Metaverse in Entertainment Market to Reach $221.7 Billion, Globally, by 2031 at 32.3% CAGR: Allied Market Research

ncrease in consumer spending across virtual concerts, events, and others, and technological innovations that improve audience engagement and support franchise development drive the growth of the global metaverse in entertainment market.

PORTLAND, Ore., Dec. 1, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Metaverse in Entertainment Market by Component (Hardware, Software, Service), by Technology (Blockchain, Virtual Reality and Augmented Reality, Mixed Reality, Others), by Application (Film Production, Music Labels, OTT Platforms, Television Broadcasters, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global metaverse in entertainment industry is estimated to generate $13.8 billion in 2021 and $221.7 billion by 2031, witnessing a CAGR of 32.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Increase in consumer spending across virtual concerts, events, and others, technological innovations that improve audience engagement and support franchise development, and the ability of metaverse to cater to the desire of users to connect with a community fuels the growth of the global metaverse in entertainment market. However, privacy and security concerns over the metaverse, legal challenges associated with the rights of digital collectibles, and the high cost of AR and VR devices are likely to hinder the global market growth. On the other hand, the undertaking of initiatives regarding the advancement of digital transformation of metaverse in the entertainment industry such as using blockchain technology in metaverse will present new growth opportunities for the global market in the coming years.

Covid-19 Scenario

The COVID-19 pandemic had a positive impact on the global metaverse in entertainment industry. According to SAGE Journals, average time spent on playing video games went up by more than 71% during the period of COVID-19 lockdowns.
This influenced many popular game companies to expand their offerings portfolio during the period. For instance, in July 2020, Epic Games partnered with American rap artist, Travis ScOTT to host their Astronomical Tour in Fortnite. This concert stacked up 45.8 million live audiences in-game and over 120 million views through live streams on YouTube and Twitch.
Such instances are promising great opportunities for the future of metaverse platforms and technologies which is anticipated to grow in the coming years.

The hardware segment to dominate the market in terms of revenue during the forecast period
Based on component, the hardware segment contributed to the largest share of nearly three-fifths of the global metaverse in entertainment market in 2021, and is expected to rule the roost during the forecast period. This is because hardware help to implement metaverse environment in entertainment sector. 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 implementation of virtual world.

The virtual reality and augmented reality segment to dominate in terms of revenue during the forecast period
Based on technology, the virtual reality and augmented reality segment held the largest share of more than two-fifths of the global metaverse in entertainment market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the high adoption of metaverse in gaming industry for virtual world creation. However, the blockchain segment is expected to exhibit the highest CAGR of 36.9% in 2031, as blockchain provides added security to digital assets in the virtual world.

The film production segment to dominate in terms of revenue during the forecast period
Based on application, the film production segment held the largest share of nearly two-fifths of the global metaverse in entertainment market in 2021, and is expected to maintain a prominent growth during the forecast period. This is due to the high adoption of metaverse for the creation of unreal world in films. However, the OTT platforms segment is expected to exhibit the highest CAGR of 37.4% in 2031, due to rapid surge in OTT platforms across the globe.

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Asia-Pacific to garner the highest revenue and the fastest growth by 2031
Based on region, North America was the largest market in 2021, accounting for nearly two-fifths of the global metaverse in entertainment market, owing to high quality content development and technology adoption in countries like the U.S. and Canada. However, the market in Asia-Pacific is likely to maintain its dominance during the forecast timeframe and show the fastest CAGR of 37.1% during the forecast period, owing to the growing digital and economic transformation in the region.

Leading Market Players

Epic Games, Inc.
Meta, Niantic, Inc.
Overactive Media Group
Qualcomm Technologies, Inc.
QUEPPELIN
Roblox Corporation
Tencent
Tetavi
Hungama Digital Media Entertainment Pvt. Ltd.

The report analyzes these key players of the global metaverse in entertainment market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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