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The metaverse in entertainment market is estimated to grow at a CAGR of 9.07% between 2022 and 2027. The size of the market is forecast to increase by USD 33,323.31 million. The growth of the market depends on several factors, including a growing awareness of VR gaming, growing adoption of AR VR gaming by individuals, and rising consumer spending across virtual concerts, events, and others.
This report extensively covers market segmentation by end-user (film production, music labels, OTT platforms, television broadcasters, and others), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
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The growing adoption of AR/VR gaming by individuals is notably driving the market growth, although factors such as privacy and security concerns over the metaverse may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing adoption of AR/VR gaming by individuals is notably driving market growth. AR gaming refers to the integration of game visual and audio content with the environment of the users in real time. Users can play the games of their choice in any environment using AR technology. They can also augment gaming characters in places of their choice. AR gaming provides a simulated environment through AR hardware products and software programs, which give users a virtual experience.
The adoption of AR devices such as smart glasses is likely to increase during the forecast period due to rising awareness about AR gaming. Companies such as Sony, Microsoft, and Vuzix are developing smart glasses using cutting-edge 3D technologies for the gaming sector. The developers have also started developing AR games for HoloLens, which is powered by Microsoft. These factors will contribute to the rapidly growing population of gamers across the globe, and will positively impact the growth of the global market during the forecast period.
The rising consumer adoption of online gaming is an emerging trend in the market. Games are an important element of human culture, but how they are played has evolved over time, from ancient board games to VR. The much-hyped metaverse refers to a shared, lasting digital place where people can gather, play games, and socialize. The metaverse is now a mainstream technology, as well as the next big thing in the digital world. Metaverse provides an immersive visual experience that supports emerging technologies such as blockchain, IoT, and 3D visualization. Although metaverse is being used by a variety of businesses, the gaming sector was the first to fully utilize it. Players are drawn to the metaverse because of its persistent nature. It means that players do not need to turn on or off the gaming platform, and it continues to exist after they have completed their session. Furthermore, the metaverse engages gamers by creating a virtual environment for the digital replication of the real world.
Due to factors such as the increasing use of advanced gaming technologies, changing consumer entertainment choices, and rising income levels, the online game industry is developing at a healthy rate. Moreover, better internet connectivity has resulted in a fast increase in the number of players. Hence, such factors will contribute to the growth of the market during the forecast period.
The privacy and security concerns over the metaverse are major challenges impeding market growth. Data privacy and security have been a long-running concern for users of the metaverse even though companies and organizations keep revolutionizing their IT security systems. The metaverse collects and processes vast amounts of information about users and their environment. Therefore, privacy concerns are a major challenge in the global metaverse market.
Metaverse can access the personal data of users and may pose a threat to their privacy. It can collect a lot of information from the user's social networking accounts. User privacy can also be threatened if hackers gain access to the user's device. Moreover, there are privacy-related concerns associated with smart gear used in the metaverse, such as smart glasses and VR headsets. These glasses automatically screen and process the user's environment, violating the privacy of the user and those around them. Therefore, such disadvantages may hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Metaverse in Entertainment Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Animoca Brands Corp. Ltd. - The company offers blockchain games, traditional games, and other products. The key offerings of the company include metaverse in entertainment.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the film production segment will be significant during the forecast period. Metaverse is set to revolutionize the film industry. Consumers will no longer be required to physically travel to a movie theatre with the emergence of the metaverse. By creating virtual and 3-D settings, the metaverse will also alter the way movies are shot
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The film production segment was valued at USD 14,315.47 million in 2017 and continued to grow until 2021. In terms of the metaverse, there are significant implications for filmmaking. Scenes shot in the actual world can be projected onto the metaverse or can be shot in a virtual world using avatars. This will decrease the need for a live location, crew, and filmmaking equipment such as lights and sound. In the metaverse, promotion methods and costs will differ. Physical barriers to film production will be removed, and access will be unrestricted. Metaverse can revolutionize entertainment conceptualization and consumption in the future as this new technology develops traction. People will no longer be required to physically walk to a cinema hall or multiplex to see movies, which will revolutionize the film-viewing experience. Their digital avatars will take care of things for them. VR technology will be used to interact within this environment. As a result of these factors, the metaverse is becoming more popular in film production, which, in turn, will contribute to the growth of the market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is expected to account for a sizable revenue share of the global market during the forecast period. The region's market revenue growth is anticipated to be fueled by the fast-moving convergence of the entertainment sector and the burgeoning gaming culture, as well as the incorporation of gaming services into the service portfolios of major entertainment brands and increased investment in the development of more immersive gaming and entertainment experiences. The growth of interactive entertainment platforms and an increasing focus on exploiting metaverse platforms for more enriched experiences are enabling the co-creation of content in new ways.
Furthermore, the increasing usage of interactive media platforms for big motion picture marketing campaigns, the growing collaboration between media and entertainment, and technology businesses to develop digital worlds for consumers, and rapid technological advancements in AR and VR devices are other factors that are expected to drive the growth of the regional market during the forecast period.
In 2020, the outbreak of COVID-19 positively impacted the market in North America. In 2020, time spent on digital media increased by 15% in the US compared to 2019. This further increased the demand for VR/AR platforms, which accelerated the demand for metaverse in the region. In addition, in 2021, the initiation of large-scale vaccination drives led to the resumption of the end-user industries' activities. Furthermore, the economic condition showed a sign of stability, which, in turn, enhanced the growth of the IT sector in the region. Thus, such factors are expected to foster growth in the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Metaverse In Entertainment Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.07% |
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Market growth 2023-2027 |
USD 33,323.31 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.99 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Animoca Brands Corp. Ltd., BATTLE INFINITY, Decentraland, Epic Games Inc., Gamefam Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta Platforms Inc., NFT Worlds, Niantic Inc., Nolan Consulting Ltd., NVIDIA Corp., OverActive Media Corp., Qualcomm Inc., Queppelin, Roblox Corp., Scuti.AI LLC, Sky Mavis, SportsIcon Inc., Tencent Holdings Ltd., and Zilliqa Research Pte. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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