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Industrial Metaverse Market By Component (Hardware (AR Devices, VR Devices, MR Devices), Displays, Software (Extended Reality Software, Gaming Engines, 3D Mapping, Modelling, and Reconstruction, Metaverse Platforms, Financial Platforms, Other Software)) By Professional Services (Professional Services Development and System Integration, Strategy And Business Consulting) By Platform (Desktop, Mobile, Headsets, Technology) - Growth, Share, Opportunities & Competitive Analysis, 2016 – 2028

How has the Industrial Metaverse Market's Expansion been Influenced by Rising Adoption of Advanced VR Devices and Blockchain?

A group of technologies known as the metaverse enables the connection of persistent digital representations to elements of the actual world, such as people, places, and objects. Core technologies such as Virtual Reality (VR), Extended Reality (XR), Augmented Reality (AR), which blends real and virtual surroundings, and Artificial Intelligence (AI) are what make constructing an effective metaverse environment possible (AI). Going forward, market growth is anticipated to be significantly supported by the rising popularity of Mixed Reality (MR) interfaces, which merge real and virtual environments. Globally, small, medium-sized, and large-scale businesses, as well as individual customers, are showing an increasing need for cutting-edge VR gadgets, which is promoting market expansion. Additionally, the market is growing as a result of the increased use of cutting-edge technologies in numerous Professional Servicess, including blockchain, mixed reality, and artificial intelligence (AI).

industrial-metaverse-market

For instance, in February 2022, the Ethereum Blockchain-based metaverse Decentraland raised USD 1.2 million through an auction and marketplace for fungible tokens. Price Waterhouse Cooper Hong Kong also paid USD 10,000 for LAND in Sandbox. Rising investments in retail and e-commerce as well as an increase in the use of platforms to display products in a virtual setting also support industry expansion. The report from the United Nations Conference on Trade and Development (UNCTAD) estimates that by 2020, worldwide e-commerce sales would have climbed from 16 to 19%, reaching USD 26.7 trillion. The global rise in e-commerce sales has produced a sizeable window of opportunity for the market to expand throughout the course of the projected period.

What is the Market Size of Industrial Metaverse in terms of value?

The global Industrial Metaverse Market is projected to increase at a significant CAGR of 11.80 % in the coming years. In 2021, the global Industrial Metaverse market was valued at USD xx billion and is projected to reach at the value of USD xx billion by 2028. The demand for Industrial Metaverse is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD xx billion during  2022 and 2028.

What Impact has COVID-19 had on the Industrial Metaverse Market?

Even Nevertheless, the extended reality (XR) gadget manufacturers' operating difficulties are the main cause of the loss in industrial metaverse market. Despite this, there are a lot of prospects in the market for metaverse software that are becoming more and more prominent. The deployment of XR-based solutions in the education sector and industrial training are two of the most significant ones. Additional potential include the fully-tested deployment of XR in the healthcare industry, ongoing and consistent advancements in 5G technology, and companies switching from offline exhibitions to virtual video live streaming events. The metaverse market is anticipated to grow during the coming years.

Interesting Facts about Industrial Metaverse Industry

  • The rising emphasis on leveraging the Internet to bring the physical and digital worlds closer together is driving growth in the metaverse economy. As a result of bitcoin gambling, this market is increasing.
  • In terms of value, the global market for Industrial Metaverse was dominated by the North America region in 2021, and this trend is expected to continue.
  • Technologies like XR, AI, and analytics are anticipated to be very helpful for teaching and simulating Professional Servicess in the aerospace and defence sector.
  • The leading market participants' rising investments and advances are anticipated to accelerate the uptake of the metaverse in gaming and entertainment.

Who are the Top 10 Players/Companies in the Industrial Metaverse market in term of value?

The key players in the global Industrial Metaverse market in terms of value Meta (US), Microsoft (US), NetEase (China), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (Marshall islands), VR Chat (US), Decentraland (Argentina), Apple (US), Qualcomm (US), Panasonic (Japan), Eon Reality (US), Roblox (US), Somnium Space (UK), and Sandbox VR (US).

