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According to the Quadintel Market Research, This “ UAE Metaverse Market “  trends and growth projections from 2023 to 2031, this report offers valuable information for businesses looking to plan their strategies accordingly. Whether you’re interested in exploring the latest trends in Type, Application, or Region, this report has everything you need to stay ahead of the curve. Don’t miss out on this opportunity to gain a competitive edge in the Market.

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• This report provides a comprehensive analysis of the impact of COVID-19 on the manufacturing industry’s supply chain, market trends, and future growth.
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• Ultimately, this report offers a holistic view of how COVID-19 has affected the manufacturing industry and what the future may hold for the sector.

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Market Definition

The metaverse is a three-dimensional environment in which users can interact with virtual objects and each other in a collective virtual shared space that was created by merging physical and virtual reality. It includes systems technologies, platforms, and tools that make it possible to create, simulate, and integrate a fully immersive and interactive virtual world.

Although the metaverse concept is still in its infancy, it has significant ramifications for a wide range of sectors and the potential to alter the ways in which we live, work, and interact with one another.

Insights into the Market During the Forecast Period (from 2023 to 28), the UAE Metaverse Market is anticipated to expand at a CAGR of approximately 28%. The UAE, which has the highest number of adult gamers in the world, has a vibrant gaming culture, which helps the market grow.

A large and growing number of people are interested in immersive, interactive experiences that let them interact with others and discover new virtual worlds. New technologies and platforms that support the metaverse ecosystem have emerged as a result of the country’s expanding gaming industry.

In addition, the Abu Dhabi government launched the AD Gaming platform in 2022 with the goal of making the emirate a global center for gaming and e-sports. In a similar vein, in 2022, the government of Dubai organized the Dubai E-sports Festival, which brought together gamers, professionals in the industry, and fans to celebrate the most recent gaming trends and advancements.

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Due to these technologies, such as immersive audio, virtual and augmented reality, and social interaction platforms, the popularity of e-sports is expected to rise over the forecast period. In addition, the COVID-19 pandemic made it necessary for people to stay at home and limit their physical interactions, accelerating the shift toward virtual experiences and driving up demand for virtual platforms. Additionally, the United Arab Emirates has a large and expanding population of young people who are tech-savvy and eager to investigate new technologies.

Additionally, the nation’s regulatory environment is favorable to startups and newly developed technologies, making it possible for metaverse-related startups to create novel platforms and technologies. The strong digital infrastructure of the nation and the government’s interest in virtual ecosystems would therefore contribute to the market’s expansion.

Key driver:

Market Dynamics The UAE’s vision of becoming a global hub for the metaverse community and one of the world’s top metaverse economies contribute to the market’s growth. Government strategy to make UAE a global hub for the metaverse. Dubai 10X 2.0, which was launched at the World Government Summit 2018 and supports and funds innovative businesses and startups, enables them to create new metaverse-based solutions and services.

The national Artificial Intelligence (AI) program BRAIN (Building a Responsive Artificial Intelligence Nation) was launched at the end of 2017, highlighting advancements in AI and robotics. This has also helped sales grow significantly from 2018 to 22.

Because they provide the technological infrastructure for the creation and simulation of virtual environments, artificial intelligence and robotics are closely related to the metaverse. In addition, the country’s market has grown as a result of the support for artificial intelligence and robotics provided by the government. These skilled professionals and business owners have moved to the country. In addition, the UAE’s National Artificial Intelligence Strategy 2031 supports the market throughout the forecast period by positioning the UAE as a global leader in artificial intelligence by 2031.

Possible Limitation:

Challenges Presented by Cybersecurity Threats These include but are not limited to phishing, malware, viruses, virtual asset theft, distributed denial of service (DDoS) attacks, and others. in a virtual ecosystem, are significantly high. Malware and viruses can be used to gain unauthorized access to a user’s device, steal sensitive information, or disrupt the user experience in the technological universe.

Similarly, distributed denial of service (DDoS) attacks can flood a metaverse platform with traffic, causing it to crash, slow down, or even become inaccessible to users. Users may lose confidence as a result of these threats and attacks, which could ultimately hinder the company’s reputation and market expansion.

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Growth Possibility:

Dubai’s Metaverse Strategy aims to attract more than 1,000 blockchain and metaverse-related businesses and generate more than 40,000 virtual jobs by 2030. Dubai’s Metaverse Strategy was launched in 2022. The government would support the metaverse community’s developers, content creators, and digital platform users in accordance with this policy. As a result, this strategy would foster innovation and investment, opening up new opportunities for market players to expand and grow in the country over the forecast period.

Main Trend:

The use of non-fungible tokens (NFTs) is a relatively new trend in the metaverse, but as investors and developers have recognized the potential for monetization through them, they are gaining momentum. Due to an increase in their buying, selling, and creating of NFTs, the UAE is becoming a global hub in the field. They are increasingly being used to establish ownership, make money from digital creations, and make it possible for the technological ecosystem to communicate with one another.

