UAE Metaverse Market Growth Drivers, and Competitive Landscape

UAE Metaverse Market A Dive from 28% CAGR in 2023-28| MarkNtel Advisors

MarkNtel Advisors has recently released an all-encompassing report on UAE Metaverse market. The report thoroughly explores the present and future market scenarios, providing valuable insights into market size, share, and competitor segmentation. It also delivers an overview of manufacturers, regions, product categories, and application areas. This extensive research is designed to empower clients with the knowledge required to comprehend and capitalize on market trends for their business strategies.

Forecast 2023-28: Revealing UAE Metaverse Market Insights and Analysis

The UAE Metaverse market is projected to grow at a CAGR of around 28% during the forecast period, i.e., 2023-28.

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Driving Innovation: Exploring the UAE Metaverse Market and its Market Dynamics

Key Driver: Government Strategy to Make the UAE Global Hub for the Metaverse to Support the Market

The UAE’s vision of becoming a global hub for the metaverse community and one of the world’s top metaverse economies contribute to the market’s growth. Initiatives like Dubai 10X 2.0, launched at the World Government Summit 2018, provide support & funding to innovative startups & companies, enabling them to develop new solutions & services using metaverse technology. The launch of the national Artificial Intelligence (AI) program BRAIN (Building a Responsive Artificial Intelligence Nation) in late 2017, which highlighted advancements in AI & Robotics, has also significantly supported sales growth during 2018-22.

AI and robotics are closely related to the metaverse as they offer the technological infrastructure for the creation & simulation of virtual environments. Moreover, government support for AI & robotics has attracted talented professionals & entrepreneurs to the country, who have helped foster the growth of the country’s market. Furthermore, the government’s National Artificial Intelligence Strategy 2031 aims at positioning the UAE as a global leader in artificial intelligence by 2031, contributing in enhancing the market size during the forecast period.

UAE Metaverse Market: Key Players

-Microsoft Gulf FZ LLC

-Tencent Games

-Meta Platforms, Inc.

-NexTech AR Solutions Corp.

-Nvidia Corporation

-Queppelin

-The Sandbox

-ByteDance

-Zero Latency

-Decentraland

-Others

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UAE Metaverse Market Segmentation Outline:

By Component

-Hardware

–Displays

–Extended Reality (XR) Hardware

—Haptic Sensors & devices

—Omni Treadmills

—Smart Glasses

—AR/VR Devices

-Software

–Asset Creation Tool

–Programming Engines

–Others (Virtual Platforms, Avatar Development)

-Services

By Application

-Gaming

-Online Shopping

-Digital Marketing

-Events & Conference

-Others (Testing & Inspection, Social Media & Content Creation)

By Technology

-Augmented Reality (AR)

-Virtual Reality (VR)

-Mixed Reality (MR)

-Block Chain

By End User

-Banking, Financial Services, and Insurance (BFSI)

-Government

-Media & Entertainment

-Retail

-Healthcare

-Others (Education, Telecommunication, etc.)

By Region

-Dubai

-Abu Dhabi & Al Ain

-Sharjah & Northern Emirates

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