Vietnam Logistics Market Flourishes: CEP and Warehousing Sector Generate over USD 5 Bn in 2022, Fueled by Joint Ventures and Modern Warehousing Systems. What Awaits the Future? :Ken Research

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1.Emerging Trends and Developments in Vietnam's Warehousing Market: Joint Ventures, Automation, GSP Warehouse Preference, and Recent Funding Surge.

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Logos Property and Manulife Investment Management joined forces in 2022 to construct an advanced logistics factory, covering an area of over 116,000 sqm and valued over $80 Mn. Moreover, GLP entered the Vietnamese market through a $1.5 Bn joint venture with SLP.

E-commerce companies are utilizing AI-powered warehouses and sorting centers spanning 0.3 Mn sqm to decrease delivery time during peak periods. Tiki NOW Smart Logistics has integrated robots for task execution, enhancing warehouse efficiency and enabling sellers to save 30% - 40% in costs.

Investment in pharmaceutical storage systems or GSP warehouses is increasing in Vietnam, with foreign firms such as DKSH, Zuellig, and Mega making substantial investments to improve cost-efficiency and optimize manpower in warehouses.

Vietnamese on-demand warehousing platform, Wareflex, secured $785,000 in pre-seed funding from Genesia Ventures and Antler. Additionally, Mirae Asset Daewoo Co. and Naver Corporation, prominent South Korean companies, invested $37 Mn in a warehouse located in Bac Ninh, Vietnam.

2.Automation Surge: Vietnam's Growing Demand for Modern Warehouses Driven by Increased Investment in New Technologies.

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Next generation supply chains in Vietnam are utilizing robotics and automation to perform task such as picking, sorting, inspecting, handling to improve overall efficiency and speed to market. Some warehouses are turning to autonomous vehicles to bring merchandise to sortation while Drones & RFID will be used for Inventory Management. The opportunities seem endless which will result in greater efficiency and productivity.

3.Tech Trends Unleashed: Big Data and Augmented Reality Empower Vietnam's CEP Market in Response to Consumer Demand.

Market Maxomony

Vietnam Logistics Market Segmentation

By Service Mix

• Freight Forwarding
• Warehousing
• CEP
• Value Added Services

Vietnam Freight Forwarding Market Segmentation

By Mode of Freight

• Road Freight
• Sea Freight
• Air Freight

By Type of Freight

• International Freight
• Domestic Freight

By Types of Operators

• Small Fleet Operator (SFO)
• Medium Fleet Operator (MFO)
• Large Fleet Operator (LFO)

By End-User

• Retail
• Oil and Gas
• Textiles
• Pharma
• Others

Vietnam Warehousing Market Segmentation

By Warehousing Types

• General/Industrial/Retail
• CFS/ICD
• Cold Storage
• Agriculture and Others

By Warehouse Locations

• Northern
• Central
• Southern

By End-User

• Retail
• Oil and Gas
• Textiles
• Pharma
• Others

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Major Players Mentioned in the Report:

• Yusen Logistics
• Transimex
• Gemadept Corporation
• Maersk
• Kuehne+Nagel
• MP Logistics
• ITL
• Vietnam Post
• Viettel Post
• Vietnam Maritime Corporation
• Expeditors
• Bee Logistics
• DB Schenker
• Vinafrieght Joint Stock Company
• CJ Gemadept
• Ceva Logistics
• GHN Express
• DHL VNPL Express
• EMS

Key Target Audience

• E-Commerce Companies
• Third-Party Logistic Providers
• Potential Market Entrants
• Freight Forwarding Companies
• Warehousing Companies
• Cold Storage Companies
• Industry Associations
• Consulting Agencies
• Government Bodies & Regulating Authorities

Time Period Captured in the Report:

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022-2027

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Vietnam Logistics Market Outlook to 2027

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Indonesia Logistics Market Outlook to 2027

Wallan Trading and Renault Group Join Hands to Reshape the Future of Saudi Arabian Automotive Industry: Ken Research

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The Riyadh-based firm looks to expand its automotive offerings in the Kingdom. Riyadh-based Wallan Trading Co., a prominent player in the Saudi car market, has entered into a strategic partnership with Renault Group to become the official distributor of Renault vehicles in the Kingdom.

STORY OUTLINE

• Wallan Group partners with Renault Group as the official distributor for Renault in Saudi Arabia, marking a significant milestone in the country's automotive industry.
• Renault Group is a renowned automotive innovator with a history of introducing ground breaking products, including Europe's first mass-produced electric car.
• The partnership between Wallan Trading and Renault Group aims to enhance the automotive landscape in Saudi Arabia, offering expanded options and exceptional driving experiences to customers.
• The collaboration aligns with Saudi Arabia's Vision 2030, focusing on economic diversification and the growth of non-oil sectors, with the automotive industry playing a pivotal role.
• According to Ken Research, the strategic partnership strengthens Saudi Arabia's position as a vibrant automotive hub, driving the expansion and diversification of the sector while contributing to employment opportunities and broader economic goals.

