Middle East Leisure & Entertainment Software Services Market Analysis by Size, Share, Growth, Trends and Forecast (2023-2030) | UnivDatos
According to a new report by Univdatos Market Insights, The Middle East Leisure & Entertainment Software Services Market was valued at 3.5 billion in 2022 and is expected to grow at a steady rate of around 17.5% in the forecasted period (2023-2030) owing to the increasing popularity of digital media and the widespread availability of high-speed internet access. The Leisure & Entertainment Software Services Market refers to the industry that provides software and services related to leisure and entertainment, such as video games, music, movies, and other forms of digital media. This market includes companies that develop, publish, and distribute software for various devices such as personal computers, gaming consoles, mobile phones, and tablets.
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Leading governments in the Middle East region have provided substantial financial and institutional support to their entertainment industries, recognizing them as crucial for economic diversification, job creation, and cultural enrichment. To compete with global entertainment hubs and reach a higher level of growth, the industry must transition from a government-led approach to a private sector-led approach. Governments played a vital role in this transition by shifting their focus from financing projects to nurturing the ecosystem through capacity-building initiatives, incentives, and business climate reforms, as well as by encouraging regional collaboration to help the entertainment industry become a driver of economic and social progress.
The rise in disposable income in the Middle East is driving the growth of the Leisure & Entertainment Software Services Market as people have more money to spend, they are more likely to purchase leisure and entertainment products and services, such as video games and online gaming subscriptions which is driving sales in the Leisure & Entertainment Software Services Market in the Middle East.
The development of modern infrastructure in the Middle East, including the expansion of high-speed internet networks and the construction of new entertainment venues, is also driving the growth of the Leisure & Entertainment Software Services Market.
Some of the recent developments are:
- In 2022, the Saudi Arabian General Investment Authority (SAGIA) signed an agreement with the Italian video game company Milestone srl to establish a joint venture in the Saudi Arabian market.
- In 2022, the Abu Dhabi-based twofour54 media free zone and the Dubai-based digital entertainment company VOX Cinemas announced a strategic partnership to develop a new entertainment platform in the region.
- In 2021, the Dubai-based entertainment company IMG Reliance and the Indian video game company Nazara Technologies announced a strategic partnership to develop and publish mobile games in the Middle East.
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Conclusion
The Middle East Leisure & Entertainment Software Services Market is expected to grow significantly in the coming years driven by increasing adoption of digital technologies, rise in disposable income, and growing popularity of online gaming. The gaming segment is expected to hold the largest market share during the forecast period, while the television industry is expected to be the fastest-growing segment. The market is expected to be driven by countries such as Saudi Arabia, UAE, and Qatar, and recent collaborations in the region have included agreements between Saudi Arabian General Investment Authority and Italian video game company Milestone srl, Abu Dhabi-based twofour54 media free zone and Dubai-based digital entertainment company VOX Cinemas, and Dubai-based online gaming company Tamatem and Egyptian e-commerce platform Jumia.
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