(MENAFN- PR Newswire) NEW YORK, June 9, 2023 /PRNewswire/ -- According to Technavio, the global metaverse in entertainment market size is estimated to grow by USD 33,323.31 million from 2022 to 2027. The market is estimated to grow at a CAGR of 9.07% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 33% of the market's growth. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region.
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Technavio has announced its latest market research report titled Global Metaverse in Entertainment Market 2023-2027
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 Bargaining Power of Buyers & Suppliers and the Threat of New Entrants , Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria
One of the core components of the customer landscape is price sensitivity , an analysis of which will help companies refine marketing strategies to gain a competitive advantage .
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important) , which range between LOW and HIGH. Furthermore, market adoption rates for all regions have been covered.
The metaverse in entertainment market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -
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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Metaverse in entertainment market - Segmentation assessment
Segment overview
Technavio has segmented the market based on end-user (film production, music labels, OTT platforms, television broadcasters, and others) and component (hardware, software, and services).
The market share growth by the
film production segment will be significant
during the forecast period. Metaverse is expected to revolutionize the film industry. It will also change the film-viewing experience, as VR technology will be used to interact within this environment. Scenes shot in the real world will be projected onto the metaverse using avatars, which will reduce the need for a live location, crew, and filmmaking equipment. These factors, in turn,
contribute to the growth of the segment during the forecast period.
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Metaverse in the entertainment market
– Market dynamics
Key factor driving market growth
The growing adoption of AR/VR gaming by individuals
drive
the market growth. AR gaming enables users to play games in any environment. It provides a simulated environment through hardware products and software programs to give users a virtual experience. The use of AR devices such as smart glasses is expected to increase during the forecast period because of
the rising awareness about AR gaming. For instance, companies such as Sony, Microsoft, and Vuzix are developing smart glasses using 3D technologies for the gaming sector. Hence, such
factors fuel the growth of the global market during the forecast period.
Leading trends influencing the market
The rising adoption of online gaming is an emerging trend influencing
market growth. Metaverse provides an immersive visual experience with the help of emerging technologies, including
blockchain, IoT, and 3D visualization. The increasing use of advanced gaming technologies, changing consumer entertainment choices, and rising income levels drive
the growth of the online gaming industry. Additionally, improved internet connectivity increases
the number of players globally. Such factors will support the growth of the market during the forecast period.
Major challenges hindering market growth
Privacy and security concerns
are challenges hindering market growth. The metaverse collects and processes large amounts of data about users and their environment, which creates privacy concerns. Moreover, hackers may be able to gain access to users' devices. Smart gear used in the metaverse, such as smart glasses and VR headsets, can automatically screen and process the user's environment. Such disadvantages may hinder the growth of the market during the forecast period.
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Geography overview
Based on geography, the global metaverse in entertainment market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global metaverse in entertainment market.
North America
is estimated to account for 33% of the growth of the global market during the forecast period. The growth of this region is attributed to factors such as the growth of the entertainment and gaming industries. Major entertainment brands are expected to incorporate gaming services into their service portfolios and invest in the development of immersive gaming and entertainment experiences. The growth of interactive entertainment platforms and the rising focus on metaverse platforms will provide new ways to create content. Hence, such factors
fuel the growth of the market in the region during the forecast period.
What are the key data covered in this metaverse in entertainment market report?
CAGR of the market during the forecast period Detailed information on factors that will drive the growth of the metaverse in entertainment market between 2023 and 2027 Precise estimation of the size of the metaverse in entertainment market and its contribution to the parent market Accurate predictions about upcoming trends and changes in consumer behavior Growth of the metaverse in entertainment market across North America, Europe, APAC, South America, and Middle East and Africa A thorough analysis of the market's competitive landscape and detailed information about vendors Comprehensive analysis of factors that will challenge the growth of metaverse in entertainment market vendors
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Related Reports:
The metaverse market is estimated to grow at a CAGR of 40.06% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,152.35 billion. This report extensively covers market segmentation by device (VR or AR devices and computing devices), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The rising consumer adoption of online gaming is an emerging trend in the market.
The size of the metaverse market in finance is estimated to grow at a CAGR of 21.33% between 2022 and 2027. The size of the market is forecasted to increase by USD 107.06 billion. This report extensively covers component (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The integration with VR and AR platforms is
notably driving the metaverse market in finance growth.
Metaverse In Entertainment Market Scope |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 9.07% |
Market growth 2023-2027 | USD 33,323.31 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 7.99 |
Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution | North America at 33% |
Key countries | US, Canada, China, UK, and Germany |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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. |
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, Market condition analysis for forecast period. |
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. |