Wallan Group, a longstanding leader in the Kingdom's automotive sector for over four decades, is proud to announce a ground breaking partnership with Renault Group. Effective from June 1st, 2023, Wallan Group assumes the prestigious role of the official distributor for Renault in the Kingdom of Saudi Arabia, signifying a significant milestone in the advancement of the country's automotive industry.

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In the 1980s, Wallan Group embarked on its business journey by establishing itself as the authorized agent for Hyundai in the central region of Saudi Arabia. Since then, the company has steadily expanded its automotive portfolio through strategic alliances with renowned global brands, encompassing both passenger and commercial vehicles. This ongoing growth has solidified Wallan Group's position as a key player in the Kingdom's automotive industry.

Renowned for its automotive innovation and technological prowess, Renault Group boasts a storied history of pioneering ground breaking products in the market. Notably, the company has been at the forefront of automotive electrification, introducing Europe's first mass-produced electric car. Established in more than 130 countries, the Group has sold 2.1 million vehicles in 2022. It employs nearly 106,000 people who embody its Purpose every day, so that mobility brings people closer.

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Aiming to elevate the Saudi market's automotive landscape, Wallan Trading and Renault Group have united to deliver an unparalleled level of automotive excellence. Leveraging Wallan Trading's robust distribution network and local market expertise alongside Renault Group's industry-leading vehicles and cutting-edge technologies, customers in Saudi Arabia can anticipate expanded choices and exceptional driving experiences.

By forging a strategic partnership, Wallan Trading and Renault Group strengthen Saudi Arabia's status as a vibrant automotive industry hub. As the Kingdom experiences rapid economic growth and increased consumer demand, this collaboration will drive the expansion and diversification of the automotive sector, generating employment opportunities and aligning with the Kingdom's overarching economic objectives.

In line with the Kingdom of Saudi Arabia's Vision 2030, Renault Group's collaboration with Wallan Trading reinforces the emphasis on economic diversification and the growth of non-oil sectors. With the automotive industry serving as a key driver in achieving these objectives, the partnership between Wallan Trading and Renault Group actively contributes to the establishment of a dynamic and competitive automotive market in Saudi Arabia.

In summary, the strategic partnership between Wallan Trading and Renault Group represents a major milestone in the Saudi automotive market. Wallan Trading aims to solidify its leadership position, while Renault Group strives to enhance its footprint in the Kingdom. Together, they are well-positioned to introduce innovative automotive solutions, establish new benchmarks of excellence, and fuel the growth of the automotive sector in Saudi Arabia.

Future Outlook of UK Metaverse Market: Ken Research

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What is the market Size of UK Metaverse Industry?

UK Metaverse market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD ~ Bn by 2028.

The UK Metaverse Market is largely driven by One of the significant growth drivers of the metaverse market is the increasing demand for immersive and interactive virtual experiences across various industries, including gaming, entertainment, education, and commerce.

UK Metaverse Market is at a growing stage. It is a fragmented market with the presence of many metaverse companies. The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized virtual reality platform.

Few major UK Metaverse players are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Europe continues to dominate the UK Metaverse market. Depending on technology, the virtual reality and augmented reality segment dominated the metaverse market share in 2020, and is expected to continue this trend during the forecast period, owing to growing demand for virtual reality (VR) / augmented reality (AR) based services.

An increase in awareness and lifestyle changes is the fundamental driver of metaverse market growth. Customers are more likely to remain loyal when their needs are customized.

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UK Metaverse Market segmentation by component

The UK Metaverse market is segmented by component into Software, Hardware and Professional Services. Software was the dominant form.

UK Metaverse Market segmentation by vertical

The UK Metaverse market is segmented by vertical into Consumer, Commercial, Industrial Manufacturing, Healthcare and Others. Consumer was the most dominant in 2022.

UK Metaverse Market by Region

The UK Metaverse market is segmented by region into England, Wales, Northern Ireland, Scotland and other Regions. England is the most dominant market.

Competition Scenario in UK metaverse Market

The UK metaverse market is fragmented. The report covers the major players operating in the United Kingdom virtual reality market. Some of the prominent players in the industry are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Competition in the metaverse is intensifying as more companies enter the market, offering a variety of virtual reality, augmented reality, and extended reality experiences. Established tech giants, startups, and gaming companies are vying to capture a significant share of the growing metaverse industry, leading to innovative developments and unique offerings to attract users.

What is the Expected Future Outlook for the Overall UK metaverse Market?

