UAE Metaverse Market 2023- Recent Study Including Growth Factors, Applications, Regional Analysis, Key Players and Forecast till 2028
Markntel Advisors published a recent research report on The UAE Metaverse Market with a forecast period of 2023-28, a historical period of 2018-21, and a base year of 2022. As per the report, the UAE Metaverse Market is projected to grow at a CAGR of 28% percent during the forecast period. The report encompasses a comprehensive analysis of numerous market drivers, the latest trends, and opportunities for the market players and also precisely analyses the possible factors expected to impede the market growth.
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Also, the report comprises a progressive evaluation of the UAE Metaverse Market, the most recent developments, and the overall market scenario regarding how markets recovered after significant events like the Russia-Ukraine War and the Covid-19 Pandemic. The study aims to provide exhaustive information about new product launches, untapped geographies, recent developments in the industry and among the key players, and numerous investments that fluctuate in the market.
UAE Metaverse 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, supporting the market during the forecast period.
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The market is anticipated to offer remunerative prospects for the stakeholders in the coming years.
The leading players, such as likely acquire a substantial market share.
-Microsoft Gulf FZ LLC
-Tencent Games
-Meta Platforms, Inc.
-NexTech AR Solutions Corp.
-Nvidia Corporation
-Queppelin
-The Sandbox
-ByteDance
-Zero Latency
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UAE Metaverse Market Categorization
As per the report, the UAE Metaverse market is highly robust and diversified. The report analyses the information obtained after studying market penetration, focusing on individual elements and segments of the market. Under Market Segmentation, the report classifies the market based on numerous segments, such as,
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.)
Geographical Landscape
On the geographical front, the market expands across:
By region
-Dubai
-Abu Dhabi & Al Ain
-Sharjah & Northern Emirates
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