Middle East and Africa Virtual Reality Market, By Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors and Display Walls, and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive, and Semi Immersive), Vertical (Entertainment and Media, Healthcare, Industrial, Commercial, Aerospace and Defense, Automotive, Education, and Others) – Industry Trends and Forecast to 2031.
Middle East and Africa Virtual Reality Market Market Analysis and Size
The virtual reality market offers immersive experiences across various sectors, enhancing education, training, and entertainment. Its benefits include improved learning retention, realistic simulations for skill development, and innovative gaming experiences. In healthcare, VR aids therapy and surgical training. In architecture, it facilitates design visualization. Overall, VR revolutionizes engagement and interaction.
Data Bridge Market Research analyses that the Middle East and Africa virtual reality market size was valued at USD 3.78 billion in 2023, is projected to reach USD 68.72 billion by 2031, with a CAGR of 43.7% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors and Display Walls, and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive, and Semi Immersive), Vertical (Entertainment and Media, Healthcare, Industrial, Commercial, Aerospace and Defense, Automotive, Education, and Others)
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Countries Covered
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Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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Sony Corporation (Japan), Lenovo (China), Autodesk Inc. (U.S.), Nintendo (Japan), Sixense Enterprises Inc. (U.S.), HTC Corporation (Taiwan), Google (U.S.), Barco (Belgium), Microsoft (U.S.), LG Electronics (South Korea), Samsung (South Korea), Axis Communications AB (Sweden), Johnson Controls (Ireland), Avigilon Corporation (Canada), Panasonic Corporation (Japan), Arcules, Inc. (U.S.), EON Reality (U.S.), Vuzix (U.S.), CyberGlove Systems Inc. (U.S.), and Ultraleap, Inc. (U.S.)
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Market Opportunities
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Market Definition
Virtual reality (VR) is an immersive technology that simulates realistic experiences through computer-generated environments. Users typically interact with VR through specialized headsets that track head movements, creating a sense of presence in a virtual world. VR finds applications in gaming, education, training, therapy, and various industries for enhanced immersion.
Middle East and Africa Virtual Reality Market Dynamics
Drivers
- Rising Application in Enterprises
VR technology is gaining traction in enterprise applications such as training simulations, virtual meetings, product prototyping, and architectural visualization. Businesses see the potential for cost savings and efficiency gains through immersive experiences. VR enables realistic scenarios, fosters better collaboration, and streamlines design processes, driving its adoption across industries for enhanced training, communication, and prototyping solutions.
- Increased Adoption in Gaming
VR gaming has surged in popularity, driven by a growing number of developers crafting immersive experiences. The demand for top-tier gaming content propels the VR market forward, enticing players and creators. This trend reflects a burgeoning appetite for immersive, interactive gameplay, fueling innovation and investment in VR technology within the gaming industry.
For instance: Capcom launched Resident Evil 4 in VR for Oculus Quest 2 in October 2021. Developed in partnership with Oculus Studios and Armature Studio, it delivers a first-person VR perspective. It maximizes player immersion with comfort options for both standing and seated play, including teleportation and room-scale movement.
Opportunities
- Increasing Healthcare and Medical Training
VR technology is revolutionizing healthcare by offering immersive medical training, surgical simulations, therapy, and pain management solutions. Its capability to simulate realistic scenarios in a controlled environment drives its adoption in the healthcare sector. VR enables medical professionals to practice procedures, enhance skills, and improve patient care outcomes through safe and realistic experiences.
For instance: DPVR, headquartered in Shanghai, launched the DPVR 4G/5G in March 2022, enhancing its all-in-one VR headsets. This module facilitates mobile usage and remote work integration in various sectors such as training, healthcare, and education. It offers versatile connectivity options with global support for 2G/3G/4G and 5G bands.
- Integration with Augmented Reality (AR) and Mixed Reality (MR)
The fusion of virtual reality (VR) with augmented reality (AR) and mixed reality (MR) technologies is revolutionizing immersive experiences. This integration unlocks synergies, offering new opportunities across industries. From enhanced training simulations to interactive consumer experiences, the convergence of VR, AR, and MR is reshaping how we interact with digital content, blurring the lines between the physical and virtual worlds.
Restraints/Challenges
- High Cost of VR Devices
The high cost of VR devices presents a significant barrier to widespread adoption, limiting access for a large population segment. This financial constraint hampers market growth as it inhibits mass consumer participation. Affordability remains critical in expanding VR's reach and unlocking its potential across various industries, from gaming to education and beyond, necessitating efforts to reduce price barriers.
