NEW YORK – The global metaverse in entertainment market size is expected to grow by USD 28.92 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 8.55%. The market is segmented by end-user (film production, music labels, OTT platforms, television broadcasters, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). Get a comprehensive report summary that describes the market size and forecast along with research methodology.
Global Metaverse in Entertainment Market: Driver, Trend, and Challenge
The rising consumer spending across virtual concerts, events, and others is driving the market growth. The rise in demand for virtual events, as well as the growth in the number of people attending concerts and events, will further propel the industry. Immersive technologies such as AR and VR are evolving at a rapid pace. Such factors will contribute to the growth of the market during the forecast period.
The rising consumer adoption of online gaming is a trend in the market. Metaverse offers an immersive visual experience and supports emerging technologies such as IoT, blockchain, and 3D visualization. The increasing use of advanced gaming technologies, rising income levels, and changing consumer entertainment choices will further support market growth during the forecast period.
Privacy and security concerns are challenging the growth of the market. The metaverse collects and processes large volumes of information about users and their environment. It can access the personal data of users, which may pose a threat to their privacy. In addition, there are privacy-related concerns associated with smart gears, such as VR headsets and smart glasses, as they automatically screen and process the user’s environment. These factors may hinder the market growth during the forecast period.
Global Metaverse in Entertainment Market: End-user
By end-user, the film production segment will be a significant contributor to market growth during the forecast period. Metaverse is expected to revolutionize the film industry. It will alter the way movies are shot by creating virtual and 3D settings. VR technology will be used to interact within this environment. As a result, the metaverse is becoming popular in film production and will contribute to market growth during the forecast period.
Global Metaverse in Entertainment Market: Geographic Landscape
North America will account for 33% of the market’s growth during the forecast period. This growth is attributed to factors such as the rapid convergence of the entertainment industry and traction of the gaming culture, the integration of gaming services into the service offerings of major entertainment brands, and increased investment to create more immersive gaming and entertainment experiences. Moreover, market growth in this region will be faster than the growth of the market in South America and MEA. The US and Canada are the key countries for the metaverse in the entertainment market in North America.
Global Metaverse in Entertainment Market: Companies Covered
- Aomen City
- Epic Games Inc.
- Hungama Digital Media Entertainment Pvt. Ltd.
- Meta Platforms Inc.
- Niantic Inc.
- OverActive Media Corp.
- Qualcomm Inc.
- Queppelin
- Roblox Corp
- Tencent Holdings Ltd.
- Tetavi Ltd.
Global Metaverse in Entertainment Market: What our reports offer
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data from 2021 to 2026
- Market trends (investment opportunities, drivers, opportunities, threats, challenges, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Metaverse In Entertainment Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist in metaverse in entertainment market growth during the next five years
- Estimation of the metaverse in entertainment market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the metaverse in the entertainment market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of metaverse in entertainment market vendors
Source: Technavio