The UK Metaverse market was valued at USD ~ billion in 2022 and is anticipated to exceed USD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The UK Metaverse market is driven by demand for rising disposable income in developing economies. The continuous advancements in virtual reality (VR), augmented reality (AR), and extended reality (XR) technologies are fueling the development and adoption of metaverse platforms, creating new opportunities for businesses and users alike.

The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities. Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth.

The concept of sustainable packaging is proving to be a highly beneficial investment and a responsible choice for the environment when it comes to reality platforms. With the rising awareness regarding the environmental impact of virtual assets and digital content within the metaverse, there is a growing push for new policies and measures that hold businesses accountable for sustainable practices and responsible management of virtual resources.

AI and cognitive learning technologies have started to play a decisive role and are poised to be game-changers in several avenues.

During the forecast period of 2022-2028, it is anticipated that the UK Metaverse market will grow at a massive CAGR by 2028. Growing concerns about virtual avatar health and excessive virtual consumption habits are prompting various governments to adopt plain packaging strategies for metaverse products. By implementing plain packaging regulations, authorities aim to raise awareness about digital well-being and encourage responsible virtual choices among users within the metaverse.

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Market Maxomony

By component

• Software
• Hardware
• Professional Services

By vertical

• Consumer
• Commercial
• Industrial Manufacturing
• Healthcare
• Others

By Region

• England
• Wales
• Northern Ireland
• Scotland
• Other Regions

Major UK Metaverse Market Players

• Lilith Games
• Roblox Corporation
• Tencent Holdings Ltd.
• Byte Dance
• NetEase
• Facebook Inc

Time Period Captured

• Historical Period – 2017-2022
• Base Period – 2022
• Forecast Period – 2022 –2028

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UK Metaverse Market Outlook to 2028

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US Metaverse Market Outlook to 2028

KSA Leisure and Entertainment Industry, the new oil reserve for Saudi Arabia!: Ken Research

 “Saudi Vision of 2030” aims to diversify Saudi Arabia’s economy, and reduce its reliance on the oil industry by stimulating growth within non-oil sectors and expand entertainment and tourism offerings.

Story Outline

The Saudi Arabian Leisure and Entertainment Market is expected to grow at a CAGR of ~15% from 2022 to 2027.

• The young population of the Kingdom provides a promising consumer base for the leisure and entertainment market.
• To cater to the demand created by the change in preferences and increased consumer spending on immersive entertainment, Saudi is seeing large amounts of investments in the entertainment industry.
• The focus on the enhancement of the Entertainment Industry is both an attraction to increase tourism as well as a byproduct of increased tourism.
• The integration of technology in each vertical makes it vital for the private as well the public sector in the Kingdom to invest in the technology sector.

Introduction

The Kingdom of Saudi Arabia is a potential hub spot for all things entertainment and leisure. The Kingdom’s intense focus on developing the entertainment and tourism sector solidifies the double digit CAGR from the year 2023 to 2027. Some key factors contributing to this growth are the high ratio of the young and middle-aged population who are tech savvy. The increased share of spending on leisure and entertainment due to increased disposable incomes and an experience mindset. The country falls on the higher spectrum of a replacement level fertility rate, with 2.208 births per woman.

1. KSA’s Youthful Demographics

KSA, having more than 80% urbanized population displays a demographic phenomenon known as the “Stationary Pyramid” with a tapering top indicating a high young and working population vs a low older population.

With ~ 37% of the population falling below 24 years of age in 2022, and ~50% population falling in the 24-54 years age group, KSA promises a bright future for the Leisure and Entertainment Industry.

The country falls on the higher spectrum of a replacement level fertility rate, with 2.208 births per woman.

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According to Ken Research, the Saudi Arabian Leisure and Entertainment market is expected to grow at a CAGR of ~15% from 2022 to 2027. The largest contributor to this has been the OTT industry followed by the movie theatre industry.

2. Saudi Arabia Invests Big in Entertainment Industry

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Headed by Crown Prince and Deputy Prime Minister, Mohammed bin Salman, the $64 billion fund as a part of the public investment Fund (PIF) established in November 2019, linked to the National Development Fund (NDF), aims to enhance the entertainment and amusement industry in the Kingdom.

Saudi Arabia’s Cultural Development Fund officially launched its $234m (SAR 879m) Film Sector Financing Programme in the first half of 2023. The fund is split in a 30:70 ratio, with 30% being earmarked to help establish companies and facilities supporting the film sector and the remainder for film content development, production and distribution.

Saudi unveiled it tax rebate for productions which provides up to 40% of spend in cash back for film productions that recruit Saudi crew and talent above and below the line and feature the kingdom’s “culture, history and people along with showcasing the kingdom’s diverse selection of landscapes.

