CHICAGO, July 18, 2024 /PRNewswire/ -- The
global industrial metaverse market is
projected to reach USD 228.6 billion
by 2029 from USD 28.7 billion in
2024; it is expected to grow at a CAGR of 51.5% according to a new
report by MarketsandMarkets™. Key factors propelling the
market growth include the rising adoption of digital twins,
Advancement in core technologies such as AR, VR, AI, and IoT,
rising demand for efficiency and optimization in industrial sector,
and addressing skill gaps and workforce challenges through
industrial metaverse. Moreover, continuous developments in 5G/6G,
and integration of blockchain technology within industrial
metaverse are expected to create significant opportunities for the
industrial metaverse market.
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Browse in-depth TOC on "Industrial Metaverse
Market"
192 – Tables
69 – Figures
267 – Pages
Industrial Metaverse Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 28.7
billion
|
Estimated Value by
2029
|
$ 228.6
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 51.5%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Technology, End
User, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Opposition From
Incumbents Towards Blockchain Technology
|
Key Market
Opportunities
|
Continuous Developments
In 5G/6G
|
Key Market
Drivers
|
Rising demand for
efficiency and optimization in industrial sector
|
Private 5G technology segment to grow at a significant CAGR during
the forecast period.
During the forecast period, the Private 5G technology is
expected to grow at a significant CAGR owing to its benefits such
as seamless connectivity, low-latency communication, and advanced
automation for optimized operations for industries. In the
industrial metaverse, private 5G acts as the dedicated,
high-performance nervous system, which enables real-time control
and interaction as its ultra-low latency allows seamless
interaction between physical machines and their digital twins in
the metaverse. It enables secure, and isolated network as it
provides a private environment for sensitive industrial data and
processes within the metaverse. It helps in enabling massive device
connectivity as private 5G supports the vast number of sensors and
devices needed to create a detailed and interactive digital
representation of an industrial environment.
Oil & Gas end user segment to grow at higher CAGR between
2024 and 2029.
In the oil & gas industry, digital twins play an important
role in predicting behavior of machines, systems, factories, and
processes, which is essential for future productivity and
infrastructure growth. For oil & gas industry, engineers can
remotely monitor and control offshore platforms and pipelines using
AR technology. This reduces the need for on-site personnel,
improves safety and reduces operational costs. Highly realistic VR
simulations help in training personnel for various tasks, from
handling emergencies to conducting intricate maintenance
procedures. The industrial metaverse helps oil & gas
companies to optimize processes and reduce operational costs.
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Europe region is likely to
offer significant growth opportunities in the global industrial
metaverse market during the forecast period.
Industry 4.0 adoption, strong emphasis on technological
advancements, proactive approach to digital transformation, and
focus on sustainability are expected to be the drivers for the
industrial metaverse industry in the European region. The
increasing adopting to AR & VR, and digital twin by German
automotive industry, adoption of edge computing and AI technologies
by private sector industries in UK, and its strong government
support, and increasing adoption in aerospace industry in
France are the significant drivers
for countries in the UK.
Key players in the industrial metaverse companies include
NVIDIA Corporation (US), Microsoft (US), Siemens (Germany), Amazon Web Services, Inc. (US), IBM
(US), Meta (US), HTC Corporation (Taiwan), ABB (Switzerland), PTC (US), Dassault Systèmes
(France), GE Vernova (US), Intel
Corporation (US), AVEVA Group Limited (UK), Alphabet, Inc.
(US), and Nokia (Finland).
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Browse Adjacent Market: Semiconductor and Electronics
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