At 21.8% CAGR, Middle East & Africa Immersive Entertainment Market is Projected to be Worth US$ 25,596.17 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa immersive entertainment market was valued at US$ 5,277.20 million in 2023 and is anticipated to reach US$ 25,596.17 million by 2031, registering a CAGR of 21.8% from 2023 to 2031. Widespread application of immersive technologies across entertainment industry and advancements in entertainment industry are among the critical factors attributed to drive the Middle East & Africa immersive entertainment market growth.

Immersive technologies, from virtual reality (VR) and augmented reality (AR) to mixed reality (MR) and extended reality (XR), offer new possibilities for the entertainment industry. The entertainment industry has seen a rise in the usage of immersive technology, which allows users to fully immerse themselves in virtual environments or engage in novel and fascinating interactions with fictitious characters and tales. In past years, VR systems were bulky and expensive, making them inaccessible to most consumers. Nonetheless, customers have been interested in immersive technology in recent years as VR headsets have become widely available and reasonably priced. People can now explore new worlds and play immersive video games in their living rooms. Companies such as Oculus, HTC Corporation, and Sony have provided VR experiences.

AR and VR continuously produce innovative and groundbreaking solutions for the entertainment industry. Companies in this sector are increasingly coming up with new ideas to make engaging virtual environments to provide an exciting way of entertainment that is engaging enough for audiences. In December 2023, Sony Pictures announced the launch of an immersive indoor entertainment park at Oakbrook Center in Chicago featuring escape rooms, racing simulators, interactive exhibits, VR attractions, bumper cars, and food and drink. The entertainment destination will occupy a 45,000 sq ft retail space. Immersive experiences will be based on hits such as Jumanji, Zombieland, and Ghostbusters, from the studio's movie, TV, and video game franchises. Thus, the widespread application of immersive technologies across the entertainment industry drives the immersive entertainment market growth.

On the flip side, high cost associated with immersive entertainment solutions hampers the growth of Middle East & Africa immersive entertainment market.

Based on component, the Middle East & Africa immersive entertainment market is bifurcated into hardware and software & services. The hardware segment held 78.6% market share in 2023, amassing US$ 4,146.75 million. It is projected to garner US$ 20,449.41 million by 2031 to register 22.1% CAGR during 2023-2031.

By technology, the Middle East & Africa immersive entertainment market is categorized into virtual reality (VR), augmented reality (AR), mixed reality (MR), and others. The virtual reality (VR) segment held 49.2% share of Middle East & Africa immersive entertainment market in 2023, amassing US$ 2,594.64 million. It is projected to garner US$ 12,369.09 million by 2031 to expand at 21.6% CAGR from 2023 to 2031.

In terms of end user, the Middle East & Africa immersive entertainment market is categorized into media & entertainment, gaming, design & architecture, retail, education, and others. The gaming segment held 29.8% share of Middle East & Africa immersive entertainment market in 2023, amassing US$ 1,573.85 million. It is predicted to garner US$ 8,732.46 million by 2031 to expand at 23.9% CAGR between 2023 and 2031.

Based on country, the Middle East & Africa immersive entertainment market is categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 43.6% share of Middle East & Africa immersive entertainment market in 2023. It was assessed at US$ 2,299.02 million in 2023 and is likely to hit US$ 11,768.71 million by 2031, registering a CAGR of 22.6% during 2023-2031.

Key players operating in the Middle East & Africa immersive entertainment market are Microsoft Corp, Qualcomm Inc, Google LLC, Sony Group Corp, Infosys Ltd, HTC Corp, Samsung Electronics Co Ltd, Apple Inc, and Salesforce Inc, among others.

- In January 2022, Fantasy 360 Technologies Inc. d/b/a Immersive Tech, announced a long-term development agreement with HTC Corporation, a leading provider of virtual reality (VR) technologies, and its VIVE VR headset division, to assist with the further development of Immersive Tech's own hyper-immersive VR technologies.

- In June 2023, Samsung announced a 98-inch QLED TV that might be an exception with major implications for home theater. The 98-inch Samsung QLED 4K TV (98Q80C), a late addition to Samsung's 2023 TV lineup, costs US$7,999 and is available starting in early July. While last year's Samsung QN100B 98-inch Neo QLED TV launched as an extension of the premium QN90B, this new big-screen model expands the more modest Q80C's size options.



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