NEW YORK, Oct. 18, 2023 /PRNewswire/ — The “metaverse in entertainment market 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) – Forecast and Analysis 2023-2027″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the metaverse in entertainment market from 2022 to 2027 is USD 33.32 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The growing adoption of AR/VR gaming by individuals is a key factor driving market growth. In real-time, AR gaming refers to integrating your game’s visual and audio content into the user’s environment. The use of Augmented Reality enables users to play their preferred games in any environment. Moreover, smart glasses have been developed by firms like Sony, Microsoft, and Vuzix that use advanced 3D technology for gaming.
Market Challenge
The privacy and security concerns over the metaverse are major challenges restricting market growth. While businesses and organizations continue to modernize their IT security systems, data protection, and safety concerns for users in the metaverse are a growing concern. If hackers have gained access to a user’s device, the privacy of such users may be at risk. In addition, concerns regarding privacy related to smart equipment that is used in a metaverse such as smart glasses and virtual reality headsets exist.
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The metaverse in entertainment market has been segmented 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).
- The market share growth by the film production segment will be significant during the forecast period. The metaverse will have a huge impact on film production. Once the metaverse is introduced, consumers will not need to walk into a movie theater physically. The metaverse will also affect the way movies are prepared when you create virtual and 3D settings. In addition, barriers to the production of films will be removed and access shall be made available without restriction.
- North America is estimated to contribute 33% to the growth of the global market during the forecast period.
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Key Companies in the Metaverse in Entertainment Market:
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.
Related Reports:
The metaverse in e-commerce market is estimated to grow at a CAGR of 39.65% between 2022 and 2027. The size of the market is forecast to increase by USD 85,885.22 million.
The metaverse in healthcare market size is estimated to grow at a CAGR of 34.92% between 2022 and 2027. The metaverse in healthcare market size is forecast to increase by USD 5,624.07 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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