Industrial Metaverse Market Size, Share, Forecast, & Trends Analysis by Technology, Application, End-use Industry

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Industrial Metaverse Market by Technology (AR/VR, Digital Twin, Autonomous Robots, Cloud Computing, AI/ML, 5G/6G, Blockchain, IoT, Location Services, Edge Computing, Exoskeleton), Application, End-use Industry-Global Forecast to 2031

The research report titled 'Industrial Metaverse Market by Technology (AR/VR, Digital Twin, Autonomous Robots, Cloud Computing, AI/ML, 5G/6G, Blockchain, IoT, Location Services, Edge Computing, Exoskeleton), Application, End-use Industry-Global Forecast to 2031,' provides an in-depth analysis of industrial metaverse market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The industrial metaverse market is projected to reach $600.6 billion by 2031, at a CAGR of 20.5% during the forecast period 2024-2031.

The growth of the industrial metaverse market is driven by the growing enterprise applications of the industrial metaverse, the rising focus on digital transformation in the manufacturing industry, and improved enterprise KPIs due to industrial metaverse deployment. However, cybersecurity & data theft risks, high capital expenditure requirements for industrial metaverse implementation, and the shortage of qualified personnel restrain the growth of this market.

The need to reduce operating expenditures and facilitate collaborative and immersive product design and development among organizations is anticipated to create growth opportunities for market stakeholders. However, the lack of agility in business processes and difficulties in integrating the industrial metaverse with existing technologies are major challenges impacting the market's growth.

The industrial metaverse market is segmented by technology, application, and end-use industry. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on technology, the industrial metaverse market is segmented into AR/VR, digital twin, autonomous robots, cloud computing, AI/ML, 5G/6G, blockchain, IoT, location services, edge computing, exoskeleton, and quantum computing. In 2024, the cloud computing segment is expected to account for the largest share of over 18.0% of the industrial metaverse market. However, the quantum computing segment is projected to register the highest CAGR of 22.4% during the forecast period 2024-2031. Quantum computing helps accelerate ML & AI algorithms, enabling more sophisticated data analysis, pattern recognition, and predictive modeling within the industrial metaverse. In addition, the benefits offered by quantum computing, such as real-time analytics and insights, advanced simulations, enhanced machine learning, and real-time decision-making, are contributing to the growth of this segment.

Based on application, the industrial metaverse market is segmented into prototyping, testing, and simulation, predictive maintenance, training, facility optimization, research & development, workplace safety, warehousing & logistics, customer interactions, and other applications. In 2024, the prototyping, testing, and simulation segment is expected to account for the largest share of 33.2% of the industrial metaverse market. The segment's large share is attributed to the benefits of the industrial metaverse in prototyping, testing, and simulation applications, such as accelerated development cycles, reduced chances of costly errors, and an agile approach toward product development. Moreover, this segment is also anticipated to register the highest CAGR during the forecast period.

Based on end-use industry, the industrial metaverse market is segmented into automotive, industrial goods & manufacturing, power & utilities, transportation, supply chain & logistics, and other end-use industries. In 2024, the industrial goods & manufacturing segment is expected to account for the largest share of over 28% of the industrial metaverse market. However, the power & utilities segment is expected to register the highest CAGR of 30.0% during the forecast period 2024-2031. The growth of this segment is driven by the rising need to tackle the complexities in product development processes among manufacturing industries and the growing demand for continuous innovation in the industrial goods & manufacturing sectors.

Based on geography, the industrial metaverse market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 36.0% of the industrial metaverse market. The large market share of this region is attributed to the presence of prominent players in the region. However, Asia-Pacific is slated to register the highest CAGR of 25.6% during the forecast period. The growth of this regional market is driven by the growing enterprise applications of the industrial metaverse and the rising focus on digital transformation in the manufacturing industry. Moreover, the increasing growth of this regional market is attributed to the expansion of regional economies and rapid infrastructure development, particularly in Japan, South Korea, and India.

The major players in the industrial metaverse market include ABB Ltd. (Switzerland), Siemens AG (Germany), IBM Corporation (U.S.), Robert Bosch GmbH (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cisco Systems, Inc. (U.S.), Dassault Systemes SE (France), Altair Engineering Inc. (U.S.), PTC Inc. (U.S.), Intel Corporation (U.S.), Penguin Solutions (U.S.), SAP SE (Germany), and Arm Limited (U.K.).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of technology, application, and end-use industry?
What is the historical market size for industrial metaverse across the globe?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the industrial metaverse market?
Who are the major players in the industrial metaverse market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the industrial metaverse market?
What are the various strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the industrial metaverse market? How do they compete with the other players?

