Redding, California - September 12, 2024
Industrial Metaverse Market to be Worth $600.6 Billion by 2031
Industrial Metaverse Market Size, Share, Forecast, & Trends Analysis by Technology (AR/VR, Digital Twin, Autonomous Robots, Cloud Computing, AI/ML, 5G/6G, Blockchain, IoT, Location Services, Edge Computing, Exoskeleton), Application, End-use Industry - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Metaverse Market—Global Opportunity Analysis and Industry Forecasts to 2031.’ According to this latest publication from Meticulous Research®, the industrial metaverse market is projected to reach $600.6 billion by 2031, at a CAGR of 20.5% from 2024 to 2031.
The growth of the industrial metaverse market is driven by the growing enterprise applications of the industrial metaverse, the rising focus on digital transformation in the manufacturing industry, and improved enterprise KPIs due to industrial metaverse deployment. However, cybersecurity & data theft risks, high CAPEX requirements for industrial metaverse implementation, and the shortage of qualified personnel restrain the growth of this market.
The need to reduce OPEX and facilitate collaborative and immersive product design & development among organizations is anticipated to generate growth opportunities for market stakeholders. However, the lack of agility in business processes and difficulties in integrating the industrial metaverse with existing technologies are major challenges impacting the market’s growth.
The industrial metaverse market is segmented on the basis of technology, application, and end-use industry. The study also evaluates industry competitors and analyzes the industrial metaverse market at the regional and country levels.
Based on technology, in 2024, the cloud computing segment is expected to account for the largest share of over 18.0% of the industrial metaverse market. The segment commands the largest share of the industrial metaverse market as deploying the industrial metaverse using cloud computing provides on-demand delivery of IT resources over the Internet with pay-as-you-go pricing, helps providers increase operational efficiency, and eliminates outage issues by bringing presenting resources closer to end users while also safeguarding personal information.
Based on application, in 2024, the prototyping, testing, and simulation segment is expected to account for the largest share of 33.2% of the industrial metaverse market. The segment commands the largest share of the industrial metaverse market primarily as the industrial metaverse enables accelerated product development cycles, reduces the likelihood of costly errors, facilitates a more agile approach to product development, and enables real-time collaborations among geographically dispersed teams in prototyping, testing, and simulation applications.
Based on end-use industry, in 2024, the industrial goods & manufacturing segment is expected to account for the largest share of over 28% of the industrial metaverse market. The segment commands the largest share in the industrial metaverse market due to the complex product development processes in the manufacturing industry, the reliance on simulation and testing, and the need for constant innovation to remain competitive.
Based on geography, in 2024, North America is expected to account for the largest share of over 36% of the industrial metaverse market. North America’s large market share is attributed to the region’s high adoption of the industrial metaverse for various use cases.
Key Players
The major players in the industrial metaverse market include ABB Ltd. (Switzerland), Siemens AG (Germany), IBM Corporation (U.S.), Robert Bosch GmbH (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cisco Systems, Inc. (U.S.), Dassault Systèmes SE (France), Altair Engineering Inc. (U.S.), PTC Inc. (U.S.), Intel Corporation (U.S.), Penguin Solutions (U.S.), SAP SE (Germany), and Arm Limited (U.K.).
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Key Questions Answered in the Report:
- Which are the high-growth market segments based on technology, application, end-use industry, and geography?
- What is the historical market size for the industrial metaverse market?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the industrial metaverse market?
- Who are the major players, and what shares do they hold in the industrial metaverse market?
- What is the competitive landscape like?
- What are the recent key developments in the industrial metaverse market?
- What are the strategies adopted by key players in this market?
- What are the key geographic trends, and which are the high-growth countries?
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