Rising consumer spending on virtual concerts, events, etc. and technological innovations that improve audience engagement and support franchise development drive the growth of the global metaverse in the entertainment market.
Portland, Oregon., December 1, 2022 /PRNewswire/ — Allied Market Research reports “By Component (Hardware, Software, Services), Technology (Blockchain, Virtual and Augmented Reality, Mixed Reality, Others), and Application (Filmmakers, Music Labels, OTT). Platforms, Television Broadcasters, and Others): Global Opportunity Analysis and Industry Forecasts, 2021 to 2031. According to the report, the global metaverse of the entertainment industry is: $13.8 billion 2021 and $221.7 billion By 2031, the CAGR from 2022 to 2031 has reached 32.3%. This report provides an in-depth analysis of changing market dynamics, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Constraints and Opportunities
Increased consumer spending on virtual concerts, events and more, technological innovations that improve audience engagement and support franchise development, and the Metaverse’s ability to meet users’ desire to connect with their communities are driving the global metaverse growth in entertainment. We support growth. market. However, privacy and security concerns regarding the metaverse, legal challenges related to digital collectibles rights, and the high cost of AR and VR devices may hamper the growth of the global market. On the other hand, the implementation of initiatives on driving the digital transformation of the Metaverse in the entertainment industry, such as the use of blockchain technology in the Metaverse, will bring new growth opportunities to the global market in the coming years.
The COVID-19 pandemic has positively impacted the global metaverse of the entertainment industry. According to SAGE Journals, the average time spent playing video games increased by more than 71% during the COVID-19 lockdown.
This inspired many popular game companies to expand their product portfolios during the period. July 2020Epic Games partnered with an American rap artist to Travis Scott Host an astronomical tour in Fortnite. The concert earned him 45.8 million live viewers in-game, and he received over 120 million views via YouTube and his Twitch livestream.
Instances like this promise great opportunities for the future of the Metaverse platform and technology, which is expected to grow in the coming years.
Hardware segment to dominate the market in terms of revenue during the forecast period
Based on component, the hardware segment is expected to dominate the roost during the forecast period, contributing to the largest share of nearly three-fifths of the global metaverse in the entertainment market in 2021. This is because hardware helps implement metaverse environments in the entertainment field. 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 implementing virtual worlds.
Virtual Reality And Augmented Reality Segment Dominant In Terms Of Revenue During Forecast Period
Based on technology, the virtual and augmented reality segment will hold the largest share with more than two-fifths of the global metaverse in the entertainment market in 2021 and is expected to maintain remarkable growth during the forecast period. increase. This is due to the widespread adoption of the metaverse in the creation of virtual worlds in the gaming industry. However, blockchain segment is expected to show its highest CAGR of 36.9% in 2031 as blockchain provides additional security to digital assets in virtual worlds.
Dominant film production segment in terms of revenue during the forecast period
Based on application, the film production segment held the largest share of the global metaverse in the entertainment market in 2021 with almost two-fifths and is expected to maintain a remarkable growth during the forecast period. This is due to the widespread use of the metaverse to create unrealistic worlds in movies. However, the OTT platform segment is expected to exhibit the highest CAGR of 37.4% in 2031 due to the rapid surge of his OTT platforms across the globe.
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Asia Pacific Achieve highest revenue and fastest growth by 2031
By region North America is the largest market in 2021, accounting for almost two-fifths of the global metaverse of entertainment markets, owing to high-quality content development and technology adoption in countries such as the United States. CanadaBut the market Asia Pacific The growing digitalization and economic transformation in this region is likely to maintain its dominance during the forecast period and exhibit the fastest CAGR of 37.1% during the forecast period.
major market players
Epic Games Inc.
Meta, Niantic, Inc.
excess media groups
Qualcomm Technologies Inc.
Roblox Co., Ltd.
Hungama Digital Media Entertainment Pvt.Ltd.
This report analyzes the key players of the global metaverse in the entertainment market. These players are adopting various strategies such as expansion, new product launches, and partnerships to increase their market penetration and strengthen their position in the industry. This report helps determine the performance, business segments, product portfolios and developments by all market players.
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