Industrial Metaverse Market is Anticipated to Hold a Share of US$ 765.8 billion by 2033 Says Persistence Market Research

Market Overview

As per Persistence Market Research (PMR), the global industrial metaverse market value is estimated to reach US$ 80.1 billion in 2023. From 2023 to 2033, global demand for industrial metaverse solutions is likely to surge at 25.3% CAGR. By 2033, total market size is projected to reach US$ 765.8 billion.

Report Overview: https://www.persistencemarketresearch.com/market-research/industrial-metaverse-market.asp

Market Growh Factors

Here are some of the key factors driving the growth of the industrial metaverse market:
• The increasing adoption of digital twin technology. Digital twins are virtual representations of physical objects or systems that can be used to model, design, analyze, and optimize their performance. Digital twins are essential for building and operating the industrial metaverse.
• The growing demand for extended reality (XR) solutions. XR technologies, such as augmented reality (AR) and virtual reality (VR), provide users with immersive experiences that blend the physical and digital worlds. XR technologies are well-suited for a variety of industrial metaverse applications, such as remote maintenance, training, and product design.
• The need for improved efficiency and productivity. The industrial metaverse can help businesses to improve their efficiency and productivity by streamlining processes, reducing errors, and optimizing workflows.
• The need for new and innovative business models. The industrial metaverse can enable businesses to develop new and innovative business models, such as product-as-a-service (PaaS) and subscription-based models.
Remote collaboration is predicted to remain the top application of the industrial metaverse. According to the latest report, the target segment is forecast to progress at a CAGR of 24.1% through 2033.

Growing adoption of industrial metaverse in manufacturing and industrial IoT is a key factor expected to boost the global market.

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Industrial metaverse enables the creation of immersive and interactive digital environments in which real-world items, data, and simulations combine. Users may interact, visualize, and manipulate 3D models in the industrial metaverse, conduct virtual testing and training, optimize processes, and remotely monitor and operate actual assets.

By using innovative technologies and virtual representations of their real-world operations, metaverse enables companies to increase productivity, improve decision-making, and drive innovation.

The industrial sector is rapidly recognizing the metaverse's potential for a variety of uses. For instance, construction, automotive, and healthcare industries are using the metaverse to improve product design and development, simulate and optimize production processes, train staff in virtual settings, and perform remote inspections and maintenance.

Growing usage of metaverse in the manufacturing industry for a variety of purposes, including product design and development, virtual prototyping, & remote collaboration is expected to fuel market expansion.

Manufacturers are using metaverse to create virtual duplicates of their manufacturing lines. Adoption of the metaverse enables them to simulate and optimize procedures before implementing them physically.

Growing applications of metaverse in the automotive sector is anticipated to boost global industrial metaverse sales revenues.

Metaverse is being used in automotive production for a variety of purposes. This includes product design, virtual testing and validation, assembly line optimization, and remote collaboration.

Product design and development is one of the primary areas where metaverse is having a significant impact.
The integration of the metaverse with the Internet of Things (IoT) is another key factor boosting the market expansion.

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Key Takeaways from the Industrial Metaverse Market Report:
• The worldwide industrial metaverse market size is projected to reach US$ 765.8 billion by 2033.
• By technology, virtual reality segment is forecast to exhibit a CAGR of 24.4% through 2033.
• Based on application, remote collaboration segment is expected to thrive at 24.1% CAGR.
• China industrial metaverse industry value is projected to reach US$ 166.1 billion by 2033.
• The United States market is likely to exceed a valuation of US$ 140.4 billion by 2033.
• Demand for industrial metaverse in Japan is anticipated to rise at 25.2% CAGR from 2023 to 2033.
• The United Kingdom industrial metaverse industry is predicted to cross a valuation of US$ 28.7 billion by the end of 2033.

"Booming manufacturing sector across the world along with adoption of advanced technologies is set to improve productivity and reduce costs. This is expected to create high demand for industrial metaverse solutions. Hence, key players need to expand their product offerings and cater to specific sectors offering growth to gain profits." - says a Persistence Market Research (PMR) analyst

Who is Winning?

Key industrial metaverse solution providers listed in the report include

Microsoft, Meta, Unity Software, Epic Games, NVIDIA, HTC, Sony, Magic Leap, Apple, and Google.

These companies are employing a wide variety of tactics to solidify their market positions and expand their revenues. These tactics include launch of new solutions, establishment of new facilities, mergers, partnerships, acquisitions, collaborations, etc. For instance,
• To improve its digital training solutions for industrial applications, Siemens acquired Vizendo in 2022.

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Key Developments

In March 2023, NVIDIA entered into a partnership with Microsoft to provide Microsoft enterprise users access to industrial metaverse and AI via Azure Cloud. Microsoft Azure would host NVIDIA Omniverse Cloud, a Platform-as-a-Service for industrial metaverse applications and NVIDIA DGX Cloud, an AI supercomputing service.
In June 2022, Siemens, a provider of industrial automation, infrastructure, building technology, and transportation solutions, announced a partnership with NVIDIA, an accelerated graphics and artificial intelligence (AI) company.

Both the companies planned to integrate Siemens Xcelerator, the open digital business platform, and NVIDIA Omniverse, a platform for 3D design and collaboration, to accelerate usage of AI-driven digital twin technology.
More Insights Available

Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the industrial metaverse industry presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals future market projections based on technology (virtual reality (VR), augmented reality (AR), and mixed reality (MR)), application (training and simulation, remote collaboration, product design and development, asset management, supply chain management, customer service, manufacturing, logistics, healthcare, and education), and region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2023 to 2033.

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This release was published on openPR.