3. Saudi Arabia's Vision 2030 Unleashes Mega Tourism Projects

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Under Saudi Vison 2030, the country has taken the initiative of developing the tourism sector in the Kingdom. The upcoming project of Qiddiya Entertainment City, spanning over an area of 334 sqkm located only 40 km from the nation’s capital Riyadh is about 3 times larger than Disney World Florida.

The Red Sea Project, situated on the coast of the Red Sea between the cities of Umluj and Al Wajh, stretches across 28,000 sqkm, roughly the size of Belgium. It aims to leverage on some of the Kingdom’s most unique natural treasures, offering various inland and off-land hospitality options, coupled with leisure and recreational facilities. It aims to house.

Amaala, the riviera of the Middle East is situated round 800 km north of Jeddah and stretches 12 km along the northwestern coastline of KSA. Centered on the themes of wellness & sports, luxury art residences and sea, sun & lifestyle, it aims to become an ultra-luxury resort and wellness destination, ensuring sustainability and preserving the unique natural surroundings.

4. Driving Technological Advancements: Saudi Arabia's Vision 2030 and Innovation Initiatives

The country focuses on developing the technology sector as part of its Vision 2030 initiative. There has been a surge in venture capital investments in Saudi Arabia amounting to $ 2.4 billion in 2022 to drive startup growth. The Saudi Light and Sound (SLS) Expo featured exhibitors from the pro-lighting and audio, live events, digital signage, AI, laser technology, and stage technology sector. Saudi Arabia hopes to position itself as a world leader of next generation media tech innovation under its smart-city mega-project NEOM.

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Conclusion

Saudi Arabia, with its urbanized population holds a promising future for the Leisure and Entertainment Industry. Supported by a $64 billion fund and visionary leadership, the country aims to enhance the entertainment sector. Initiatives like the Film Sector Financing Programme and tax rebates for productions demonstrate the commitment to nurture local talent and showcase the kingdom's cultural heritage. Moreover, the development of mega-projects like Qiddiya Entertainment City, The Red Sea Project, and Amaala underscores Saudi Arabia's dedication to tourism, offering unique experiences and preserving natural beauty. With a focus on technology and significant venture capital investments, Saudi Arabia strives to become a global leader in innovation.

The United States Artificial Intelligence Market Is Expected To Grow At CAGR Of ~26% By 2028: Ken Research

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What is the Size of US Artificial intelligence industry?

US Artificial Intelligence market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028. The US Artificial Intelligence Market has been developing for the last few years now & is widely applied across various fields including healthcare, finance, manufacturing, retail etc. which has been influencing its growth across these industries. In the United States, the most prominent examples of AI applications include natural language, processing, machine learning, computer vision, robotics and autonomous systems. Several key factors have ensured that the Artificial Intelligence Market has grown multi-fold within the country. First, increasing investment by both public & private sector have ensured that the AI industry is thriving.

Second, the continuous progress made by the country in finding hardware, AI algorithms & computing power which makes sure that the US Artificial Intelligence market continues to thrive & contribute to the country’s economic growth.  Third, many companies are adopting the artificial intelligence mechanisms in order to improve efficiency, enhance decision making & develop innovative products & services. For instance, Microsoft focuses on using AI for web search & image generation.  Lastly, there is immense support by the government of United States. With schemes like National Initiative & American AI Initiative make sure that artificial intelligence is used for economic development & national security.

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Us artificial intelligence market by Type

The US Artificial Intelligence market is segmented by Components into Software & Hardware. Amongst the two components, software is becoming the dominant segment in the market in 2022, as its demands are constantly increasing.

Software & services includes various types of AI platforms, frameworks & applications that enable businesses to build & deploy AI solutions. AI software includes natural language processing (NLP), computer vision, machine learning & deep learning tools. These services cater to businesses seeking to integrate AI into their systems. Hardware consists of specialized processors & chips designed to accelerate AI computations, Graphic Processor Units (GPUs) and Tensor Processing Units (TPUs) are prime examples of AI-specific hardware which is used to run & train AI models.

Us Artificial Intelligence Market By Industry

The US Artificial Intelligence market is segmented by Industry into Healthcare, Finance, Retail & E-commerce, Manufacturing & Automotive industry. Undoubtedly, manufacturing industry is leading the way when it comes to using artificial intelligence in 2022. Predictive mechanisms are used to monitor equipment & machinery in real time.  In certain manufacturing sectors like automotives & aerospace, AI powered autonomous vehicles & drones were employed for material handling & inventory management, enhancing the efficiency & safety of these operations.

