VR Advertising - MENA

MENA

Highlights

In MENA, revenue in the VR Advertising market market is projected to reach US$5.7m in 2024.
It is expected that revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 1.53%, leading to a projected market volume of US$6.2m by 2029.
Furthermore, while the projected market volume in MENA is US$47.4m in 2024, it is noteworthy that the majority of revenue is generated the United States.
In MENA, the emerging VR advertising sector is increasingly harnessing local cultural narratives, creating immersive brand experiences that resonate deeply with regional audiences.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Advertising market in MENA is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the MENA region are increasingly favoring immersive and interactive experiences, which has led to a growing demand for VR Advertising.

Consumers are seeking more engaging and personalized content, and VR Advertising offers a unique opportunity for brands to connect with their target audience in a more immersive way. This shift in customer preferences is fueling the growth of the VR Advertising market in the region. Trends in the market also contribute to the development of the VR Advertising market in MENA.

One of the key trends is the increasing adoption of virtual reality technology across various industries. Companies are realizing the potential of VR Advertising to create impactful and memorable experiences for their customers. This has led to a rise in VR Advertising campaigns across sectors such as retail, entertainment, and tourism.

Additionally, advancements in VR technology, such as improved graphics and user interfaces, are making VR Advertising more accessible and appealing to both businesses and consumers. Local special circumstances in the MENA region further contribute to the growth of the VR Advertising market. The region has a large and youthful population that is highly tech-savvy and receptive to new technologies.

This demographic factor, coupled with the region's strong smartphone penetration and internet connectivity, creates a favorable environment for the adoption of VR Advertising. Furthermore, the MENA region is known for its vibrant and dynamic advertising industry, which is constantly seeking innovative ways to engage with consumers. VR Advertising provides a novel and exciting platform for advertisers to stand out and capture the attention of their target audience.

Underlying macroeconomic factors also play a role in the development of the VR Advertising market in MENA. The region has been experiencing steady economic growth, which has resulted in increased consumer spending power. As a result, businesses are investing more in advertising and marketing activities, including VR Advertising, to attract and retain customers.

Moreover, the MENA region has a thriving startup ecosystem and a growing number of technology companies, which are driving innovation in the VR Advertising space. In conclusion, the VR Advertising market in MENA is witnessing significant growth and development due to customer preferences for immersive experiences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the region continues to embrace virtual reality technology and advertisers recognize the potential of VR Advertising, the market is expected to further expand and evolve in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR advertising revenue, which includes advertising that is integrated into the virtual world within video games and videos.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).