United Arab Emirates Metaverse Market Intelligence and Future Growth Dynamics Databook – 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend - Q1 2023

Report Description

According to TechInsight360, Metaverse industry in United Arab Emirates is expected to grow by 35.2% on an annual basis to reach US$3,874.8 million in 2023.

The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 30.0% during 2023-2030. The Metaverse Spend Value in the country will increase from US$2,866.0 million in 2022 to reach US$12,931.0 million by 2030.

Metaverse has gained increasing momentum over the last few quarters in the United Arab Emirates. From government agencies to leading property developers and innovative tech startups, investment in the space has surged in 2022, as the country aims to become the global metaverse hub over the next three to four years.
As part of the Dubai Metaverse strategy, announced on September 28, Dubai aims to double the number of blockchain firms in the city, while creating 40,000 jobs in the sector. Furthermore, Dubai aims to boost the contribution of the metaverse to the economy to US$4 billion by 2030. The global metaverse-focused firms planning to enter the Emirati metaverse market are expected to give a further boost to the ambitious metaverse strategy announced by Dubai.

Government entities are making move into the world of a metaverse in the United Arab Emirates

With the aim to draw innovation and attract global players to the domestic metaverse sector, the Emirati government has increased its investment in the space to support and fund the development of innovative projects. For instance,
• In September 2022, the Ministry of Economy announced the launch of a virtual headquarter in the metaverse. The headquarter is a multi-story building, each of which serves a different purpose. Visitors will be able to sign legally binding documents in the virtual headquarter, while also attending conferences and other events.
• In October 2022, the government of the Emirate of Sharjah also announced its foray into the metaverse through the launch of a virtual transaction center. The digital platform will connect users with customer service agents in the metaverse. Furthermore, the metaverse also features audio and video information-sharing capabilities, where visitors will access information about government services.

Similar trends are emerging in the other gulf states as well, wherein government entities are seeking to boost their presence in the metaverse and conducting governance activities in the virtual world.

Metaverse hospital becomes a reality in the United Arab Emirates

In line with the vision of the government to make the Emirates a global leader in the metaverse industry, businesses across industry verticals, including hospitals, are foraying into the virtual world. For instance,
• In October 2022, the Emirates became the first country around the world to launch a metaverse hospital when Thumbay Group announced its plans to launch a healthcare facility in the metaverse. According to the firm, the metaverse hospital allows people to visit the facility as an avatar, take a tour, and even consult the doctor, as they would normally do.
• In October 2022, Medcare Hospitals & Medical Centers also announced the launch of a metaverse hospital in the United Arab Emirates. To launch the metaverse hospital and offer patients an immersive healthcare experience, the firm entered into a strategic partnership with BIOMETAVERSE.
In the long term, TechInsight360 expects metaverse hospitals to replace traditional telemedicine services, as metaverse offers patients the ability to receive a more tangible and collaborative service.

Tech startups are raising funding rounds to launch innovative metaverse projects in the Emirates

Amid the growing metaverse ecosystem in the Middle Eastern market, tech startups are also attracting venture capital dollars to further accelerate the development of their projects. For instance,
• In November 2022, Rekt Studios, a Dubai-based technology startup, announced that the firm had raised US$1.5 million in a funding round, which was led by Cypher Capital. The startup is working on the development of a gaming metaverse, Unseen, and plans to launch it in the United Arab Emirates market. While part of the funding will go towards the development of the gaming metaverse, part of it will be used for funding expansion and marketing initiatives. The metaverse project will allow producers to create experiences, games, digital assets, and buildings, among others.
• In September 2022, MetaFi, another metaverse-focused startup in the Emirates, announced that the firm had raised US$3 million in a funding round. The startup offers a full suite of services related to DeFi and NFT across the metaverse. The firm is planning to use the funding to build Trading Metaverse, a social trading experience that will be governed by its users.
From the short to medium-term perspective, TechInsight360 expects more metaverse startups to enter the market with their innovative projects and platform launches, which will subsequently support the growth of the metaverse ecosystem in the region over the next three to four years.

This report provides a comprehensive view of the size, and dynamics of the metaverse industry in United Arab Emirates along with market trends covering over 100 KPIs. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.

• Business spend: Market estimates and forecasts to assess opportunities by business spend on metaverse by sector, application / use cases, technology, and platform.

• Consumer spend: Breaks down consumer spend on metaverse by key component segments such as append on e-commerce, NFT purchase, by devices, and hardware devices to provide detailed assessment across the metaverse industry.

