Market research agencies have been actively researching the topic of the metaverse and its future adoption.
Recently, Technavio, a market research firm published a report on metaverse bloom in the entertainment sector and has projected the initiatives would grow to reach $28.92 billion from 2021 to 2026.
The report highlighted two prime areas that will most likely support the projected growth. First is the anticipated increase in consumer spending on virtual concerts and virtual events, to be made possible by the growing advancements in virtual reality (VR) and augmented reality (AR) technologies. The second factor in the report was highlighted as the rising adoption of online gaming, which when combined with AR and VR offers a level of immersion that encourages spending in the domain.
As per the report, most of the escalated growth i.e. about 33% will come from the United States due to the rapid convergence of the entertainment industry and gaming culture in the region.
Further, the report also acknowledged the challenges to the growth of the market, like privacy and security concerns in the metaverse. This issue has already been raised by international organizations like World Economic Forum (WEF) and Interpol. Interpol also announced its plan to offer services in the metaverse as reported by Todayq.
The report also predicts the rise of a metaverse in film production, as the movies will become more enhanced with the integration of VR making them more interactive for the viewers. There have been numerous attempts in pursuit of this but none have piqued mass mainstream success.
Other reports have also made projections about the metaverse in the entertainment industry. On September 12, JP Morgan projected the Chinese metaverse gaming sector to reach $100 billion and in March, Citi projected the sector to be a $13 trillion opportunity.