Global Metaverse in Entertainment Market Share Expected to Reach Over $28 Bln by 2026
The global metaverse in the entertainment market share is predicted to jump to $28.92 billion by 2026 at an accelerating compound annual growth rate of 8.55%.
A report published by TechNavio, a pioneering market research company, said the market share is dominated by few players. The entertainment market is segmented by end-user, including music labels, film production, television broadcasters, OTT platforms, and others.
The report offered information about market dealers like Aomen City, Epic Games Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta Platforms Inc., Niantic Inc., OverActive Media Corp., Qualcomm Inc., Queppelin, Roblox Corp., Tencent Holdings Ltd., and Tetavi Ltd.
Film production will be the biggest contributor to the entertainment market in the metaverse by 2026. The report expected that the metaverse would revolutionize the film industry as it will depend more on VR technology and creating virtual settings.
Regarding its geography, It focused on the Middle East, Europe, North America, South America, and Asia-Pacific. North America will make up 33% of the market’s growth in the mentioned period.
The report attributed the growth in this region to several factors, including the increasing intersection between the entertainment industry and gaming culture, major entertainment brands’ integration of gaming services, and growing investment in creating more captivating entertainment and gaming experiences.
It also mentioned that the market growth in North America is faster than the growth in the Middle East and South Africa.
According to the report, several factors drive the metaverse in the entertainment market, including the increasing demands for virtual events with a growing number of audiences at these events, in addition to the development of technologies like VR and AR. The consumers’ tendency toward online gaming will also push the market growth by 2026.
According to KPMG research, online gaming will reach 510 million people by the end of 2022, up from 360 million in 2020.
However, Technavio referred to challenges that the metaverse growth faces, topped by privacy and security concerns. The massive volume of information that the metaverse requires about the users and their environment poses a threat to their privacy. The report also mentioned privacy-related concerns linked with VR headsets and smart glasses, a matter which curbs the market growth.
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