Industrial Metaverse Market

Industrial Metaverse Market Outlook (2023 to 2033)

Global industrial metaverse sales revenue reached US$ 61.8 billion in 2022. Over the next ten years (2023 to 2033), global industrial metaverse demand is predicted to rise at 25.3% CAGR.

Based on the latest analysis, the global industrial metaverse market size is forecast to expand from US$ 80.1 billion in 2023 to US$ 765.8 billion by 2033.

Demand for industrial metaverse remains high in the remote collaboration application. As per Persistence Market Research (PMR), the remote collaboration segment is anticipated to thrive at an impressive CAGR of 24.1% from 2023 to 2033.

Key Trends Fueling Industrial Metaverse Solutions Demand:

• Rising adoption of metaverse across a wide range of sectors including automotive is expected to boost the global industrial metaverse industry
• Increasing importance of metaverse in the thriving manufacturing sector to run simulations for prototypes will likely boost sales
• Growing focus on improving productivity and working experience as well as reducing overall costs will continue to encourage adoption of industrial metaverse solutions
• Surging popularity of digital twins and role of industrial metaverse in this application is anticipated to accelerate market expansion
• High integration of digital platforms into numerous sectors and growing usage of virtual reality (VR), augmented reality (AR), and mixed reality (MR) technology is projected to aid sales

In recent years, popularity of the industrial metaverse has increased significantly and it is expected to take the center stage during the next ten years. This is due to its ability to help businesses to improve their processes and increase efficiency.

A simulated, 3D environment in which individuals and businesses can collaborate, design, and test products, systems & processes is referred to as metaverse. Industrial metaverse is a promising application of metaverse in the manufacturing, engineering, and construction sectors.

Industrial metaverse is gradually becoming a transformative catalyst for innovation. It creates a virtual environment where designers, engineers, and other stakeholders can collaborate in real time, regardless of their location.

Metaverse allows industries to improve productivity, cut costs, enhance work experience, act more sustainably, and accelerate operations by transferring time-consuming and expensive activities into fully virtual environments.

Increasing acceptance of the industrial metaverse due to its potential benefits is expected to boost the global market during the assessment period.

In automotive manufacturing, metaverse is being utilized for a wide range of applications, including product design, virtual testing and validation, assembly line optimization, and remote collaboration.

One of the key areas where metaverse is making a substantial impact is product design and development. Growing usage of metaverse for product design and development across various sectors will boost global industrial metaverse sales revenues.

By using industrial metaverse, automotive manufacturers can create virtual prototypes of vehicles, allowing them to visualize and iterate on designs before physical production. This virtual design process enables quicker design iterations, reduces the need for physical prototypes, and enhances overall design efficiency.

The metaverse also plays a crucial role in the virtual testing and validation of automotive components and systems.

Engineers can simulate and analyze the performance and behavior of various vehicle parts, such as engines, chassis, and safety features, in virtual environments. This virtual testing approach allows for faster and more cost-effective validation, leading to improved product quality and reliability.

The industrial metaverse also facilitates the optimization of assembly line processes in automotive manufacturing.

By creating virtual replicas of assembly lines, manufacturers can simulate and optimize production workflows, identify potential bottlenecks, and enhance operational efficiency. This virtual optimization enables manufacturers to streamline manufacturing processes, reduce waste, and improve overall productivity.

In 2020, there were around 78 million cars manufactured globally which increased to around 82.6 million cars by 2021. It is projected that by 2030 there will be around 111 million cars manufactured around the world.

Rising production and sales of vehicles is expected to uplift industrial metaverse demand. This is because industrial metaverse is being widely implemented in automotive manufacturing for product designing and streamlining production.

The integration of the metaverse with the Internet of Things (IoT) is a significant factor driving its expansion in the industrial sector.

By connecting virtual environments with real-world sensors, devices, and data sources, the metaverse enables real-time monitoring, data visualization, and analysis. This integration allows businesses to leverage the vast amount of IoT-generated data to optimize processes, predict maintenance needs, and improve operational efficiency.

The metaverse IoT integration also facilitates real-time monitoring and control of physical assets. Through the metaverse interface, users can remotely monitor and manage IoT-connected devices and systems, such as manufacturing equipment or building automation systems. This capability enables proactive maintenance, predictive analytics, and efficient resource allocation.

In 2018 there were around 3.7 billion industrial IoT devices in the world which increased to around 8.3 billion in 2022. By 2025, total industrial IoT devices are projected to reach around 13.7 billion industrial IoT devices by 2025.

Rising penetration of IoT devices in turn is expected to positively impact industrial metaverse demand. This is because industrial IoT devices are being integrated with industrial metaverse for better monitoring and control of physical assets.