These key competitors are focusing on new product launches as well as technical innovation to increase their Surfactant production and obtain a competitive market share on a global scale. For instance, in January 2022, in order to create the first world with a musical theme in The Sandbox metaverse, Warner Music Group and The Sandbox announced a cooperation. With this arrangement, Warner Music Group (WMG) will enter the metaverse and the NFT market for the first time. On the other hand, in November 2021, Harmonix Music Systems, Inc. was purchased by Epic Games, Inc. In order to create musical games and adventures for Fortnite, the Harmonix team will work closely with Epic Games, Inc., while also maintaining compatibility for already released items like Rock Band 4.

Who are the Top 10 Countries in the Industrial Metaverse Market?

In the global Industrial Metaverse market, the major countries are US, Canada, Brazil, China, Japan, Australia, India, Spain, Germany, and UK. The United States dominate the market. Rising investments in digital twin technologies and beneficial government initiatives are credited with driving the market growth in the United States. The "Open Mobility Foundation" effort was started by the U.S. federal government to investigate the use of digital twin technologies to create safer and smarter communities. Additionally, the market is benefiting from the presence of significant businesses in the area, including Nvidia Corp., Epic Games, and Metaverse Platform Inc.

Which is the Key Component Segment in the Industrial Metaverse Market?

As per the component, the hardware sector has contributed the most to income. Providers of consumer hardware, including monitors, headsets, and extended reality equipment, make up this market. This section also includes tracking systems, projection, industrial cameras, and scanning sensors among other hardware devices. Advanced technological advancements in ER and VR are the primary drivers of the hardware segment's growth, but the software segment is also anticipated to have considerable growth over the course of the forecast period.

What are the Major Driving Factors for Industrial Metaverse Market?

Growth in the metaverse business is being driven by a growing emphasis on using the Internet to bring the physical and digital worlds closer together. This market is expanding as a result of cryptocurrency gambling. As more investors participate in this boom, investments are rising. As there is a greater emphasis on bringing the physical and digital worlds together using the Internet, the global metaverse is predicted to grow strongly during the projection period. This is a key element that is influencing the market. Demand for metaverse is rising as more people use cryptocurrency to buy digital goods. Users can communicate online, play out scenarios, and assist Winstanley in collecting sensor data thanks to this platform. Between the physical and digital worlds, metaverse acts as a bridge.

What are the Major Restraints for Industrial Metaverse Market?

Dependence on VR technology has impeded the development and wide-scale adoption of metaverse, as well as its expansion. Because of the numerous restrictions placed on portable hardware and the necessity to strike a balance between cost and design, this industry lacks mobility and offers few options for high-quality graphics.

Which Region Dominated the World Industrial Metaverse Market?

In 2021, North America dominates the Industrial Metaverse market over the forecast period because more customers and users are embracing new, complicated technologies. The increase of start-ups building commercial metaverse platforms is another element that is anticipated to promote regional market revenue growth. Growth in the market is also being fuelled by the region's substantial presence of gaming and metaverse businesses like Nvidia Corporation, the Sandbox, and Epic Games, Inc., which concentrate on integrating metaverse into games. For instance, Nvidia Corporation recently announced partnerships with Blender and Adobe that would allow millions more individuals to access NVIDIA Omniverse, the first collaboration and simulation platform in the world.

Asia Pacific is expected to grow significantly. The market is anticipated to expand throughout the course of the projected period as a result of consistent economic growth and a decline in digitalisation across nations like India, China, and Japan. The presence of numerous tech firms, government agencies, and startups in this area favours technological development. The Asia Pacific market is predicted to expand due to the region's strong industrial environment, high commercial value, and technological revolution in the areas of social networking, entertainment, the digitisation trend, education, and gaming.

Frequently asked questions :

The global Industrial Metaverse market is expected to be impacted significantly by COVID-19.

North America accounted for the highest share in the global Industrial Metaverse market in terms of value.

The rising emphasis on using the Internet to connect the physical and digital worlds is driving growth in the metaverse economy. This market is growing as a result of bitcoin gambling.

Hardware segment had a major share in 2021 with more than 20% of the market revenue share.

Desktop segment had a major share in 2021 with more than 40% of the market revenue share.

Industrial Metaverse Market Scope

Report Attribute Details
Market Value in 2021 USD xx billion
Market Value in 2028 USD xx billion
CAGR 11.80 %
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Jul 2022
Category:  Information and Communications Technology
Report ID:   60588
Report Format:   PDF
Pages:   190
Rating:    4.8 (12)
Delivery Time: 24 Hours to 48 Hours   
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