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The Metaverse in Entertainment Market size is forecast to increase by USD 31.76 billion at a CAGR of 8.2% between 2023 and 2028. The market's expansion is influenced by various factors, such as the increasing recognition of VR gaming, the widespread acceptance of virtual and augmented reality, and gaming among individuals, alongside the escalating consumer expenditure on virtual concerts, events, and other entertainment experiences. Additionally, the utilization of avatars enhances the immersive nature of live entertainment experiences.
Metaverse is a virtual platform focused on social interaction. It is a simulated digital platform that utilizes augmented reality (AR), virtual reality (VR), and blockchain technology and cryptocurrencies to create spaces for user interaction in the virtual world. The effectively combines interactive components of online gaming, social media, and video communication to produce an innovative experience that seamlessly blends several digital media experiences in a single virtual platform in real-time video streaming. It has the potential to improve the consumer experiences of entertainment industry content, and key companies are working hard to make this a reality.
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The growing adoption of virtual reality gaming by individuals is notably driving market growth. AR gaming can be referred to as the integration of game visual and audio content with the environment of the users in real time. In addition, users can play the games of their choice in any environment using AR technology. Furthermore, They can also augment gaming characters in places of their choice.
Moreover, the adoption of AR devices such as smart glasses is likely to increase during the forecast period due to rising awareness about AR gaming. In addition, companies such as Sony, Microsoft, and Vuzix are developing smart glasses using cutting-edge 3D technologies for the gaming sector. Furthermore, 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 drive 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 a crucial element of human culture, but how they are played has evolved over time, from ancient board games to VR. In addition, the much-hyped refers to a shared, lasting digital place where people can gather, play games, and virtual reality social events. Furthermore, it provides an immersive visual experience that supports emerging technologies such as blockchain, IoT, and 3D visualization.
Moreover, 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. Furthermore, better internet connectivity has resulted in a fast increase in the number of players. Hence, such factors will drive the growth of the market during the forecast period.
Privacy and security concerns is the major challenges impeding the market growth. Data privacy and security have been a significant concern for users of the metaverse even though companies and organizations keep revolutionizing their IT security systems. In addition, the metaverse collects and processes vast amounts of information about users and their environment.
Moreover, it can access the personal data of users and may pose a threat to their privacy. In addition, it can collect a lot of information from the user's social networking accounts. Furthermore, there are privacy-related concerns associated with smart gear used, such as smart glasses and VR headsets. In addition, 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 offers extensive research analysis on the Market, with a categorization based on End-user, including film production, music labels, OTT platforms, television broadcasters, and others. It further segments the market by Component, encompassing hardware, software, and services. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
The film production segment is estimated to witness significant growth during the forecast period. The 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, it will also alter the way movies are shot.
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The film production segment was the largest segment and was valued at USD 15.18 billion in 2018. Moreover, in terms of the metaverse, there are significant implications for filmmaking. In addition, scenes shot in the actual world can be projected onto the metaverse or can be shot in a virtual world using avatars. Therefore, this will decrease the need for a live location, crew, and filmmaking equipment such as lights and sound. In the promotion methods and costs will differ. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The increasing focus on user experience will fuel the hardware segment which will increase the market growth. The hardware segment is growing significantly due to a growing emphasis among companies on producing products that provide a better user experience and allow for more extended user immersion. In addition, companies are also attempting to develop more sophisticated equipment, such as VR/AR headsets, haptic devices, and sensors, in order to improve the realism of virtual reality technology worlds. For example, Meta Quest 2 is a standalone VR headset developed by Meta (formerly Facebook).In addition, it has gained popularity for its affordability, wireless capabilities, and growing library of VR content, contributing to the widespread adoption of VR hardware. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Europe is estimated to contribute 32% 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.
Another region offering significant growth opportunities to companies is North America. Factors such as 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. are contributing to the market growth in North America. Moreover, 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. In addition, 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 are driving the growth market in North America during the forecast period.
The market 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 Market Customer Landscape
Companies 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.
BATTLE INFINITY: The company offers metaverse in entertainment such as Battle Staking, Battle Swap, and IBAT Premier League.
Decentraland Foundation: The company offers metaverse in entertainment such as decentralized metaverse, users can create and sell Wearables and Emotes, construct captivating scenes and interactive experiences, or set up a personal space in users own World.
Epic Games Inc: The company offers metaverse in entertainment such as Lego game metaverse, It reshapes how people meet, play, work, learn and interact in a virtual, 3D world.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Market Analyst Overview
The entertainment industry is undergoing a profound digital transformation with the emergence of a digital universe where users interact and the audience engages with various experiences. Leveraging digital tools, cryptocurrencies, and 3D capabilities, media and entertainment applications are pushing the boundaries of traditional entertainment formats. In this borderless metaverse, users can immerse themselves in virtual environments, attend online events, and interact with 3D avatars. Technological innovations such as virtual reality, augmented reality, and mixed reality are revolutionizing entertainment experiences, offering immersive storytelling and gamified experiences.
However, the presents legal challenges and concerns around virtual assets management and user-generated content. Despite these challenges, the adoption of virtual reality and interest in blockchain technology continues to drive growth in live entertainment within the metaverse. As social distancing norms persist and the world embraces a digital-first economy, the metaverse offers a glimpse into the future of entertainment, where contactless and virtual experiences are seamlessly integrated into our daily lives. With high-speed Internet connectivity and a growing array of revenue streams, the market is poised to shape the future of entertainment for years to come.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Metaverse In Entertainment Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.2% |
Market Growth 2024-2028 |
USD 31.76 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.97 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 32% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BATTLE INFINITY, Decentraland Foundation, Epic Games Inc., Gamefam Inc., Hungama Digital Media Entertainment Pvt. Ltd., HYTOPIA, Meta Platforms Inc., Niantic Inc., NVIDIA Corp., OverActive Media Corp., Qualcomm Inc., Ristband, Inc., Roblox Corp., Scuti.AI LLC, Sky Mavis, SportsIcon Inc., Tencent Holdings Ltd., Zilliqa Research Pte. Ltd., Animoca Brands Corp. Ltd., and Queppelin |
Market dynamics |
Parent market analysis, Market Forecasting,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. |
Customization purview |
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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
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