Us Artificial Intelligence Market by geography

The US Artificial Intelligence market is segmented by Geography: North, East, South & West regions. North region of the US artificial intelligence market includes Silicon Valley & Seattle. Silicon Valley is dominant mode in the market in 2022. It is a house to many tech giants, start-ups & research institutions working on developing cutting-edge technologies. South region includes places like Texas, Florida & Georgia, which have seen an increase in AI related activities, driven by growth of AI companies & research centers. This region is also seeing the application which includes agriculture, energy & finance. AI Development is not limited to specific regions, as there are pockets of AI research & start-ups across the country.

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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

• • Government agencies
  • Tech companies
  • Investors & Venture Capital Firms
  • Academic & Research Institutions
  • Businesses across Industries
  • Consulting Firms
  • Educational Institutions
  • Non-profit organizations

Time Period Captured in the Report:

• • Historical Period: 2017-2022
  • Base Year: 2022
  • Forecast Period: 2023-2028

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US artificial intelligence market

UAE's Entertainment and Leisure Sector Soars with Strategic Makeover: Ken Research

 The UAE and KSA are anticipated to lead extraordinary growth, surpassing the global Entertainment and Cinema Market. In response to increasing demands, Entertainment Avenue operators must creatively leverage advanced technologies like data analytics and predictive algorithms.

STORY OUTLINE

UAE's Entertainment Industry Transformation: Innovative concepts and technology integration captivate audiences, driving impressive market growth of ~10% CAGR from 2022-2027.

DCT Abu Dhabi's Investment Blitz: A $6 billion injection into media, movies, gaming, and music sectors to create new job opportunities.

Collaboration and Expansion: Traditional entertainment and tech companies join forces to deliver personalized, interactive experiences to customers.

META Forum and Dubai's Creative Economy Strategy: Initiatives boosting cinema facilities and aiming to double creative industries' contribution to Dubai's GDP by 2025.

The UAE's Entertainment Industry is witnessing a remarkable transformation driven by innovative and creative concepts that are captivating audiences like never before. This surge in demand has spurred the rising integration of technology across various verticals within the industry. From virtual reality and augmented reality experiences to personalized digital platforms, technology is becoming an essential component in delivering captivating entertainment to a diverse audience. As the market continues to expand at an impressive CAGR of around ~10% during 2022-2027, industry players are actively exploring new ways to blend imagination with cutting-edge technology to offer unforgettable entertainment experiences.

1. The Media Revolution: Abu Dhabi's $6 Billion Investment Blitz!

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The wealthy capital of the United Arab Emirates has merged its culture and creative industries, encompassing museums and media industry infrastructure, under a unified entity named DCT Abu Dhabi.

DCT Abu Dhabi, the newly formed unit consolidating the capital's culture and creative industries, is set to inject a staggering USD ~6 billion into sectors such as media, movies, gaming, and music over the next five years. This bold investment is expected to generate a surge of new job opportunities in these thriving sectors.

2. Expansion and Collaboration Set to Redefine Industries

The entertainment and leisure industry are witnessing collaborations between traditional entertainment providers and technology companies. By leveraging data analytics, artificial intelligence, and virtual reality, businesses are delivering personalized and interactive entertainment experiences to customers.

Cinépolis Cinemas is set for robust expansion, partnering with Al Tayer Group in a joint venture to establish cinemas across the GCC. Additionally, the company has signed an agreement with Ithra Dubai to manage a brand-new 10-screen multiplex in Deira. Notably, Cinépolis has also made its mark in Abu Dhabi, with the opening of Cinemacity at Al Qana.

3. META Forum's Creative Economy Strategy Takes Center Stage

Explore three key segments within the creative sector

META Cinema Forum played a crucial role in meeting the rising demand for cinema facilities and bolstering Dubai's Creative Economy Strategy. This strategic initiative aims to double the contribution of creative industries to Dubai's GDP to approximately 5% by the year 2025, while also targeting an increase in the number of Dubai creative companies to 15,000 by the same year.

In 2021, the Minister of Culture and Youth in the UAE introduced a new National Strategy for the Cultural and Creative Industries (CCI), encompassing 40 initiatives tailored to enhance and promote three key segments within the creative sector.

In Conclusion, the UAE's Entertainment Industry is undergoing a dynamic and captivating transformation, fueled by innovative concepts and cutting-edge technology. With a remarkable ~10% CAGR projected until 2027, the market's expansion is driving industry players to explore imaginative ways of integrating technology to deliver unforgettable entertainment experiences. Strategic investments, expansions, and collaborations are reshaping the landscape, creating a promising future for the UAE's vibrant and thriving entertainment sector.

From Accidents to Solutions: Navigating KSA's Thriving Aftersales Service Market: Ken Research

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KSA's automotive repair industry, encompassing crash repair, mechanical repair, auto care, quick lube, spare parts, motor insurance, and rental & leasing, is projected to reach SAR ~2.5billion valuation by 2025, offering inter-related opportunities for growth and understanding.

