Saudi Arabia Metaverse Market
Saudi Arabia Metaverse Market Size Zooming about 15.5X to Cross USD 255 Billion by 2029
Published | 11 July 2023
Saudi Arabia metaverse market is gaining traction because of the increasing demand for metaverse applications and features in the entertainment and gaming industry and the rapid adoption of advancements in metaverse technologies.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia metaverse market size at USD 16.5 billion in 2022. During the forecast period between 2023 and 2029, the Saudi Arabia metaverse market size is projected to grow at an impressive CAGR of 48% reaching a value of USD 255.45 billion by 2029. The Government of Saudi Arabia’s growing focus on expanding IT infrastructure across the kingdom and increase its investments to diversify its economy is a significant growth driver for the Saudi Arabia metaverse market. During the forecast period, the market is also expected to benefit from lucrative growth possibilities provided by an increasing number of businesses and startups starting various metaverse projects in the Gulf nation.
Saudi Arabia Metaverse Market – Overview
According to McKinsey, metaverse is an evolving 3-D digital environment that enables realistic personal and professional encounters online by utilizing virtual reality, augmented reality, and other cutting-edge internet and semiconductor technology. Different types of technology, including cloud infrastructure, software tools, platforms, apps, user-generated content, and hardware, will power the metaverse. The metaverse will feature a variety of user experiences in addition to technical needs, including but not limited to entertainment, gaming, business, social interactions, education, and research.
Saudi Arabia Metaverse Market – By Technology
Based on technology, the Saudi Arabia metaverse market is segmented into blockchain, virtual reality (VR) and augmented reality (AR), mixed reality (MR), and others. The VR & AR technology segment holds the largest share of the Saudi Arabia metaverse market. Virtual reality (VR) is a network of related virtual worlds that allows avatar-based user interaction with digital content. With the help of augmented reality (AR), metaverse products will have immersive features like the ability to dress your avatar in a variety of clothing. To immerse its users in a different world, the Metaverse realm blends numerous components of AR and VR.
Impact of COVID-19 on the Saudi Arabia Metaverse Market
The unprecedented COVID-19 pandemic presented significant growth opportunities for the Saudi Arabia metaverse market. Although the market initially witnessed slow growth during the lockdown owing to the restrictions on the manufacturing operations and supply chains of the metaverse hardware components. However, the pandemic accelerated the adoption of the metaverse, especially in the BFSI sector and the gaming industry. The adoption of the metaverse across various domains, including education, healthcare, events, and others, allows users to have interactive sessions in the virtual world.
Major players operating in the Saudi Arabia metaverse market include Alibaba Group Holding Limited, ByteDance Ltd, Meta (Facebook, Inc.), Huawei Technologies Co. Ltd., Microsoft Corporation, Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, Sandbox VR, and Shenzhen Zqgame Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia Metaverse Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Metaverse Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Saudi Arabia Metaverse Market - By Component (Hardware, Software, Service); By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), Others); By Application (Digital Marketing, Content Creation & Social Media, Gaming, Events & Conferences, Online Shopping, Testing & Inspection, Others); By Industry Vertical (Retail, Media & Entertainment, BFSI, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: July 2023
Increasing demand in the entertainment and gaming industry and advancement in technology are expected to boost the growth of Saudi Arabia Metaverse market during the forecast period between 2023 and 2029.
Relevant Press Releases
- Global Artificial Intelligence Diagnostic Market All Set to Enjoy a Meteoric Rise: Projected to Reach USD 416,4.0 Million By 2027
- Robotics Market Exhibiting a Magnificent Growth Trend: Forecast to Grow at over 20% CAGR until 2028
- Global Smart Ticketing Market Getting on to the Magnanimous Mode at USD 15.0 billion in 2027
- Global Optical Coatings Market to Grow at a CAGR of 10.8% during Forecast Period
- India Cloud Storage Market Size Zooming at Robust CAGR of 38.25% During 2023–2029