Wilmington, Delaware, United States, June 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for industrial metaverse was estimated to have reached a market valuation around US$ 22.1 billion in 2022. The market is likely to garner a robust 17.5% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 93.5 billion.
The use of the industrial metaverse has increased because it provides a virtual environment for monitoring, controlling, and optimizing manufacturing operations, supply chains, as well as logistics. Real-time data analysis, remote monitoring, proactive maintenance, and other abilities are made possible by it, which boosts productivity and operational effectiveness.
The creation of the industrial metaverse is being actively funded by a number of significant technological and business organizations. Players are concentrating on developing software, hardware, and metaverse platforms expressly for business applications.
The merging of both digital and physical components, together with human enhancement, for commercial use, is known as the industrial metaverse. It includes digital representations of actual industrial settings, equipment, systems, and locations that people can interact with, alter, and communicate with.
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The global industrial metaverse market size is being greatly boosted by ongoing technological change of industries. Businesses utilizing IoT, VR, AI, and AR technologies are increasingly looking for methods to integrate and display data, streamline processes, and improve collaboration.
The advantages that digital twin technology offers to numerous sectors and applications are driving up its adoption. The use of digital twin technology within manufacturing, for instance, enables engineers to test and develop prototypes, streamline supply chains as well as production procedures, increase product quality, and cut costs.
Engineering teams may utilize digital twin technology to study how goods are used in the real world and then use that information to improve future products. With the use of digital twin technology, architects can develop lifelike models of structures and surroundings as well as track and oversee them over their entire lifespans.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 22.1 Bn | |
| Estimated Value | US$ 93.5 Bn | |
| Growth Rate - CAGR | 17.5% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 258 Pages | |
| Market Segmentation | Component, Industry Verticals | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Microsoft Corporation, Siemens AG, PTC Inc., NVIDIA Corporation, Unity Technologies, HTC Corporation, Dassault Systèmes, Magic Leap, Inc., AVEVA Group Limited, GE Digital, ANSYS, Inc., Bentley Systems Incorporated | |
Key Findings of Market Report
- The development of the industrial metaverse is being actively funded by a number of significant technological and business organizations.
- Players are concentrating on developing software, hardware, and metaverse platforms expressly for business applications.
- Within the industrial metaverse, digital twins serve as dynamic substitutes for real-world structures, procedures, and assets.
The Global Market for Industrial Metaverse: Key Trends
- The arrival of 5G technology makes the growth of the industrial metaverse easier. Real-time information and virtual representations of actual items are seamlessly combined in the industrial metaverse to produce engaging and interactive interactions.
- Compared to earlier cellular technology generations, 5G delivers noticeably quicker data transfer rates. Large volumes of data may be streamed in real time and processed because to the fast connectivity. For instance, minimum latency enables real-time monitoring and management of industrial processes, enabling more effective and quick operations.
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Global Industrial Metaverse Market: Regional Outlook
- North America is projected to maintain a dominant overseas industrial metaverse share of the market throughout the forecast period owing to the existence of major technology firms like Unity Technologies, PTC Inc., NVIDIA Corporation, Microsoft Corporation, and HTC Corporation, that offer platforms, equipment, and solutions for developing and running industrial metaverses.
- Asia Pacific is anticipated to see a significant CAGR in industrial metaverse business development throughout the forecast period. The region's market is expanding quickly because to the presence of big, growing economies like India, China, Japan, as well as South Korea, which have robust manufacturing sectors and significant potential for technological change.
Global Industrial Metaverse Market: Key Players
Some of the key players in the global Industrial Metaverse market are:
- Microsoft Corporation
- Siemens AG
- PTC Inc.
- NVIDIA Corporation
- Unity Technologies
- HTC Corporation
- Dassault Systèmes
- Magic Leap, Inc.
- AVEVA Group Limited
- GE Digital
- ANSYS, Inc.
- Bentley Systems
Some developments by the key players in the global market for industrial metaverse are:
- NVIDIA along with Microsoft, partnered in March 2023 to give Microsoft corporate users access to the industrial metaverse as well as AI through Azure Cloud. Microsoft Azure will host both NVIDIA DGX Cloud, an AI supercomputing assistance, and NVIDIA Omniverse Cloud, a Platform-as-a-Service for industrial metaverse programs.
- Siemens, a supplier of infrastructure, industrial automation, building technology, and transportation systems, and NVIDIA, a leader in accelerated graphics as well as artificial intelligence (AI), announced a cooperation in June 2022. Both businesses intended to combine Siemens Xcelerator, an open-source platform for online businesses, with NVIDIA Omniverse to hasten the adoption of AI-driven digital twin technologies.
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Global Industrial Metaverse Market Segmentation
- Component
- Hardware
- Software
- Services
- Hardware
- Industry Verticals
- Manufacturing
- Healthcare
- Energy & Utilities
- Logistics & Transportation
- Retail & Ecommerce
- Others
- Manufacturing
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America
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