Industrial Metaverse Market Seen Soaring 24.5% Growth by 2030, Projects Univdatos Market Insights
- Himanshu Patni
- November 17, 2023
- NEWS, TELECOM & IT
- Industrial Metaverse Market, Industrial Metaverse Market Share, Industrial Metaverse Market Size, Industrial Metaverse Market Trends
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According to a new report by Univdatos Market Insights, The Industrial Metaverse Market was valued at 75.9 billion in 2022 and is expected to grow at a steady rate of around 24.5% in the forecasted period (2023-2030) owing to the increasing digital transformations in the industries. The term “industrial metaverse” refers to the integration of the metaverse, a virtual shared space, with the physical world of industry and manufacturing. It envisions the creation of a seamless, interconnected digital and physical ecosystem that enables the efficient and effective exchange of information, resources, and value. The industrial metaverse offers a range of benefits that are driving its increasing demand, including increased efficiency, improved collaboration, enhanced sustainability, and increased flexibility.
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The technological advancements have enabled the development and adoption of immersive, data-rich environments that bridge the gap between the physical and digital worlds in industrial settings. The rapid improvement of AR and VR technologies has been a driving force behind the industrial metaverse. AR glasses and VR headsets provide immersive experiences that are essential for training, maintenance, and remote collaboration within industrial environments. Also, MR technology, which combines elements of both AR and VR, has allowed for the seamless integration of digital information into the physical world. This has applications in maintenance, assembly, and real-time data visualization.
Fig. 1. Gaming growth contribution aided by 3D Virtual Worlds (%)
The continuous advancement of technology has laid the foundation for the growth of the industrial metaverse market by enabling more immersive, data-driven, and interconnected experiences in industrial settings. These technological innovations have the potential to drive efficiency, productivity, and innovation across various industries.
Some of the recent developments are:
· In May 2021, GE Digital announced that it had raised $1.2 billion in funding from a group of investors, including Goldman Sachs and Alphabet. The funding will be used to further develop the company’s industrial metaverse platform, which it calls the Predix Platform
· In March 2023, Microsoft Azure will serve as the hosting platform for NVIDIA DGX Cloud, enabling AI supercomputing capabilities, as well as NVIDIA Omniverse Cloud for the creation and management of 3D environments. The two companies are also collaborating to link the Omniverse platform with Microsoft 365 applications.
· In Dec 2022, HoloLens 2 introduces fresh immersive collaboration features for industrial metaverse users.
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Conclusion
The industrial metaverse market represents a dynamic and transformative landscape, where the convergence of advanced technologies, such as augmented reality, virtual reality, IoT, and AI, is reshaping industrial processes and operations. With an emphasis on immersive experiences, real-time data integration, and remote collaboration, it offers industries opportunities to enhance productivity, safety, and decision-making.