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, 2022-2031
The metaverse services have the potential to transfigure the fundamental nature of digital media consumption and social interactions for anyone with an internet connection. It combines elements of social media, online games, and video communication tools to devise a neoteric and immersive experience, one that fuses disparate digital media experiences into a single, borderless meta-universe with persistent events, spaces, objects, and economies, all in real-time.
Furthermore, with the extensive growth and expansion of virtual events and digital innovations in the metaverse, the media & entertainment industry has undergone various transformations. Moreover, the additive value that metaverse services can create for entertainment businesses preeminently boils down to three core functionalities: unlocking fan creativity, immersive storytelling, and world-building. The inclusion of these features augments audience engagement and complements franchise-building, fulfilling the requisites of any new-age entertainment brand.
Increase in consumer spending across virtual concerts, events, and others drives the market growth of metaverse in entertainment market. In addition, the ability of metaverse to cater to the desire of users to connect with a community fuels the growth of the metaverse in entertainment market. Since, the social media connections are made possible by metaverse development technologies. The basics of integrating metaverse in the entertainment sector introduce a 3D plane that is not restricted to viewing people on mobile devices or computers and hearing their voices. Together, augmented reality and virtual reality allow for the intense creation of realistic experiences that surpass the capabilities of the most recent social media features.
However, for instance, one of the features of the metaverse is multi-sensor fusion and the metaverse's supporting technologies make extensive use of sensors. These sensors are essential as they allow users to experience an immersive version of the metaverse and gather a huge amount of information about the user, including social, physiological, physical, and biometric data. As a result, the main obstacles restricting the spread of the metaverse in the entertainment market are privacy and security concerns. Contrarily, the initiatives for the advancements of digital transformation of a metaverse in the entertainment industry such as using blocking technology in metaverse can contribute a lot to digital transformation. In addition, the use of blockchain applications in metaverse is anticipated to enable users to emerge in an immersive digital space to experience complete autonomy and trust within the metaverse. Therefore, these factors are expected to provide numerous opportunities for the expansion of the metaverse in entertainment market during the forecast period.
The metaverse in entertainment market is segmented on the basis of component, technology, application, and region. By component, it is categorized into hardware, software, and service. By technology, the market is divided into blockchain, virtual & augmented reality, mixed reality, and others. By application, it is classified into film production, music labels, OTT platforms, television broadcasters, and others. By region, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the metaverse in entertainment market such as Epic Games, Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta, Niantic, Inc., Overactive Media Group, Qualcomm Technologies, Inc., QUEPPELIN, Roblox Corporation, Tencent, and Tetavi. These players have adopted various strategies to increase their market penetration and strengthen their position in the metaverse in entertainment industry.
Key benefits for stakeholdersThe study provides an in-depth analysis of the global metaverse in entertainment market along with the current trends and future estimations to elucidate imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global metaverse in entertainment market for the period 2021–2031 is provided to determine the market potential.
Technology Trend Analysis
Strategic Recommedations
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
SWOT Analysis
Key Market SegmentsBy TechnologyBlockchain
Virtual Reality and Augmented Reality
Mixed Reality
Others
By ComponentHardware
Software
Service
By ApplicationFilm Production
Music Labels
OTT Platforms
Television Broadcasters
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersQUEPPELIN
Meta
Niantic, Inc.
Overactive Media Group
Tencent
Epic Games, Inc.
Qualcomm Technologies, Inc.
Tetavi
Roblox Corporation
Hungama Digital Media Entertainment Pvt. Ltd.
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