A lead analyst at AMR highlighted that the metaverse in entertainment market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the metaverse in entertainment market. The findings of the report states that the global market for metaverse in entertainment generated $13.8 billion in 2021, and is projected to reach $221.7 billion by 2031, witnessing a CAGR of 32.3% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. Increase in consumer expenditure 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 drive the growth of the global metaverse in entertainment market. On the other hand, privacy and security concerns over metaverse, legal challenges associated with the rights of digital collectibles, and high cost of AR and VR devices impede the growth to some extent. However, several initiatives toward the advancement of digital transformation of metaverse in the entertainment industry such as using blockchain technology in metaverse have paved the way for lucrative opportunities for the key players in the industry.
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The outbreak of the pandemic had a positive impact on the global metaverse in entertainment industry. Keeping in tab with SAGE Journals, the average time spent on playing video games went up by more than 71% during the lockdown. This, in turn, influenced many popular game companies to puff out their offerings portfolio throughout the period. For example, in July 2020, Epic Games signed a partnership with American rap artist, Travis ScOTT to lay on their Astronomical Tour in Fortnite. This concert put together around 45.8 million live audiences in-game and over 120 million views through live streams on Twitch and You Tube. These instances have paved the way for lucrative opportunities for the future of metaverse technologies.
“The virtual reality and augmented reality segment had the highest market share in 2021, owing to rise in virtual reality-based games, and rise in adoption by film and theme parks for next level experience.” Said Kanhaiya Kathoke, Research Analyst at Allied Market Research.
The report offers detailed segmentation of the global metaverse in entertainment market based on component, technology, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By component, the hardware segment accounted for the highest share of nearly three-fifths of the global metaverse in entertainment market in 2021, and is expected to retain its dominance throughout the forecast period. However, the software segment would display the fastest CAGR of 36.7% from 2022 to 2031.
By 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 dominate by 2031. Simultaneosuly, the blockchain segment is expected to portray the fastest CAGR of 36.9% in 2031.
By region, North America held the major share in 2021, garnering nearly two-fifths of the global metaverse in entertainment market revenue. However, the market in Asia-Pacific would display the fastest CAGR of 37.1% during the forecast period.
Leading players of the global metaverse in entertainment market analyzed in the report include Epic Games, Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta, Niantic, Inc., Overactive Media Group, Qualcomm Technologies, Inc., QUEPPELIN, Roblox Corporation, Tencent, and Tetavi.
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