Press Release Description
UAE Strategies to Become a Global Hub for Metaverse Incites Market Growth
The UAE Metaverse Market is projected to grow at a CAGR of around 28% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The country's goal of making the nation one of the top metaverse economies & a major center for the community is fostering market expansion. Initiatives like Dubai 10X 2.0, introduced at the World Government Summit 2018, offer assistance & funding to create startups & businesses, enabling them to develop new products & services by utilizing the technology. The launch of a national AI (artificial intelligence) program called BRAIN (Building a Responsive Artificial Intelligence Nation) in late 2017 has assisted the market's expansion from 2018 to 22, as the market progress is strongly associated with an uptick in robotics & AI.
Furthermore, the UAE's thriving gaming culture, which has the greatest proportion of adult gamers in the world, contributes significantly to the growth of the technologies. A sizable and growing segment of establishments is now drawn to the gaming business, and as a result, the gaming sector in the country is expanding, as is the development of platforms and technologies that support the technology’s ecosphere. Additionally, the government of Abu Dhabi developed the AD Gaming platform in 2022, intending to make Emirates a major international center for gaming & e-sports.
Parallel to this, the Dubai government organized the Dubai E-sports Festival in 2022, which brought together gamers, business leaders, and enthusiasts to celebrate the most recent developments & trends in gaming industry. Owing to these initiatives, the gaming industry would proliferate in the country, which is anticipated to enhance the demand for the technologies, such as virtual & augmented reality, immersive audio, and social interaction platforms during the forecast period, further states the research report, “The UAE Metaverse Market Analysis, 2023.”
Extended Reality (XR) Hardware to Showcase Momentous Growth
Based on component, the market bifurcates into Hardware (Displays, Extended Reality (XR) Hardware), Software (Asset Creation Tool, Programming Engines, others (Virtual Platforms, Avatar Development)), and Services. Of them all, the extended reality hardware has showcased a sizeable growth during the historical period due to its widespread use in sectors like gaming & entertainment, education & training, and commercial applications. The businesses in the nation have embraced VR and AR technology for a range of uses, including virtual product demos, training, and marketing, which has helped to encourage the selling of these gadgets in the nation.
Moreover, the country has a thriving gaming industry, which has led to significant sales of virtual reality (VR), augmented reality (AR), and mixed reality (MR) gadgets. Furthermore, the UAE government is actively investing in AR and VR technology, particularly in industries like healthcare, education, and retail, which subsequently would increase the demand for these devices during the forecast period.
Blockchain Technology to Exhibit Significant Growth during Forecast Period
Based on technology, the market bifurcates into Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and Blockchain. The Blockchain technology has undergone the most growth, owing to the backing of numerous government strategies such as the Dubai Blockchain Strategy and the Emirates Blockchain Strategy 2021, among others. As a result, Dubai encountered a 24% uptick in the use of this technology in 2021, compared to the global average of 19%, and it became home to more than 100 businesses.
Furthermore, the Dubai Future Foundation's creation of the Global Blockchain Council in 2017 to promote transactions made through this technology platform has significantly contributed to the country's elevated adoption of this technology. Additionally, the UAE has favorable regulatory conditions & the government is working to develop a blockchain-friendly ecosystem there. Thus, the technology is expected to grow during the forecast period, as a result of its intensifying adoption in various business applications, a desirable regulatory environment, and rising demand for digital payments.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Microsoft Gulf FZ LLC, Tencent Games, Meta Platforms, Inc., NexTech AR Solutions Corp., Nvidia Corporation, Queppelin, The Sandbox, ByteDance, Zero Latency, Decentraland, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & technology adoption?
- How has the competition shaped across various Emirates, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
Place an order
100% Safe & Secure
Strongest encryption on the website to make your purchase safe and secure