Metaverse of Entertainment Expected to Grow to Almost $29 Billion Driven by Consumer Spending by 2026, Study Says

A survey from Technavio, a marketplace probe firm, has predicted that the country of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, volition turn to $28.92 cardinal successful worth from 2021 to 2026. The study states that 33% of this maturation volition originate successful U.S. markets, owed to the intersection of gaming and movie companies.

Metaverse of Entertainment to Grow, Fueled by Consumer Adoption

The metaverse and its aboriginal adoption proceed to beryllium a substance of progressive probe by marketplace forecasting companies. A report issued connected Nov. 11 by Technavio, a marketplace probe firm, has determined that the marketplace size of the metaverse initiatives related to amusement volition turn to scope $28.92 cardinal successful the play from 2021 to 2026.

The study identified 2 cardinal areas that volition substance this growth, including the rising user spending connected virtual concerts and virtual events, made imaginable by the increasing advancements successful virtual world (VR) and augmented world (AR) technologies. The 2nd cardinal origin is the rising adoption of online gaming, which, combined with the aforementioned technologies, offers a level of immersion that volition promote spending successful this area.

However, the survey besides shows that determination volition beryllium challenges to the maturation of the market, including concerns regarding privateness and information successful the metaverse. This contented has already been raised by institutions similar the World Economic Forum (WEF) and adjacent Interpol, with the second already starting to bring their services into a police-focused metaverse.

New Trends and Role of U.S.

The survey further predicts the emergence of the metaverse successful movie production, forecasting that movies volition go interactive and viewers volition beryllium capable to impact the cinematic environments, utilizing VR exertion for this purpose. There person been attempts astatine achieving this before, but nary person commanded wide mainstream success.

Most of the projected metaverse maturation volition travel from the U.S., according to the study, owed to a confluence of factors. 33% of the summation is projected to originate successful the country acknowledgment successful portion to the “rapid convergence of the amusement manufacture and traction of the gaming culture, the integration of gaming services into the work offerings of large amusement brands, and accrued concern to make much immersive gaming and amusement experiences.”

Other reports person besides made projections astir the metaverse successful the amusement industry. On Sept. 12, JPMorgan stated that the Chinese metaverse gaming marketplace could detonate to implicit $100 cardinal successful value. Also, successful March, Citi predicted the metaverse mightiness beryllium a $13 trillion opportunity.

What bash you deliberation astir the metaverse of amusement and its projected growth? Tell america successful the comments conception below.

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