- Privacy and Security Concerns
Privacy and security concerns in VR, particularly regarding collecting sensitive biometric and behavioral data, pose significant barriers to market growth. Fear of data breaches and misuse of personal information deters potential users, undermining trust in VR platforms. Without robust measures to address these concerns, the market may struggle to attract and retain users, impeding its broader adoption and potential for success.
This virtual reality market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the virtual reality market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In March 2022, Liquid Avtar Technologies Inc. debuted a loyalty program and payment card tailored for the metaverse, leveraging OptimizeFT's Engage360 platform. This initiative aims to bolster financial transactions and foster user engagement within the growing virtual reality (VR) market, reflecting the increasing integration of VR technologies into everyday consumer experiences
- In April 2021, Microsoft secured a USD 21.88 billion contract with the U.S. military, focusing on augmented reality (AR) headgear for soldiers. This HoloLens initiative underscores Microsoft's strides in the AR domain, expanding its product portfolio and advancing AR applications in both military and commercial sectors, thus contributing to the growth of the virtual reality market
- In June 2020, Lenovo launched the Mirage VR S3 Standalone Headset at the VR/AR Global Summit Online Conference, offering enhanced visuals and hands-free control. This product debut reflects Lenovo's commitment to innovation within the virtual reality market, addressing consumer demand for immersive experiences and contributing to the industry's technological advancement
- In June 2020, Meta acquired Ready at Dawn, a VR-based video game developer aiming to create immersive experiences for Oculus Studios. This strategic move underscores Meta's dedication to enriching the virtual reality market with compelling content and highlights the growing importance of VR in gaming and entertainment industries
- In May 2020, Apple Inc. acquired NextVR Inc., enhancing its VR capabilities for entertainment and sports content. This acquisition underscores Apple's commitment to exploring new avenues within the virtual reality market and underscores the industry's evolution toward delivering immersive experiences across diverse sectors, from gaming to live events and beyond
Middle East and Africa Virtual Reality Market Scope
The virtual reality market is segmented on the basis of component, device type, technology, and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Software
Device Type
- Head-Mounted Displays
- Tethered HMD
- Standalone HMD
- Screenless Viewer
- Projectors and Display Walls
- Gesture-Tracking Devices
Technology
- Fully Immersive
- Non-Immersive
- Semi Immersive
Vertical
- Entertainment and Media
- Healthcare
- Industrial
- Commercial
- Aerospace and Defense
- Automotive
- Education
- Others
Middle East and Africa Virtual Reality Market Regional Analysis/Insights
The virtual reality market is analyzed and market size insights and trends are provided by country, component, device type, technology, and vertical as referenced above.
The countries covered in the virtual reality market report are Saudi Arabia, U.A.E, South Africa, Egypt, Israel, the Rest of Middle East and Africa.
Israel is expected to dominate the market, driven by its dynamic digital workplace and mobile workforce. Anticipated to achieve rapid growth, Israel's dominance stems from its innovative approaches, fostering immersive experiences and transforming various sectors with cutting-edge virtual reality technologies.
Saudi Arabia has been the fastest-growing virtual reality market, showcasing remarkable responsiveness to technological advancements. Embracing mobile devices, cloud computing, and IoT, enterprises drive market growth. This proactive approach fosters innovation, integrating VR into various sectors, fueling economic development, and enhancing user experiences across industries.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Middle East and Africa Virtual Reality Market Share Analysis
The global virtual reality market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the virtual reality market are:
- Sony Corporation (Japan)
- Lenovo (China)
- Autodesk Inc. (U.S.)
- Nintendo (Japan)
- Sixense Enterprises Inc. (U.S.)
- HTC Corporation (Taiwan)
- Google (U.S.)
- Barco (Belgium)
- Microsoft (U.S.)
- LG Electronics (South Korea)
- Samsung (South Korea)
- Axis Communications AB (Sweden)
- Johnson Controls (Ireland)
- Avigilon Corporation (Canada)
- Panasonic Corporation (Japan)
- Arcules, Inc. (U.S.)
- EON Reality (U.S.)
- Vuzix (U.S.)
- CyberGlove Systems Inc. (U.S.)
- Ultraleap, Inc. (U.S.)
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