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2018 to 2022 Global Industrial Metaverse Sales Outlook Compared to Demand Forecast from 2023 to 2033

Persistence Market Research (PMR) states, historically, from 2018 to 2022, the value of the industrial metaverse market increased by around 32.6% CAGR. Total market valuation at the end of 2022 reached about US$ 61.8 billion.

Looking ahead, the worldwide market for industrial metaverse is projected to thrive at 25.3% CAGR. It is anticipated to create an absolute $ opportunity of US$ 685.7 billion from 2023 to 2033.

The industrial metaverse allows for the creation of immersive and interactive digital spaces where real-world objects, data, and simulations converge.

In the industrial metaverse, users can collaborate, visualize, and manipulate 3D models, conduct virtual testing and training, optimize processes, and remotely monitor and control physical assets.

Industrial metaverse enables industries to enhance productivity, improve decision-making, and drive innovation by leveraging advanced technologies and virtual representations of their real-world operations.

The industrial sector is increasingly recognizing the potential of the metaverse for various applications. Industries such as manufacturing, construction, automotive, and healthcare are leveraging the metaverse to enhance product design and development.

It also helps these industries to simulate and optimize manufacturing processes, train employees in virtual environments, and conduct remote inspections and maintenance.

The ability of the metaverse to provide realistic, interactive, and collaborative experiences is driving its adoption across different industrial domains. This in turn is expected to bolster industrial metaverse sales revenues.

In the manufacturing industry, metaverse is being utilized for various applications. This includes product design and development, virtual prototyping, assembly line optimization, and remote collaboration.

Manufacturers are leveraging the metaverse to create virtual replicas of their production lines, allowing them to simulate and optimize processes before physical implementation. This virtual prototyping enables companies to identify and address potential bottlenecks, streamline workflows, and reduce costly errors and rework.

High adoption of metaverse across sectors such as automotive, healthcare, etc. is expected to boost the global industrial metaverse industry.

Another key factor that is anticipated to uplift industrial metaverse demand is the rapid penetration of the internet of things and other novel technologies.

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Which Region is Expected to Dominate the Global Industrial Metaverse Industry?

As per Persistence Market Research’s (PMR) latest report, Asia Pacific is likely to continue to remain at the epicenter of the global industrial metaverse sector. In 2023, Asia Pacific industrial metaverse market value reached US$ 41.6 billion in 2023.

Looking forward, Asia Pacific market is set to witness a positive growth trajectory, reaching a valuation of US$ 397.5 billion by 2033. Booming manufacturing sector is a prominent factor elevating demand for industrial metaverse solutions across Asia Pacific.

Asia Pacific is home to a robust manufacturing industry, with countries such as China, Japan, and South Korea playing a pivotal role. Manufacturers in Asia Pacific are increasingly recognizing the potential of the metaverse in improving product design and development, optimizing production processes, and enhancing workforce training.

The adoption of industrial metaverse solutions in manufacturing enables virtual prototyping, simulation, and remote collaboration. Usage of these solutions results in cost savings, increased efficiency, and accelerated time-to-market.

The manufacturing sector's growing interest and investments in the industrial metaverse are expected to fuel expansion of Asia Pacific market during the assessment period.

Asia-Pacific has a substantial automobile market, with a large number of vehicles retailed and manufactured in the region. In 2020, the region sold over 32 million cars, which grew to about 34 million units in 2021.

With increasing adoption of industrial metaverse in automotive manufacturing in the region, demand for industrial metaverse solutions is projected to increase rapidly during the assessment period.

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Country-wise Insights:

Projected CAGR (2023 to 2033):

Market Value (2033):

Absolute Incremental Opportunity (2023 to 2033):

Why is Demand for Industrial Metaverse Rising in the United States?

The United States industrial metaverse market is projected to reach a valuation of US$ 140.4 billion by 2033. It is likely to create an absolute $ growth of US$ 125.7 billion through 2033. Between 2023 and 2033, industrial metaverse demand in the United States is expected to thrive at 25.3% CAGR.

Booming manufacturing sector is a key factor expected to boost the United States market during the assessment period.

With a total manufacturing output of about US$ 2.4 trillion in 2021, the United States is a significant manufacturing economy in the world. Robust expansion of manufacturing sector coupled with high adoption of advanced technologies in this sector will boost the industrial metaverse industry.

Industrial metaverse in manufacturing helps end users create virtual replicas of their production lines. It allows them to simulate and optimize processes before physical implementation.

With rise in manufacturing activities, demand for industrial metaverse is projected to increase rapidly across the United States during the assessment period.

What Makes China a Dominant Industrial Metaverse Market?

According to Persistence Market Research (PMR), China industrial metaverse market is forecast to expand at 25.2% CAGR through 2033 in comparison to 32.3% CAGR registered from 2018 to 2022. By 2033, total market value in China is projected to reach US$ 166.1 billion.