STORY OUTLINE

• Growing Industry Valuation: KSA's automotive repair industry, including crash repair, mechanical repair, auto care, quick lube, spare parts, motor insurance, and rental & leasing, projected to reach SAR ~2.5 billion by 2025.
• Diverse Product Sections: Over 100 exhibitors from 12 countries showcased aftercare products and solutions across six distinct sections, reflecting industry breadth.
• Importance of Crash Repair: Vital for vehicle safety and functionality, driven by accident rates, vehicle ownership, and insurance coverage. 2019 saw around 1,897 fatal road accidents in KSA.
• Technological Advancements: Investments in advanced tools and technologies like computerized diagnostics and automated repair processes are reshaping KSA's aftersales market, while aluminium repair expertise becomes crucial.
• Insurance Penetration and Growth: With approximately 35% insurance penetration and 5 million motor insurance policyholders, significant growth in revenue from insurance claims for crash repair is anticipated.

In the year 2020, more than 100 exhibitors hailing from 12 different countries gathered to present cutting-edge automotive aftercare products and solutions across six distinct product sections. 7 Verticals Shaking up KSA's Automotive Aftersales Service Industry: Crash Repair Industry, Automotive Mechanical Repair Industry, Auto Care Industry, Quick Lube Industry, Spare Part Market, Motor Insurance Industry, Vehicle Rental & Leasing Industry.

1. The Vast Landscape of Aftersales Services and Crash Repairs in KSA

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The crash repair market in KSA plays a crucial role in maintaining the safety and functionality of vehicles and is driven by factors such as the number of accidents, vehicle ownership, insurance coverage, and regulations pertaining to road safety. Road accidents are a significant contributor to the demand for crash repair services. In 2019, there were approximately 1,500+ fatal road accidents reported in Saudi Arabia, resulting in 2,106 fatalities.

On an average, 65-70% of the crash repair charges are for spare parts, 5-10% for consumables and 15-20% for labour charges.

2. Revolutionizing KSA's Aftersales Service Market with Technological Upgrades

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Investments are directed towards adopting advanced technologies and tools that improve the repair process and enhance the quality of repairs. This includes computerized diagnostics, precision measuring systems, advanced paint booths, and automated repair processes. The automotive industry is increasingly incorporating aluminium in vehicle panels to achieve lightweight designs. In 2017, The Saudi National Automobile Manufacturing Co. (SNAM) and the Saudi Arabian Mining Co. (Maaden) entered into a cooperation agreement to enhance the aluminium content in new vehicles.

As a result, body shops need to develop capabilities for aluminium repair, which differs from steel panel repair in several aspects. For instance, traditional hammering techniques are ineffective for removing dents from aluminium panels, requiring the use of heat-based methods instead.

3.Ensuring Your Ride: Exploring Insurance Penetration in the KSA Automotive Market

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Insurance coverage plays a vital role in the crash repair market. As of 2020, the insurance penetration rate for vehicles in Saudi Arabia was around ~35%. This means that a significant portion of vehicles on the roads is covered by insurance, which contributes to the demand for crash repair services.

In 2020, the number of motor insurance policyholders in KSA reached approximately 5 million. Looking ahead, the revenue generated through insurance claims for crash repair is projected to exhibit rapid growth over the next five years. It is compulsory for all fleet companies to insure their vehicles and for vehicles older than 3-4 years majority prefer to repair the vehicle at non-agency in case of accident.

In conclusion, KSA's aftersales service market, including crash repairs, technological advancements, and insurance penetration, is a critical component of the automotive industry. With the growing importance of safety, advanced repair technologies are revolutionizing the sector. Additionally, insurance coverage plays a vital role in driving the demand for crash repair services. As the market continues to evolve, stakeholders must adapt to meet the diverse needs of vehicle owners and ensure a safe and efficient aftersales service landscape in KSA.

Future Outlook of US Metaverse Market: Ken Research

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What Is The Market Size Of Us Metaverse Industry?

US Metaverse market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD ~ Bn by 2028. The US Metaverse Market is largely driven by One of the significant growth drivers of the metaverse market is the increasing demand for immersive and interactive virtual experiences across various industries, including gaming, entertainment, education, and commerce. US Metaverse Market is at a growing stage. It is a fragmented market with the presence of many metaverse companies. The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized virtual reality platform.

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Few major US Metaverse players are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Europe continues to dominate the US Metaverse market. Depending on technology, the virtual reality and augmented reality segment dominated the metaverse market share in 2020, and is expected to continue this trend during the forecast period, owing to growing demand for virtual reality (VR) / augmented reality (AR) based services. An increase in awareness and lifestyle changes is the fundamental driver of metaverse market growth. Customers are more likely to remain loyal when their needs are customized.

