The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. 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 in the period from 2021 to 2026.
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 (VR) and augmented reality (AR) 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.