• NFT industry segments: Provides value, volume, and average value per transaction across 7 key assets in the NFT market. This includes collectibles and art, real estate, sports, utility, gaming, fashion and luxury, and others.

Scope

This report provides a detailed data-driven analysis of metaverse industry, covering a range of segments and highlighting growth areas across verticals. With over 100 KPIs at the country level, this report provides a comprehensive understanding of metaverse market dynamics. In addition, it provides a comprehensive understanding of NFT market dynamics and future forecasts.

United Arab Emirates Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
• Total Spend Value Trend Analysis
• Business Spend Value Trend Analysis
• Consumer Spend Value Trend Analysis

United Arab Emirates Metaverse – Business Spend by Sector Value Trend Analysis, 2021–2030
• Retail Industry
• Technology & Telecommunications Industry
• Financial Services Industry
• Manufacturing Industry
• Travel and Hospitality Industry
• Media & Entertainment Industry
• Training & Education Industry
• Real Estate Industry
• Health & Wellness Industry
• Other

United Arab Emirates Business Spend on Metaverse by Use Case / Application, 2021–2030
• Retail (Marketing & Advertising, Commerce, Operations & Training)
• Technology & Telecommunications (Marketing & Advertising, Commerce, Operations & Training)
• Financial Services (Marketing & Advertising, Commerce, Operations & Training)
• Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
• Travel and Hospitality (Marketing & Advertising, Commerce, Operations & Training)
• Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
• Training & Education (Marketing & Advertising, Commerce, Operations & Training)
• Real Estate (Marketing & Advertising, Commerce, Operations & Training)
• Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
• Other (Marketing & Advertising, Commerce, Operations & Training)

United Arab Emirates NFT Spend by Sector Value Trend Analysis, 2021–2030
• Retail Industry
• Technology & Telecommunications Industry
• Financial Services Industry
• Manufacturing Industry
• Travel and Hospitality Industry
• Media & Entertainment Industry
• Training & Education Industry
• Real Estate Industry
• Health & Wellness Industry
• Other Industry

United Arab Emirates Business Spend on Metaverse by Technology
• By Technology
• Retail Industry
• Technology & Telecommunications
• Financial Services
• Manufacturing Industry
• Travel and Hospitality
• Media & Entertainment
• Training & Education
• Real Estate
• Health & Wellness
• Other
United Arab Emirates Spend on Metaverse by Platform
• Desktop
• Mobile
• Headset

United Arab Emirates Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021–2030
• Retail Shopping
• Travel and Hospitality
• Online Food Service
• Media & Entertainment
• Health & Wellness
• Technology Products & Services
• Other Industries

United Arab Emirates NFT Market Size and Future Growth Dynamics by Key Performance Indicators
• NFT –Total Sales Spend Value Trend Analysis, 2021-2030
• NFT – Total Sales Spend Volume Trend Analysis, 2021-2030
• NFT – Average Value Per Transaction Trend Analysis, 2021-2030

United Arab Emirates NFT Market Size and Forecast by Key Assets, 2021-2030

• NFT Collectibles and Art Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Real Estate Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Sports Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Gaming Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Utility Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Fashion and Luxury Trend Analysis, 2021-2030
– Spend Value Trend Analysis
– Spend Volume Trend Analysis
– Average Value Per Transaction

• Other Assets Trend Analysis, 2021-2030
– Spend Value Trend Analysis
– Spend Volume Trend Analysis
– Average Value Per Transaction

United Arab Emirates Consumer Spend on Metaverse by Device, 2021–2030
– Desktop
– Mobile
– Digital Gadgets

United Arab Emirates Consumer Spend on Metaverse by Hardware Devices, 2021–2030
– AR (Augmented Reality)
– VR (Virtual Reality)
– MR (Mixed Reality)

Reasons to buy

• In-depth Understanding of Metaverse Market Dynamics: Understand market opportunities and key trends along with forecast (2021-2030). Understand market dynamics through essential KPIs such as business and consumer spend.

• Vertical Insights and Use Cases: Get market dynamics through business spend by sector across the retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness.

• Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate a strategy; assess market-specific key trends, drivers, and risks in the metaverse and NFT market to help stakeholders build profitable strategies.

• Get Insights into NFT Market Size and Forecast by Key Assets: Collectibles and art, real estate, gaming, sports, utility, fashion & others.

• Consumer Spend on Metaverse: Get a market evaluation based on in-depth information obtained from metaverse spend on e-commerce, NFT purchase, and device & hardware devices.