treatments, patient outcomes may be improved. Therefore, it is projected that the use of these solutions in the healthcare sector would significantly assist the growth of the market in the forecast years, further states the research report, “GCC Augmented & Virtual Reality Market Analysis, 2023.”
E-commerce & Retail to be the Prominent End-user in the Market
Based on End-users, the market is segmented into E-commerce & Retail, Industrial Manufacturing Energy, Education, Automotive, Defence & Aerospace, Healthcare, Construction Industry, Agriculture, Gaming & Entertainment, and Others. Among them, E-commerce & Retail have recently emerged as one of the fastest-growing areas in the GCC Augmented & Virtual Reality market & are also projected to gain a significant market share in the years to come. The main reason for this is that buyers can now virtually try on items before buying them & visualize them in 3D due to these technologies.
After employing virtual reality to try on things before a purchase, it has been discovered that consumer satisfaction is hyped & the frequency of returns has lowered. Thus, the incorporation of these technologies into e-commerce sites could boost the market growth in the future & allow customers to have a more immersive experience while shopping online.
Rising Government Initiatives Led the UAE to Dominate the Market
Geographically, the market has grown significantly in the UAE over the past few years. With the potential of AR & VR to promote economic growth & diversification, the UAE government has aggressively pushed the research & application of these technologies across numerous sectors. Additionally, the UAE government has started several programs to encourage the use of these technologies in buildings.
Furthermore, the national government utilizes these solutions to enhance and carry out current and prospective initiatives, which contribute to stakeholder satisfaction, business growth, productivity, and cost savings. As a result, the UAE government's growing interest in digital innovation & improved activities to assist the adoption of AR and VR across many industrial verticals would accelerate its growth in the forecast years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Sony Corporation, Lenovo, Autodesk Inc., HTC Corporation, Google, Barco, HP Development Company L.P., Microsoft, LG Electronics, Meta, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report