According to the report, the global metaverse in entertainment market is estimated to generate $13.8 billion in 2021 and $221.7 billion by 2031, witnessing a CAGR of 32.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in consumer spending across virtual concerts, events, and others, technological innovations that improve audience engagement and support franchise development, and the ability of metaverse to cater to the desire of users to connect with a community fuels the growth of the global metaverse in entertainment market. However, privacy and security concerns over the metaverse, legal challenges associated with the rights of digital collectibles, and the high cost of AR and VR devices are likely to hinder the global market growth. On the other hand, the undertaking of initiatives regarding the advancement of digital transformation of metaverse in the entertainment industry such as using blockchain technology in metaverse will present new growth opportunities for the global market in the coming years.
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The hardware segment to dominate the market in terms of revenue during the forecast period
Based on component, the hardware segment contributed to the largest share of nearly three-fifths of the global metaverse in entertainment market in 2021, and is expected to rule the roost during the forecast period. This is because hardware help to implement metaverse environment in entertainment sector. However, the software segment is projected to witness the fastest CAGR of 36.7% from 2022 to 2031, owing to the surge in adoption of software for implementation of virtual world.
The virtual reality and augmented reality segment to dominate in terms of revenue during the forecast period
Based on technology, the virtual reality and augmented reality segment held the largest share of more than two-fifths of the global metaverse in entertainment market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the high adoption of metaverse in gaming industry for virtual world creation. However, the blockchain segment is expected to exhibit the highest CAGR of 36.9% in 2031, as blockchain provides added security to digital assets in the virtual world.
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The film production segment to dominate in terms of revenue during the forecast period
Based on application, the film production segment held the largest share of nearly two-fifths of the global metaverse in entertainment market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the high adoption of metaverse for the creation of unreal world in films. However, the OTT platforms segment is expected to exhibit the highest CAGR of 37.4% in 2031, due to rapid surge in OTT platforms across the globe.
Asia-Pacific to garner the highest revenue and the fastest growth by 2031
Based on region, North America was the largest market in 2021, accounting for nearly two-fifths of the global metaverse in entertainment market, owing to high quality content development and technology adoption in countries like the U.S. and Canada. However, the market in Asia-Pacific is likely to maintain its dominance during the forecast timeframe and show the fastest CAGR of 37.1% during the forecast period, owing to the growing digital and economic transformation in the region.
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Leading market players are –
- Epic Games, Inc.
- Meta, Niantic, Inc.
- Overactive Media Group
- Qualcomm Technologies, Inc.
- QUEPPELIN
- Roblox Corporation
- Tencent
- Tetavi
- Hungama Digital Media Entertainment Pvt. Ltd.
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