Moreover, the year 2022 has seen the rise of a few NFT commercial centers in the country because of the entry of new companies, digital money trades, and so on. As a result, this market is currently experiencing significant investment growth, which is anticipated to continue as their use in applications such as unique virtual assets and virtual real estate grows.

Segmentation of the Market by Component:

Hardware Displays Extended Reality (XR) Hardware Software Asset Creation Tool Programming Engines Other (Virtual Platforms, Avatar Development) Services Among these, Extended Reality Hardware has shown significant growth over time due to its significant use in business applications, education and training, and gaming and entertainment. Virtual reality (VR), augmented reality (AR), and mixed reality (MR) devices have sold well due to the country’s established gaming industry.

In addition, the country’s businesses have adopted virtual reality and augmented reality technology for a variety of purposes, including virtual training, product demonstrations, and marketing, which has aided in the country’s device sales. The government of the United Arab Emirates is actively investing in AR and VR technology, particularly in retail, education, and healthcare. During the forecast period, this would result in an increase in demand for these devices from these industries.

Utilizing Technology:

Blockchain Technology: Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) Blockchain Technology: Of all three, Blockchain technology has shown significant growth thanks to support from a variety of government strategies, such as the Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy, among others. As a result, Dubai saw a 24% increase in the use of blockchain compared to the global average of 19% in 2021, when it became home to more than 100 blockchain businesses.

In addition, the Dubai Future Foundation’s 2017 establishment of the Global Blockchain Council, which encouraged transactions through this platform, has contributed significantly to the country’s increased adoption of this technology.

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The UAE Metaverse Market’s Legal Framework In 2022, the Emirate of Dubai passed Law No. 4, in which the Virtual Assets Regulatory Authority (VARA) was established. The virtual assets industry in Dubai is overseen and regulated by VARA, which does not include the Dubai International Financial Centre (DIFC) but does include special development zones and free zones.

The Virtual Assets and Related Activities Regulations 2023 (the “Regulations”) were also published by the Virtual Assets Regulatory Authority (VARA) in 2023. These are applicable to all service providers for virtual assets. The virtual asset sector’s market expansion and investor confidence are the goals of the new regulations. Some of the new rules are as follows:

Seven authorized virtual resource exercises are covered under the Guidelines delivered by the Virtual Resources Administrative Power (VARA). These exercises incorporate warning administrations, intermediary vendor administrations, care administrations, trade administrations, loaning and getting administrations, installments and settlement administrations, as well as virtual resources the board and speculation administrations.

All Virtual Asset Service Providers (VASPs) in Dubai must comply with a number of requirements in order to obtain a license from the Virtual Assets Regulatory Authority (VARA) in accordance with the new regulations.

In addition, new regulations prohibit the creation of anonymity-enhanced cryptocurrencies and any virtual asset-related activities in Dubai.

Recent Changes on the World Market in 2022: The Sandbox during the 62nd release of the ‘Genuine Worldwide Endeavors Meeting’ reported to foster Metaverse City in Dubai named ‘Dubaiverse’. Dubaiverse would be built through local partnerships between businesses in a variety of fields, including film, music, entertainment, acting, finance, real estate, and gaming.

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>>Looking ahead to 2023, there are several key trends and issues that are likely to have a significant impact on the global market.

• First and foremost, the ongoing conflict between Russia and Ukraine is a major geopolitical concern that is likely to continue to affect international relations and global markets.
• As the world continues to reopen in the wake of the COVID-19 pandemic, there will likely be opportunities for businesses to capitalize on pent-up demand and shifting consumer preferences.
• Trade tensions between nations remain a concern, with some predicting that they could escalate to an unprecedented scale.
• In terms of market share, the top competitors globally will continue to dominate their respective industries, with their market share percentages reflecting their level of success.
• Geographically, businesses will need to consider their presence in different markets, taking into account factors such as the strength of their position (whether it is strong, active, niche, or trivial), as well as the overall economic health of those markets.
• To outperform in the market, businesses will need to carefully consider their strategy and take proactive steps to stay ahead of the competition. This may involve investing in new technologies, developing innovative products or services, and expanding into new markets. Additionally, businesses should keep a close eye on economic trends and indicators, adjusting their strategies as necessary to ensure continued success.

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By purchasing this research report, you can gain valuable insights into the industry or market of interest, which can help you make informed decisions. The report provides a detailed analysis of the market size, growth potential, and key trends, which can be useful for investors looking to identify investment opportunities and evaluate risk.

Additionally, the report provides a comprehensive overview of the key players in the market, including their strengths and weaknesses, market share, and product offerings. This competitive intelligence can help businesses develop effective strategies and stay ahead of their competitors.

Moreover, the report includes information on regulatory policies and requirements that affect the industry or market. This can be valuable information for businesses seeking to comply with regulations and avoid potential legal issues. Overall, this report can serve as a valuable resource for businesses and investors looking to gain a deeper understanding of the industry or market and make informed decision

Highlight the Following Key Factors:

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• Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

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