UAE market is constantly getting accelerated with the introduction and use of Augmented Reality (AR) and Virtual Reality (VR). The rise in the entertainment industry and a strong enhancement in the use of smart phones apart from online gaming are few of the prime factors that are profoundly contributing in the growth of UAE’s AR and VR market.
The use of Augmented Reality has majorly accounted for deriving maximum revenue in the overall UAE’s AR and VR market and it is expected to perform even better during the overall forecasted period as well. The AR app development and VR games development are generating higher revenues of the Augmented Reality segment in the UAE.
UAE’s AR and VR market size is expected to grow at a compound annual growth rate of not less than 55 percent during 2017 to 2023. During 2015 to 2016, the AR and VR market experienced an exponential growth of over 112 percent owing to introduction of advanced smart phones apart from the fall in prices of augmented reality and virtual reality headsets.
It is anticipated that the AR and VR market will experience a compound annual growth rate beyond the expected percentage i.e. 55 percent from 2017 to 2023. This expected rise in the CAGR is on account of the enhanced usage of Augmented Reality and Virtual Reality headsets in the sectors like construction, hospitality, and media. Also, the AR and VR market is welcomed with open hands in the advertisement sector as well.
Almost every sector in the UAE is currently using Augmented Reality and Virtual Reality owing to its competent benefits and real-time results. Recently, it is observed that a majority of educational institutions in the UAE are also adapting to the use of Augmented Reality and Virtual Reality for providing a seamless experience to students in taking up distant sessions and courses at the comfort of their homes using a smart phone or a desktop/laptop. Students can receive real-time updates and take live classes anytime and anywhere. The failure to attend a class will allow the students to view the recorded video classes on their mobile apps as and whenever they feel like. Students can download the videos and live record classes by using a screen recorder on their apps and stay updated with every bit of the education related information and that too as per their own convenience. Even teachers find it easier now to impart wisdom and knowledge by teaching from anywhere they want. The use of AR and VR is purely a revolution for the UAE’s educational sector.
Online gaming is also trending a lot since last few years. Playing games online now gives users a real experience owing to the introduction of Augmented Reality and Virtual Reality in the online gaming sector. The entertainment apps currently acquire the highest revenue share of the UAE’s market. The automotive and commercial apps are forecasted to grow at a higher compound annual growth rate during 2017 to 2023.
When it comes to market revenues, the UAE’s Northern Region holds majority of the Augmented Reality and Virtual Reality’s market share. It is expected for the UAE’s Northern Region to maintain its profound dominance during 2017 to 2023 as well.
The AR and VR market of the UAE covers the Augmented Reality and Virtual Reality market not just by type but by regions and verticals as well. The UAE’s AR and VR market report offers an unbiased analysis and that too in detail of the UAE’s AR and VR ongoing market trends, market drivers, and growth areas which can be of great help for the stakeholders in aligning the market strategies based on the current and upcoming market dynamics.