According to GSMA, the Mobile Economy report, the adoption of smartphones is anticipated to rise from 52 percent in 2018 to 74 percent in 2025 in the Middle East and North Africa (MENA) region.
CRIFAX added a report on ‘Middle East and Africa 5G and Virtual Reality Market, 2022-2031’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The Middle East and Africa 5G and Virtual Reality Market is estimated to grow at a moderate rate, owing to various factors driving the growth of the market in the region such as prevalence of uneven growth rates that vary between nations and also within each nation. The opportunities to grow in the region are immense, considering the fact that only very few business have digital presence in the region. The rise in oil prices and improved external demand is aiding the growth of the market in the region. Investments in ICT infrastructure has been high in some of the countries in the region such as Saudi Arabia, Qatar, Kuwait and United Arab Emirates (UAE). The outsourcing sector in Egypt and Turkey is anticipated to create an additional 80,000 jobs in each of these regions. The region also is home to a significant young population that forms almost half of the population present in the region. Growing literacy levels and improvements in average schooling is anticipated to drive the growth of the market in the region over the forecast period.
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With mobile internet and cloud technology ranked second in the order of those drivers for change during 2015-2020, the market is anticipated to observe noticeable growth over the next few years. The MENA region is estimated to attain better growth, owing to the presence of online talent platforms which could prove beneficial by shifting the jobs which are informal towards formal sector, which would improve the skills that are to be acquired to perform their work. According to GSMA, the number of subscribers is anticipated to grow from 64 percent in 2018 to 69 percent in 2025. Additionally, the number of smartphone connections is predicted to rise from 54 percent in 2018 to 74 percent in 2025. The opportunity for improving skills and learning new skills is comparatively better, as the population is comparatively a young population which can adapt quickly to the new technologies that are being introduced in the region.
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the Middle East and Africa 5G and Virtual Reality Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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