Scope of the Report:

Industrial Metaverse Market Assessment-by Technology

AR/VR
Digital Twin
Autonomous Robots
Cloud Computing
AI/ML
5G/6G
Blockchain
IoT
Location Services
Edge Computing
Exoskeleton
Quantum Computing

Industrial Metaverse Market Assessment-by Application

Prototyping, Testing, and Simulation
Predictive Maintenance
Training
Facility Optimization
Research & Development
Workplace Safety
Warehousing & Logistics
Customer Interactions
Other Applications

Industrial Metaverse Market Assessment-by End-use Industry

Automotive
Industrial Goods & Manufacturing
Power & Utilities
Transportation
Supply Chain & Logistics
Other End-use Industries

Industrial Metaverse Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Rest of Asia-Pacific
Latin America
Middle East & Africa

Product Code: MRICT - 1041318

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing & Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Increasing Number of Use Cases for Metaverse Deployment
  - 4.2.1.2. Manufacturing Industries' Continued Focus on Digital Transformation
  - 4.2.1.3. Perceived Improvements in Enterprise KPIs
- 4.2.2. Restraints
  - 4.2.2.1. Cybersecurity & Data Theft Risks
  - 4.2.2.2. High CAPEX on Implementation
  - 4.2.2.3. Lack of Qualified Personnel
- 4.2.3. Opportunities
  - 4.2.3.1. Organizations' Increasing Need to Reduce OPEX
  - 4.2.3.2. Need for Collaborative and Immersive Product Design & Development
- 4.2.4. Challenges
  - 4.2.4.1. Lack of Agility in Business Processes
  - 4.2.4.2. Difficulties in Integration with Existing Technologies
4.3. Market Trends
4.4. Case Studies

5. Industrial Metaverse Market Assessment-by Technology

5.1. Overview
5.2. AR/VR
5.3. Digital Twin
5.4. Autonomous Robots
5.5. Cloud Computing
5.6. AI/ML
5.7. 5G/6G
5.8. Blockchain
5.9. IoT
5.10. Location Services
5.11. Edge Computing
5.12. Exoskeleton
5.13. Quantum Computing

6. Industrial Metaverse Market Assessment-by Application

6.1. Overview
6.2. Prototyping, Testing, and Simulation
6.3. Predictive Maintenance
6.4. Training
6.5. Facility Optimization
6.6. Research & Development
6.7. Workplace Safety
6.8. Warehousing & Logistics
6.9. Customer Interactions
6.10. Other Applications

7. Industrial Metaverse Market Assessment-by End-use Industry

7.1. Overview
7.2. Automotive
7.3. Industrial Goods & Manufacturing
7.4. Power & Utilities
7.5. Transportation
7.6. Supply Chain & Logistics
7.7. Other End-use Industries

8. Industrial Metaverse Market Assessment-by Geography

8.1. Overview
8.2. North America
- 8.2.1. U.S.
- 8.2.2. Canada
8.3. Europe
- 8.3.1. Germany
- 8.3.2. U.K.
- 8.3.3. France
- 8.3.4. Italy
- 8.3.5. Spain
- 8.3.6. Rest of Europe
8.4. Asia-Pacific
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. South Korea
- 8.4.5. Taiwan
- 8.4.6. Rest of Asia-Pacific
8.5. Latin America
8.6. Middle East & Africa

9. Competition Analysis

9.1. Overview
9.2. Key Growth Strategies of Leading Market Players
9.3. Competitive Benchmarking
- 9.3.1. Industry Leaders
- 9.3.2. Differentiators
- 9.3.3. Vanguards
- 9.3.4. Emerging Companies
9.4. Vendor Dashboard

10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis*)

10.1. ABB Ltd.
10.2. Siemens AG
10.3. IBM Corporation
10.4. Robert Bosch GmbH
10.5. Oracle Corporation
10.6. Microsoft Corporation
10.7. Nvidia Corporation
10.8. Cisco Systems, Inc.
10.9. Dassault Systemes SE
10.10. Altair Engineering Inc.
10.11. PTC Inc.
10.12. Intel Corporation
10.13. Penguin Solutions
10.14. SAP SE
10.15. Arm Limited

(Note: SWOT analysis will be provided for the top 5 companies.)

11. Appendix

11.1. Available Customization
11.2. Related Reports