Industrial Metaverse Market Poised for Rapid Growth: Key Trends and Insights

According to MarketsandMarkets, the industrial metaverse market is estimated to be USD 28.7 billion in 2024 and projected to reach USD 228.6 billion by 2029, at a CAGR of 51.5% during the forecast period.

Industrial metaverse is a blend of digital and physical world formed using technologies such as digital twin, AI, AR &VR, and edge computing. Industrial Metaverse is used for enhancing connectivity, real time collaboration among production systems, processes, and teams working in a complex industrial environment.

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Several key factors within the business landscape are driving the growth of the industrial metaverse market. These include the rising adoption of digital twins, Advancement in core technologies such as AR, VR, AI, and and edge computing, rising demand for efficiency and optimization in industrial sector, and addressing skill gaps and workforce challenges through industrial metaverse. Additionally continuous developments in 5G/6G, and integration of blockchain technology within industrial metaverse to create opportunities for growth of the market.

Based on Technology, throughout the forecast period, the artificial intelligence (AI) segment of the industrial metaverse market is anticipated to hold a prominent market share.
The artificial intelligence segment is estimated to have accounted for the significant market share of the industrial metaverse market. This segment holds significant market sare owing to the usage of Al in industrial manufacturing for replicating human intelligence, to communicate with machines, extract data analysis from systems, and use the data to perform required tasks. Al is being used in industries to improve productivity during operations, improve efficiency of machines, and enhance decision making.

Based on End User, the electronics segment of the industrial metaverse market is expected to grow at a significant rate in 2024. Digital twin technology helps electronics manufacturers and telecommunication providers in optimizing network solutions, and processes. They can continuously monitor and manage complex telecom networks while collecting data. Also, AI is being used in electronics manufacturing for production planning and quality control. AI based industrial robots are being used. Furthermore, Edge computing streamlines the traffic flow and facilitates real-time localized data analysis by providing high-bandwidth networks, henceforth leading to this segment's significant growth rate.

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Based on the Region, In 2024, the North America region is projected to grow at a prominent CAGR in the industrial metaverse market. The high growth rate is due to the increasing adoption of digital twin in industries such as aerospace, automotive, and transportation industry in the region, strong R&D activities in loT. Also, high adoption of AR and VR devices among enterprises for enhanced productivity and accuracy. and the presence of key technology providers such as Bentley Systems, Incorporated (US), IBM Corporation (US). Emerson Electric Co. (US), Microsoft (US). ANSYS, Inc. (US), and Amazon Web Services, Inc. (US). In the region, Al technology in the manufacturing domain has seen significant growth due to cross-industry participation and increased venture capital investments. Furthermore, Private 5G technology growth in North America is propelled by increasing mobile traffic, spectrum congestion, and poor-quality subscriber services.

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This release was published on openPR.