Posted On: 2018-01-25
Burgeoning gaming industry, increasing penetration of online games, FDI in retail and commercial sectors along with surge in penetration of AR and VR technology in the automotive industry especially for research and development applications are few key factors which have fueled the growth of UAE augmented and virtual reality market. UAE market is projected to record sound growth over the next 10 years on the back of progressive acceptance of AR and VR technology in retail and commercial sectors.
According to 6Wresearch, UAE Augmented and Virtual Reality market is expected to grow at a CAGR of 55% during 2017-23. In UAE augmented and virtual reality market, head mounted display accounted for majority of the share on the back of growing demand in the gaming industry. UAE gaming industry registered around 16 times growth over the last 10 years and is expected to grow at a steady rate in future as well, resulting in inclined demand for head mounted displays during the forecast period.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Augmented reality segment captured major revenue share of the market; growing demand for augmented reality based mobile games & apps and declining prices of augmented reality systems posted healthy growth in augmented reality market in the country."
"Moreover, mobile augmented reality based apps are aiding enterprises to enhance their current procedures and to improve their customer interaction process resulting in further growth in demand for augmented reality market in UAE," Samuel further added.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "In UAE, the Northern region accounted for major share of the augmented and virtual reality market backed by rising infrastructural development projects, especially in the commercial and automotive industrial sectors."
"Further, entertainment application accounted for highest revenue share followed by commercial application and others. Over the next six years, automotive application is forecast to grow at a higher CAGR," Shefali concluded.
Some of the major companies in UAE augmented and virtual reality market include- Oculus VR, LLC (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Samsung Electronics Co., Ltd. (South Korea), EON Reality Inc. (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), and Sixense Entertainment, Inc. (U.S.).
"UAE Augmented and virtual reality Market (2017-2023)" provides in-depth analysis with 26 figures covered in more than 65 pages. The report estimates and forecast the overall UAE Augmented and virtual reality market revenues By Type, Regions and Applications. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles as well as market drivers and restraints.