Gaming tech sees big investments

Dubai - Newzoo expects revenues for games to grow at a compound annual growth rate of 8.3 per cent, resulting in revenues of $200.8 billion by 2023

Investors across the UAE and the Middle East region are increasingly turning their sights to gaming technology, driven by the growth of the sector during the Covid-19 lockdown.

Experts say that the rise in the popularity of gaming is creating opportunities for developers too, and more projects have appeared in the hopes of meeting the needs of a growing audience.

“We have seen remarkable growth in the regional gaming sector this year, considering that the virtual world has increasingly served as a substitute for regular social interactions. The UAE’s ecosystem for gaming and content creation is rapidly evolving, owing to world-class infrastructure, a sizeable & growing market, high rates of digital penetration and connectivity, and the ease of doing business. Over the years, the region has developed a highly engaged gaming audience, which presents a huge opportunity for developers and content creators,” said Majed Al Suwaidi, MD of Dubai Media City and head of in5 Dubai.

As the Middle East’s leading hub for media and entertainment, Dubai Media City and startup incubator in5 Dubai are contributing to the growth of the industry by providing a platform for gaming innovators to bring their ideas to market.

“Most recently, our partner Boss Bunny joined hands with Lammtara Studio to develop games based on some of the region’s most well-loved animated shows, including Freej,” said Al Suwaidi. “Our community also organises or participates in events and initiatives such as ON.DXB, DGC and GameOn for increased inter and intra-industry collaboration and dialogue. We look forward to what developments the next few years bring, and eagerly anticipate the application of new interactive technologies in gaming, such as AR and VR.”

Market researcher, Newzoo, predicted that the number of gamers around the globe will top three billion by 2023. The world’s 2.7 billion gamers will spend $159.3 billion on games in 2020, and, by 2023, the game market will surpass $200 billion. That spending level represents a 9.3 per cent growth compared to 2019, and it includes revenues for mobile, PC, and console gaming. Newzoo expects revenues for games to grow at a compound annual growth rate of 8.3 per cent, resulting in revenues of $200.8 billion by 2023.

rohma@khaleejtimes.com