According to research by market research firm Technavio, We predict that the entertainment-focused Metaverse space, including virtual concerts, video games, and movies, will grow to a value of $28.92 billion from 2021 to 2026. The intersection of a game company and a movie company.
Growing Entertainment Metaverse Driven by Consumer Adoption
The Metaverse and its future adoption continue to be an issue of active research by market forecasters. According to his Nov. 11 report, published by market research firm Technavio, the market size of metaverse initiatives related to entertainment will grow to $28.92 billion between 2021 and 2026. It is said that it will reach
The report identifies two key drivers of this growth, including increased consumer spending on virtual concerts and virtual events enabled by advances in virtual reality (VR) and augmented reality (AR) technologies. areas have been identified. A second important factor is the increasing adoption of online games. This, combined with the aforementioned technologies, provides a level of immersion that drives spending in this space.
However, the study also shows challenges to market growth, such as privacy and security concerns in the metaverse. The issue has already been raised by institutions such as the World Economic Forum (WEF) and Interpol, which has already begun incorporating services into its police-focused metaverse.
Emerging trends and roles in the United States
, allowing the viewer to influence the cinematic environment using VR technology for this purpose. There have been previous attempts to achieve this, but none have met with mass mainstream success.
Most of the projected metaverse growth will come from the United States, according to research, as a result of a combination of factors. 33% of the increase occurred in the region, thanks to “the rapid convergence of the entertainment industry and the driving force of gaming culture, the integration of gaming services into the service offerings of major entertainment brands, and increased investment in creating” It is predicted that Provides a more immersive gaming and entertainment experience.
Other reports also make predictions about the metaverse in the entertainment industry. On Sept. 12, JP Morgan said the value of China’s Metaverse games market could exceed $100 billion. Citi also predicted in March that the Metaverse could be a $13 trillion opportunity for him.
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