According to the Market Statsville Group (MSG), the global Metaverse in Manufacturing market size is expected to grow from USD 12,936.3 million in 2021 to USD 24,416.2 million by 2030, at a CAGR of 38.6% from 2022 to 2030. Over the forecast period, rapid breakthroughs in digital twin technology, improvements in production process design, quality control during manufacturing, and an increase in the number of product designs are likely to fuel market revenue growth. Metaverse can lead to more collaborative development since it allows for real-time idea exchange and improves supply chain transparency for customers, among other aspects that are predicted to help market revenue growth in the future.
The metaverse is a set of technologies that work together to bring the real and digital worlds together, and the experience is enhanced by using Virtual Reality (VR) and Augmented Reality (AR). The industrial metaverse can represent any component of a real-world system in a virtual environment, which can help companies expedite their digital transformation. The industrial metaverse enables the innovation of digital twins of locations, processes, and physical objects through the integration of Artificial Intelligence (Al), Internet of Things (IoT), and Mixed Reality. This enables businesses to monitor, analyze, and interact with complex systems in real-time (MR).
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COVID-19 Impact on the Global Metaverse in Manufacturing Market
COVID-19's impact on digital-based economies and challenges to offline business structures has propelled the metaverse's international transformation. The emergence of blockchain, digital assets, and no fungible tokens (NFTs) is adding to the Metaverse's popularity. The future of factories will not only use AR/VR for on-site auxiliary installations or skills training but will also create an immersive and virtual experience of people working together in the virtual world, guided by AI to verify results and correct errors in real-time without the need to be on-site.
Scope of the Global Metaverse in Manufacturing Market
The study categorizes the metaverse in manufacturing market based on components, application, technology, and end-user at the regional and global levels.
By Component (Sales, USD Million, 2017-2030)
By Application (Sales, USD Million, 2017-2030)
- Supply Chain Management
- Product Designing and Development
- Factory Landscape
- Virtual Warehouse
By Technology (Sales, USD Million, 2017-2030)
- Augmented Reality (AR)
- Virtual Reality (VR)
- Mixed Reality (MR)
- Internet of Things (IoT)
- Artificial Intelligence (AI)
By End Use Industry (Sales, USD Million, 2017-2030)
- Design Companies
- Logistics Providers
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By Region (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Virtual reality segment is projected to account for the largest market share by technology
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In 2021, the virtual reality segment accounted for the largest market share in the global market. Over the course of the forecast period, the virtual reality market is expected to grow as a result of factors such as the rising demand for immersive experiences, the quick adoption of VR technology and applications across a variety of end-use industries, the rising use of 3D technology for prototyping and exchanging products, and the rising use of virtual reality applications for manufacturing.
APAC accounts for the highest CAGR during the forecast period
Globally, APAC is estimated to hold the highest CAGR in the global metaverse in manufacturing market during the forecast period. The regional growth is attributed to the surge in the number of companies that develop virtual warehouses and the increasing number of electronics and automotive manufacturers who leverage metaverse technology to streamline supply chain networks.
Key Market Players in the Global Metaverse in Manufacturing Market
The global metaverse in manufacturing market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global metaverse in manufacturing market are:
- Hyundai Motor Company
- BMW AG
- Microsoft, Inc.