The increasing role of Internet of Things in the industrial metaverse and applications of digital twin technology are expected to drive the global industrial metaverse market during the forecast period of 2024-2028.
According to TechSci Research report, “Industrial Metaverse Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028”, the global Industrial metaverse market is experiencing significant growth during the forecast period. The industrial metaverse plays important role of virtual platforms and digital twins in industries such as manufacturing, automotive, energy & Utilities, healthcare & Lifesciences, aerospace, telecom and others. Digital twin has consequence in industrial manufacturing. Use of virtual replica of authentic processes is aiding companies monitor their processes in real time and make the process more competent and responsive. Industrial metaverse or digital twin is the future of smart manufacturing, and the market will gradually stab among medium and small sized manufacturers. In industries, avatars and metaverse platforms are being used in many ways. For instance, companies are fostering complete virtual replicas of their manufacturing processes, are designing parts and mechanisms and are performing real time virtual testing of machines and procedures in the metaverse world. In this process, a virtual replica of a real person interrelates with changes and maneuvers the process similar to what happens in the real world.
Moreover, several companies are contributing significantly to the development of the Industrial Metaverse. One such company is Rockwell Automation, global leader in Industrial Automation and digital transformation, providing solutions to help customers improve productivity, quality, and safety. Rockwell Automation is leading the way in the IT/OT convergence and connected enterprise domain, with their digital twin technology. Their digital twin technology creates a virtual replica of a physical system or process, allowing customers to simulate and optimize their operations. Other companies contributing to the Industrial Metaverse include Siemens, ABB, and Schneider Electric.
Hence, due to all these cited factors, the global industrial metaverse market is anticipated to be spurred during the forecast period.
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Global industrial metaverse market is segmented based on technologies, solution, application, organization size, end-user vertical, and region. Based on technologies, the market is segmented into virtual reality (VR), augmented reality (AR), mixed reality (MR). Based on solution, the market is segmented into 3D modelling & simulation, artificial intelligence (AI), blockchain, and others. Based on application, the market is segmented into product design & development, virtual prototyping, training & simulation, remote collaboration, maintenance & repair, supply chain optimization, and data visualization & analytics. Based on organization size, the market is segmented into large enterprise and small & medium enterprises. Based on end-user vertical, the market is segmented into aerospace, automotive, industrial automation, healthcare, manufacturing, and others. Based on region, the market is segmented into Europe, North America, Asia-Pacific, South America, and Middle East & Africa.
Based on technologies, mixed reality (MR) is expected to grow at a high CAGR in the global industrial metaverse market during the forecast period because mixed reality (MR) can enable real-time simulation and optimization of manufacturing processes by integrating digital twins. Additionally, Mixed reality offers an engaging platform for marketing and sales, allowing potential customers to explore products in a virtual environment. Porsche, for example, uses mixed reality to showcase vehicle customization options, providing an immersive and interactive customer experience.
Furthermore, AR and VR technology dominates in the global industrial metaverse market in 2022 because AR and VR can provide a comprehensive visualization of manufacturing equipment, allowing engineers and technicians to better understand how the equipment works and how it can be improved. For example, VR can be used to simulate a manufacturing process, allowing engineers to identify potential problems with equipment placement or workflow.
Additionally, augmented reality (AR) overlaps can be used to offer real-time information about equipment performance, allowing technicians to immediately identify problems and make repairs. This can help reduce downtime and enhance equipment execution.
Major market players operating in the global industrial metaverse market are:
· Microsoft Corporation
· Siemens AG
· PTC Inc
· NVIDIA Corporation
· HTC Corporation
· Dassault Systemes SE
· Magic Leap, Inc.
· Swanson Analysis Systems Inc.
· Bentley Systems, Incorporated
· Unity Software Inc.
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“The global industrial metaverse market has been growing at a rapid pace. This growth is determined by the cumulative adoption of digital twin technology, the extending demand for remote operations and monitoring, and the need for predictive maintenance. Investments in the industrial metaverse, Digital Twin, IIoT, and AIML space are increasing rapidly. In 2020, Siemens announced a USD 108 million investment in the development of the industrial metaverse. ABB has announced plans to invest USD 150 million in their digital transformation efforts. In addition, several venture capital firms have been investing in startups that are developing solutions for the industrial metaverse, such as Fictiv, Factory Four, and Bright Machines.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Industrial Metaverse Market- Global Industry Size, Share, Trends, Opportunities, and Forecast, 2018-2028, Segmented By Technologies (Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)), By Solution (3D Modelling & Simulation, Artificial Intelligence (AI), Blockchain, and Others), By Application (Product Design & Development, Virtual Prototyping, Training & Simulation, Remote Collaboration, Maintenance & Repair, Supply Chain Optimization, and Data Visualization & Analytics), By Organization Size (Large Enterprise, Small & Medium Enterprises), By End-User Vertical (Aerospace, Automotive, Industrial Automation, Healthcare, Manufacturing, and Others), By Region and Competition”, has evaluated the future growth potential of global industrial metaverse market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Industrial metaverse market.
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