Us Metaverse Market Segmentation By Component

The US Metaverse market is segmented by Component into Software, Hardware and Professional Services. Software was the dominant form.

Us Metaverse Market Segmentation by Vertical

The US Metaverse market is segmented by vertical into Consumer, Commercial, Industrial Manufacturing, Healthcare and Others. Consumer was the most dominant in 2022.

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Us Metaverse Market Segmentation by Region

The US Metaverse market is segmented by region into North, South, East and West of America. North America is the most dominant market.

Competition Scenario in Us Metaverse Market

The US metaverse market is fragmented. The report covers the major players operating in the United States virtual reality market. Some of the prominent players in the industry are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Competition in the metaverse is intensifying as more companies enter the market, offering a variety of virtual reality, augmented reality, and extended reality experiences. Established tech giants, startups, and gaming companies are vying to capture a significant share of the growing metaverse industry, leading to innovative developments and unique offerings to attract users.

What Is The Expected Future Outlook for The Overall Us Metaverse Market?

The US Metaverse market was valued at USD ~ billion in 2022 and is anticipated to exceed USD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The US Metaverse market is driven by demand for rising disposable income in developing economies. The continuous advancements in virtual reality (VR), augmented reality (AR), and extended reality (XR) technologies are fueling the development and adoption of metaverse platforms, creating new opportunities for businesses and users alike.

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The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities. Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth. The concept of sustainable packaging is proving to be a highly beneficial investment and a responsible choice for the environment when it comes to reality platforms. With the rising awareness regarding the environmental impact of virtual assets and digital content within the metaverse, there is a growing push for new policies and measures that hold businesses accountable for sustainable practices and responsible management of virtual resources.

AI and cognitive learning technologies have started to play a decisive role and are poised to be game-changers in several avenues. During the forecast period of 2022-2028, it is anticipated that the US Metaverse market will grow at a massive CAGR by 2028. Growing concerns about virtual avatar health and excessive virtual consumption habits are prompting various governments to adopt plain packaging strategies for metaverse products. By implementing plain packaging regulations, authorities aim to raise awareness about digital well-being and encourage responsible virtual choices among users within the metaverse.

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US Metaverse Market Outlook to 2028

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How do UAE Car Rental, Leasing, And Limousine market dynamics impact its Automotive & Transportation sector? : Ken Research

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This whitepaper dives into the vibrant landscape of the UAE's car rental, leasing, and limousine market, presenting a comprehensive analysis of its outlook. With the UAE's status as a global hub for tourism, business, and luxury, the transportation sector plays a pivotal role in facilitating seamless mobility.
Explore the market's dynamics, encompassing government rules, regulations, and initiatives that shape the industry's growth trajectory. This paper aims to analyze the industry's positioning, market overview, and ecosystem, providing insights into the factors influencing growth and the challenges faced. Additionally, it highlights emerging trends, allowing top industry executives to anticipate and navigate future opportunities in this dynamic marketplace.

1. The UAE Car Rental and Leasing Industry is highly unorganized with the small fleet operators dominating the landscape

 

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1.1 The Rental industry is currently at a late growth stage, where there is a need for better connectivity, customer centric approach & tech advancements

1.2 While the Leasing industry shows some promise as customers trust the companies, they seek to expand their service portfolio with more value added services

1.2.1 As far as leasing is concerned, the cost and flexibility of duration played a key role in end-user’s preferences

1.3 In contrast, the Limousine Industry is in its growing phase and can be expected to expand further due to development of more corporate offices & international tourists

2. However, seasonal demand of rental services and a weak auto sector, prove to be important challenges for a strong growth in the renting & leasing industry

3. But, government initiatives such as Ghadan 21, Energy strategy 2050 are steps in the right direction to spearhead growth in rental, leasing and Limo industries

4. With the industry now tapping into the power of ML, IoT and other sustainable alternatives, UAE’s automotive & transport sector’s future looks bright

Some of the Intelligence Curated by Ken Research in Car Rental, Leasing and Limousine Market Space:

• UAE Car Rental, Leasing and Limousine Market Outlook to 2024-Driven By Growing Corporate Ecosystem and Growth in Tourism Backed Up Government Initiatives and Annual Events
• UK Lubricant Market Outlook to 2027 Driven by rising focus on sustainability, inclination towards synthetic lubricants and rising construction activity in the region
• Global Electric Motor Market Outlook to 2027 Segmented by Motor Type (AC and DC), By Voltage Type ( Less Than 1 kV , Between 1 kV – 6 kV , Higher Than 6 kV), by Application( Commercial and Residential), By Geography ( Europe, Asia –Pacific, Latin America, Middle East and Africa
• Netherlands EV Charging Equipment Market Outlook to 2027 Driven by Rising Demand for Eco-friendly Transport and Strong Government Policies and Incentives
• UK EV Charging Equipment Market Outlook to 2027 Driven by Rising Demand for Eco-friendly Transport and Strong Government Policies and Incentives
• KSA Automotive Market Outlook to 2027 Driven by rising influx of women drivers and domestic manufacturing in the KSA

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UAE Car Rental Market

Shell's Prelude FLNG Facility's Safety Breach Raises Fire and Explosion Risks: Ken Research

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Australia's offshore regulator, Nopsema, stated that the operator is probable to once more breach occupational health and safety laws.

STORY OUTLINE

• Worker Safety Priority: Offshore oil and gas worker safety crucial for accident prevention and environmental protection.
• Prelude FLNG Breach: Shell's facility exposes workers to fire and explosion risks, prompting concern over safety compliance.
• Stringent Protocols Essential: Robust safety protocols vital in intricate offshore settings to prevent accidents and protect lives.
• Recurring Breach Concerns: Nopsema warns of potential law violations by Prelude FLNG operator, raising doubts about commitment to safety.
• Immediate Action Required: Rapid regulatory intervention needed to rectify breaches, ensuring worker safety through training, maintenance, and audits.

Explore Analysis of Industrial Lubricants Market

The safety of workers on offshore oil and gas facilities is paramount to prevent accidents, protect lives, and safeguard the environment. In a recent development, workers on Shell's Prelude Floating Liquefied Natural Gas (FLNG) facility in Australia have been potentially exposed to fire or explosion risks due to a reported safety breach. The incident has raised concerns about the adherence to occupational health and safety laws and underscores the critical need for stringent safety protocols in the oil and gas industry.

1. The Prelude FLNG Facility and Safety Breach

Shell's Prelude FLNG facility is a massive offshore installation situated off the coast of Western Australia. As one of the largest FLNG facilities globally, it plays a vital role in extracting, liquefying, and storing natural gas from deep-sea wells. However, recent news has shed light on safety concerns that have arisen due to a breach in safety protocols on the facility.

The reported safety breach has put workers at risk of potential fire or explosion hazards. Australia's offshore regulator, the National Offshore Petroleum Safety and Environmental Management Authority (Nopsema), has raised an alarm about the operator's potential violation of occupational health and safety laws. This unsettling revelation is a reminder of the importance of adhering to strict safety guidelines in such complex and hazardous environments.

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2. Recurring Safety Violations

What makes this situation even more alarming is that Nopsema has indicated that the operator of the Prelude FLNG facility is likely to contravene occupational health and safety laws again. This raises serious concerns about the company's commitment to ensuring the safety and well-being of its workers.

Occupational health and safety laws exist to protect workers from harm, and any violation of these laws jeopardizes the lives of those working in potentially dangerous conditions. Safety breaches can have devastating consequences not only for the workers involved but also for the surrounding environment.

3. Implications and Urgent Action

The potential exposure to fire or explosion risks on Shell's Prelude FLNG facility serves as a stark reminder that safety cannot be compromised in the pursuit of energy production. Offshore facilities pose unique challenges due to their remote locations and complex operations. As such, strict adherence to safety protocols is not just a legal requirement but a moral obligation.

The regulatory authorities must take immediate action to investigate the safety breach and ensure that corrective measures are implemented promptly. Companies operating in the oil and gas sector must prioritize the safety of their workforce and invest in comprehensive training, equipment maintenance, and regular safety audits.

In Conclusion, the news of potential fire and explosion risks faced by workers on Shell's Prelude FLNG facility is a sobering wake-up call for the oil and gas industry. It emphasizes the importance of continuous vigilance, adherence to safety protocols, and the unwavering commitment to protecting human lives and the environment. The incident serves as a stark reminder that the pursuit of energy resources should never come at the cost of worker safety. It is imperative that regulators, operators, and the entire industry work collectively to prevent such incidents and ensure the well-being of all those involved in offshore operations.

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Major Players Mentioned in the Report:

Automotive Lubricant Players

• Castrol
• Shell (Viva Energy)
• Exxon Mobil
• Chevron
• Total Energies
• Penrite

Industrial Lubricant Player

• Shell
• Castrol
• Chevron (Caltex)
• Fuchs

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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

• Infrastructure and Real Estate Companies
• Mining Companies
• Government Entities
• Construction Companies
• Oil and Gas Companies
• Automotive lubricants manufacturers and other stakeholders
• Automotive OEMs
• Potential Market Entrants
• Industry Associations
• Consulting Agencies
• Government Bodies & Regulating Authorities

Time Period Captured in the Report:

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022-2027

For more insights on market intelligence, refer to the link below: –

Australia Lubricant Market

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