GCC Augmented and Virtual Reality Industry Forecast: Key Players and Growth Analysis 2023-2028

GCC Augmented and Virtual Reality Market Projected to Expand at 39% CAGR Through 2028

The GCC Augmented and Virtual Reality market is projected to grow at a CAGR of around 39% during the forecast period, i.e., 2023-28. The market is presumed to enhance owing to the growing usage of Augmented Reality (AR) & Virtual Reality (VR) technologies across a variety of sectors, including healthcare, education, retail, and entertainment. After the impact of the COVID-19 pandemic, i.e., during 2021-2022, the adoption of these technologies grew as businesses & organizations explored novel ways to interact with clients & staff online.In general, technical developments, rising investments, and the rising demand for immersive & interactive experiences across various industries have been fueling the market's growth trajectory during the historical years.

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Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and M&A Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

GCC Augmented and Virtual Reality Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Technology

AR technology:
- Marker-based AR technology:
  - Active Marker
  - Passive Marker
- Marker-less AR technology
  - Model-base Tracking
  - Image processing-based Tracking
  - Anchor-based AR
- VR Technology
  - Non-immersive Technology
  - Semi-immersive and Fully-Immersive Technology

By Device Type

AR Devices
- Head Mounted Displays
  - AR Smart Glasses
  - Smart Helmets
- Head-Up Displays
VR Devices
- Head Mounted Displays
- Gesture Control Device
- Projector and Display Wall

Among them, the Head-up Display successfully captured a sizeable portion of the GCC Augmented and Virtual Reality market in recent years and it is anticipated that it would continue to dominate over the projected period. Due to their portability and ease of use, they are becoming more popular among the end-users, like the gaming & healthcare industry across the GCC. Also, owing to their better accessibility and cost, mobile-based head-up displays like Google Cardboard and Samsung Gear VR have gained widespread use across the region & are anticipated to grow in the forecasted years as well.

By Offering

Hardware
- Sensors
- Semiconductor Components
- Display and Projectors
- Position Trackers
- Cameras
- Others
Software
- Software Development Kits
- Cloud-based Services

By End User

E-Commerce & Retail
Industrial Manufacturing
Energy
Education
Automotive
Defence & Aerospace
Healthcare
Construction Industry
Agriculture
Gaming & Entertainment
Others

E-commerce & Retail have been one of the most emerging segments in the GCC Augmented and Virtual Reality market during the past few years & are anticipated to acquire a major share in the upcoming years. These technologies allow customers to have more immersive & interactive shopping experiences in the e-commerce sector by visualizing things in 3D & virtually trying them on before making a purchase. It helps in enhancing customer satisfaction & the number of returns has been observed to decrease after using virtual reality to try-on products before buying.

By Country

The UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
Oman.

Geographically, the UAE has witnessed considerable growth in the market during the past few years. It is mainly after the UAE government has been aggressively pushing the development & implementation of these technologies across multiple sectors after seeing the potential of AR & VR to spur economic growth & diversification.

These divisions help clarify demand patterns and expected shifts.

Market Driver

Wide Adoption of AR & VR in Gaming - In GCC, the adoption of augmented & virtual reality is rising significantly across the gaming industry as game creators are utilizing this technology to create immersive gaming experiences. In addition, the popularity of games like Fortnite & Pokemon Go across countries like the UAE, Qatar, etc., has increased public awareness of the potential applications & advantages of the technology in other fields, including tourism, healthcare, and education.

Furthermore, due to the popularity of these technology-based games, there is now a desire for similar experiences across other industries as well. Hence, to achieve sharper visuals, quicker processing, and more lifelike experiences, this technology experienced a significant demand in the gaming industry across the GCC region.

GCC Augmented and Virtual Reality Market Competitive Snapshot from 2023-2028

The report highlights established and emerging players in the global GCC Augmented and Virtual Reality Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

Sony Corporation
Lenovo
Autodesk Inc.
HTC Corporation
Google
Barco
HP Development Company L.P.
Microsoft
LG Electronics
Meta
Others.

Their activities include partnerships, product launches, and geographic expansions.

GCC Augmented and Virtual Reality Industry Opportunity

Growing Advancement in Construction Industry to Create the Demand - As the Gulf Cooperation Council (GCC) countries' economies depend heavily on the construction sector, the demand for innovative & cutting-edge technology that may boost building projects' productivity, efficiency, and safety is also advancing considerably. The potential of augmented reality & virtual reality technology to revolutionize the construction sector has garnered a lot of interest in recent years. The design, planning, building, and maintenance phases of a construction project have all been found to show benefits from the usage of these technologies as architects & engineers have been inclined towards AR technology to see & simulate building plans, allowing them to find & fix any design flaws before the construction even starts.

As an alternative, VR technology has been found to offer a virtual tour of the building site, enabling stakeholders to experience the project before it is created & make any necessary changes. Further, these technologies are also used for providing workers with virtual training & highlighting potential safety dangers on the construction site. Henceforth, with growing awareness regarding their use cases, along with rising demand for advanced technologies, the demand for these technologies is expected to soar across the construction sector in the forecasted years.

Frequently Asked Questions (FAQs):

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How is technology reshaping operations and offerings?
Which competitors dominate the landscape?
What risks could disrupt market expansion?
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