At 32.3% CAGR, Metaverse in Entertainment Market Size to Exceed USD 221.7 Billion in 2031

The global metaverse in entertainment market is predicted to earn $13.8 billion in 2021 and $221.7 billion by 2031, with a CAGR of 32.3% from 2022 to 2031, according to the report. The research provides a thorough analysis of the industry's shifting trends, leading market segments, important investment areas, value chain, regional environment, and competitive environment.

The growth of the global metaverse in entertainment market is driven by an increase in consumer spending on virtual concerts, events, and other entertainment, technological advancements that increase audience engagement and support franchise development, and the ability of metaverse to satisfy users' desire for community connection. However, issues with the metaverse's privacy and security, legal issues around the ownership of digital artefacts, and the high price of AR and VR equipment are likely to impede the expansion of the global market. On the other hand, actions being taken to further the metaverse's digital transformation in the entertainment sector, including as the use of blockchain technology, will create new growth potential for the worldwide market in the years to come.

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According to component, the hardware sector made up roughly three-fifths of the global market for metaverse entertainment in 2021 and is predicted to continue to dominate during the projection period. This is so that the metaverse environment can be implemented in the entertainment industry. However, due to the rapid uptake of software for the construction of virtual worlds, the software segment is predicted to have the fastest CAGR of 36.7% from 2022 to 2031.

According to technology, the virtual reality and augmented reality segment accounted for more than two-fifths of the global market for metaverse entertainment in 2021, and it is predicted to continue expanding significantly over the next years. This is a result of the game industry's widespread use of metaverse for building virtual worlds. However, because blockchain adds more protection to digital assets in the virtual world, it is anticipated that the blockchain segment would have the greatest CAGR of 36.9% in 2031.

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According to application, the film production segment accounted for about two-fifths of the worldwide metaverse entertainment market in 2021 and is anticipated to continue expanding rapidly over the coming years. This is a result of how frequently metaverse is used to create fantastical settings for movies. However, due to the rapid growth of OTT platforms around the world, the OTT platforms segment is predicted to have the highest CAGR of 37.4% in 2031.

Due to the development of high quality content and the uptake of technology in nations like the United States and Canada, North America accounted for approximately two-fifths of the worldwide metaverse in entertainment market in 2021, making it the largest market by geographic region. However, due to the region's expanding economic and digital transformation, the market in Asia-Pacific is anticipated to continue its leadership during the projection period and exhibit the quickest CAGR of 37.1%.

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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.

Key Findings of the Study -

• By component, the hardware segment accounted for the largest metaverse in entertainment market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By Application, film production segment accounted for the largest metaverse in entertainment market share in 2021.

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