Saudi Arabia AR and VR Market Size to Zoom at High CAGR of 24.8% during 2018–2028
Saudi Arabia AR and VR Market is flourishing owing to an increased demand for AR in the architecture sector, opportunities in enterprise applications, and rapid growth in the country’s healthcare, hospitality, manufacturing, and tourism industries.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of Saudi Arabia AR and VR market size to grow at an impressive CAGR of 24.8% during the forecast period between 2022 and 2028. The entertainment and media sector is expected to fuel the demand for augmented reality (AR) and virtual reality (VR) during the period of analysis. In the coming years, Saudi Arabia AR and VR market growth is expected to be driven by the aerospace and defense sector. The healthcare market's numerous AR and VR applications will improve the sector's growth prospects in the years to come. During the forecast period, the market growth is also expected to be fueled by the emergence of AR and VR marketing. The manufacturing industry is also to be a major driver of market demand during the forecast period. In the coming years, the increasing demand for AR and VR applications from the education sector will also boost the expansion of Saudi Arabia AR and VR market.
Saudi Arabia AR and VR Market – Overview
The way entertainment is provided has changed dramatically. Consumption patterns are no longer similar to those of the past. AR can track the speed and position of the balls in real-time, as well as the weather forecast, background of the players, and other factors. The audience will feel as if they are watching the game from the comfort of their own homes. Live music concerts can be streamed and viewed remotely using AR and VR-enabled apps. 3D models, videos, and images can be used instead of print advertising. AR billboards will provide consumers with a truly immersive experience simply by scanning their phones. With constant web connectivity, content can be tailored to the preferences of viewers. This is expected to accelerate the growth of Saudi Arabia market for AR and VR during the ensuing years.
Students will experience a fun, engaging, and interactive VR simulation of a particular topic. Extended sound, imagery, and texts will be used to enhance existing realities. With the aid of virtual tours of historic landmarks and archeological sites, teachers will be able to controllably explain complex subjects in the classroom. These will leave a lasting impression on the minds of the students. Everything will be experienced firsthand by students in the convenience of their homes or classrooms. VR is widely used for a variety of other applications aside from education and training. For example, in the automobile industry, the VR technology allows engineers to experiment with a vehicle's design and construction at the concept stage before embarking on costly prototypes. VR exposure therapy is also used to treat people suffering from mental illnesses. Furthermore, tourism operators use VR technology to allow potential clients or customers to take virtual tours of monuments, iconic destinations, restaurants, and hotels. All these factors are expected to boost the growth of Saudi Arabia AR and VR market in the coming years.
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Saudi Arabia AR and VR Market – Technology Advancements
AR and VR are increasing the level of interaction between digital content and its viewers. Digital connections have taken precedence in personal, professional, and entertainment arenas as a result of COVID-19 pandemic. For example, VR allows fans to watch live sports events in a 360-degree format, providing an enriching experience from the comfort of their own homes. AR will provide experts and fans with real-time information, such as weather conditions, ball speed and trajectory, player track record, and other data. The same can be said for musical performances, theatre experiences, concerts, and amusement parks. This is expected to propel the growth of Saudi Arabia AR and VR market in the coming years.
Saudi Arabia AR and VR Market – Segmental Information
Saudi Arabia AR and VR market has Head Mounted Displays, Handheld Applications, Smart Glass, Head-up Displays, and AR Software segments based on the product. The market is divided into three categories based on the organization type: small, medium-sized, and large enterprises. The market is segmented into Hardware, Software, and Services; into Enterprise and Consumer; and into Retail, Healthcare, Hospitality, Aerospace & Defense, Automotive, Architecture, and Others based on end user. During the forecast period, the healthcare segment is expected to hold a significant market share in Saudi Arabia AR and VR market.
Impact of COVID-19 on Saudi Arabia AR and VR Market
During the COVID-19 outbreak, several industries were temporarily shut down, and lockdowns were implemented to stop the virus's spread, impacting business operations nationwide. The demand for AR and VR grew as businesses increasingly need to conduct their operations online. Businesses now use virtual platforms to carry out ongoing operations, such as attending meetings and creating policies and strategies. Further developing as promising tools for virtual events, AR and VR technology event organizers give attendees interesting and varied experiences by hosting the event on a virtual platform and presenting it as a VR experience. Saudi Arabia AR and VR market is forecast to grow as due to the increasing popularity of virtual events.
Prominent players in Saudi Arabia AR and VR market include Cubix, TechGropse Pvt. Ltd., Midwam, Scope Technologies Co, CodesOrbit PVT LTD, Golden Logic Company, EON Reality, iSpectra, Visual Experience, Dolf Technologies, and Miraj Media. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Saudi Arabia AR and VR market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia AR and VR market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia AR and VR 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.
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