Growth in China market is driven by rising usage of industrial metaverse solutions across thriving manufacturing sector.

China is the predominant manufacturing hub of the world, with a considerable number of firms establishing operations in the country. It is also a significant automaker, with an estimated 21 million vehicles produced in 2021.

With increasing adoption of industrial metaverse solutions for streamlining manufacturing, the country’s industrial metaverse sector is likely to witness a stupendous growth rate during the assessment period.

Similarly, increasing industrial activities in the country is expected to uplift industrial metaverse solutions demand and create lucrative opportunities for industrial metaverse companies.

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Category-wise Insights:

Historical CAGR (2018 to 2022):

Projected CAGR (2023 to 2033):

Historical CAGR (2018 to 2022):

Projected CAGR (2023 to 2033):

Which is the Most Popular Technology in Industrial Metaverse?

Based on technology, virtual reality remains the most commonly used technology globally. This is due to various benefits offered by this novel technology. As per the latest analysis, the virtual reality segment is expected to expand at a CAGR of 24.4% from 2023 to 2033.

Virtual Reality (VR) plays a crucial role in the industrial metaverse, revolutionizing industrial processes and operations. In training and simulation, VR enables workers to undergo realistic and safe virtual training experiences, improving their skills and reducing training costs.

Design and prototyping benefit from VR by allowing industrial designers and engineers to visualize and interact with virtual prototypes, facilitating design adjustments and reducing development time.

VR-based maintenance and repair systems assist technicians with step-by-step instructions and visual guidance, minimizing downtime and improving efficiency.

VR is also utilized to assess ergonomics and safety, identify potential risks, and make improvements to ensure worker well-being. The industrial metaverse harnesses the power of VR to optimize operations, enhance productivity, and transform industrial practices.

Which is the Most Remunerative Application of Industrial Metaverse?

As per Persistence Market Research (PMR), remote collaboration is likely to remain the most remunerative application of industrial metaverse. The target segment exhibited a CAGR of 32.1% from 2018 to 2022. Over the next ten years, it is projected to thrive at 24.1% CAGR.

The industrial metaverse offers a powerful platform for remote collaborations, revolutionizing the way teams and experts interact and work together in industrial settings. Through the use of virtual and augmented reality technologies, remote collaboration becomes immersive and highly effective.

With the industrial metaverse, teams located in different geographical locations can gather virtually in shared virtual spaces, allowing for real-time collaboration and knowledge sharing.

Participants can visualize and manipulate 3D models, review designs, and discuss projects as if they were physically present together. This level of engagement fosters better communication, enhances teamwork, and accelerates decision-making processes.

The industrial metaverse also enables the seamless integration of data and information into the virtual collaboration environment. Participants can access and interact with real-time data, such as manufacturing metrics, supply chain information, and operational analytics, providing a holistic understanding of the project or process at hand.

By leveraging the industrial metaverse for remote collaborations, organizations can overcome geographical barriers, reduce travel costs, and tap into a global talent pool. Thanks to these advantages, industrial metaverse is gaining immense traction in the remote collaboration application.

Competitive Landscape:

Microsoft, Meta, Unity Software, Epic Games, NVIDIA, HTC, Sony, Magic Leap, Apple, and Google are few of the leading players operating in the global industrial metaverse sector.

These key companies are concentrating on introducing new platforms to meet end user demand and increase their revenues. They are also utilizing strategies such as partnerships, acquisitions, mergers, collaboration, and agreements to solidify their market positions.

Recent developments:

• In March 2021, Unity Technologies, a leading platform for creating and operating real-time 3D content, acquired VisualLive. This acquisition aimed to enhance Unity's capabilities in the AEC sector.
• In April 2021, NVIDIA introduced Omniverse, a platform for real-time collaboration and simulation in the metaverse. Omniverse aimed to enable creators and designers to work together on complex 3D projects across different software applications.
• In June 2022, Siemens, a multinational conglomerate, acquired Vizendo, a virtual reality (VR) training and simulation software company. The acquisition aimed to enhance Siemens' digital training solutions for industrial applications.
• To provide millions of Microsoft enterprise users with access to AI supercomputing resources and metaverse via cloud, NVIDIA collaborated with Microsoft in March 2023.

Scope of the Report:

Global Industrial Metaverse Market Segmentation:

By Technology:

• Virtual reality (VR)
• Augmented reality (AR)
• Mixed reality (MR)

By Application:

• Training and Simulation
• Remote Collaboration
• Product Design and Development
• Asset Management
• Supply Chain Management
• Customer Service
• Manufacturing
• Logistics
• Healthcare
• Education

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa