A report issued on Nov. 11 by Technavio, a market research firm, has determined that the market size of the metaverse initiatives related to entertainment will grow to reach $28.92 billion.
Metaverse of Entertainment Expected to Grow to Almost $29 Billion Driven by Consumer Spending by 2026, Study Says
A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of gaming and film companies.The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. Aissued on Nov.
The report identified two key areas that will fuel this growth, including the rising consumer spending on virtual concerts and virtual events, made possible by the growing advancements in virtual reality and augmented reality technologies. The second key factor is the rising adoption of online gaming, which, combined with the aforementioned technologies, offers a level of immersion that will encourage spending in this area.
However, the study also shows that there will be challenges to the growth of the market, including concerns regarding privacy and security in the metaverse. This issue has already been raised by
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