Metaverse in Manufacturing Market Revenue, Top Companies, Report 2033

Published Date : 03 Jul 2024

Metaverse in Manufacturing Market Revenue and Trends

The global metaverse in manufacturing market revenue was valued at USD 12.93 billion in 2023 and is poised to grow from USD 17.86 billion in 2024 to USD 337 billion by 2033, at a CAGR of 38.60% during the forecast period 2024 – 2033. The increasing demand for global entertainment and gaming industries boosted the growth of the metaverse in manufacturing market.

Metaverse in Manufacturing Market Statistics

Market Overview

The impression of the metaverse in manufacturing denotes the addition of virtual situations with physical industrial procedures. This incorporation can improve design, manufacture, and exercise within the business. By operating virtual reality (VR) and augmented reality (AR), creators can generate digital twins of their conveniences, pretend production procedures, and enhance processes deprived of the requirement for physical examples. This technology permits for real-time association among teams, irrespective of their corporal location, leading to enhanced efficacy and compact costs.

The metaverse in manufacturing market is facing noteworthy development. This extension can be accredited to the growing demand for progressive manufacturing methods and the requirement for more effective production approaches. The market is reinforced by funds in augmented reality and virtual reality techniques, which are critical for evolving immersive computer-generated surroundings.

Metaverse in Manufacturing Market Trends

  • Growing MR (mixed reality) Technology: MR technology is a combination of elements of VR (virtual reality) and AR (augmented reality) and is gaining adhesion for its capability to deliver a unified combination of digital and real-world elements. This is mainly useful in responsibilities that need a high degree of spatial concern and management, intensifying the interconnection between digital content and physical processes.
  • Acceptance in Diverse Industrial Sectors: As mixed reality (MR) and virtual reality (VR) technologies mature, they are being accepted across several manufacturing sectors, including aerospace and automotive, where they can assist in everything from planning to upkeep and remote support.
  • Development of Digital Twins: The usage of digital twins is becoming more dominant, allowing manufacturers to produce virtual copies of physical systems. This is instrumental in enhancing manufacturing procedures and product lifecycle supervision, giving noteworthy cost savings and quickness.
  • Extension of Remote Processes: The metaverse enables the supervision of manufacturing processes remotely, improving the capability to control, monitor, and make choices from afar. This trend is rising as companies continue to extend their digital organization to assist more cultured metaverse applications.

Growing Factors of Metaverse in Manufacturing Market

Improved collaboration and efficacy

One important driver for the acceptance of the metaverse in manufacturing is the improved association and competence it enables. By participating in virtual surroundings, producers can transport composed teams from across the world in real-time, pretending and enhancing production procedures without physical or terrestrial boundaries. This technology permits unified collaboration between originators, production staff, and engineers, permitting instantaneous feedback and reiterative design variations. The capability to conduct computer-generated trials and troubleshoot in a digital interplanetary decreases interruption and fastens up the time to market, suggestively improving productivity. As companies progressively arrange quickness and awareness, the demand for such cooperative stages is predicted to grow, driving additional incorporation of metaverse technologies in manufacturing procedures.

A key restraint in the acceptance of the metaverse inside the industrial segment is the high early investment needed for the essential hardware and software, together with the involvement of participating in these technologies into present systems. Setting up a completely purposeful metaverse environment comprises considerable expenses on progressive visual reality (VR) and augmented reality (AR) equipment, vigorous IT substructure, and protected data storing solutions. Moreover, the additional procedure can be multifaceted, demanding noteworthy variations to present plans and probably leading to interruption or disturbances in production. These issues can be mainly daunting for minor producers with imperfect finances, which may hamper the extensive acceptance of metaverse technologies in the business.

IoT Medical Devices Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 17.86 Billion
Market Revenue by 2033 USD 337 Billion
Market CAGR 38.60% from 2024 to 2033
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market Asia-Pacific
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Top Companies of Metaverse in Manufacturing Market

  • Microsoft Corporation
  • Marxent Labs, LLC
  • Unity Technologies
  • Varjo Technologies
  • NVIDIA Corporation
  • Alphabet Inc. (Google)
  • PTC Inc.
  • Lenovo Group Limited
  • Samsung Electronics Co., Ltd.
  • Siemens AG
  • Oculus VR (Facebook Technologies, LLC)
  • Magic Leap, Inc.
  • Autodesk, Inc.
  • HTC Corporation
  • EON Reality, Inc.

Recent Development by NVIDIA Corporation

  • In April 2024, NVIDIA Corporation, which is a full-stack computing company, developed DPUs, CPUs, GPUs, and AI software that boost center-scale computing solutions and expanded collaboration with industrial automation tech suppliers.

Recent Development by Lenovo Group Limited

  • In August 2023, Lenovo Group Limited, which is a Chinese multinational technology company specializing in designing, manufacturing, and marketing consumer electronics and related services, launched a Shared Support Centre as a part of a multi-million-dollar investment in expanding technology services and innovation.

Regional Insights

North America is expected to grow at the fastest rate during the forecast period. The metaverse in the industry is self-assured for quick extension in North America because of its progressive technological substructure, extensive digital acceptance, and robust industrial sector. With companies progressively arranging digital alteration, the metaverse advises progressive solutions for association, training, and process optimization. The favorable controlling situation of this region joined with strong importance on Industry, positions North America as a main market in accepting metaverse technologies, nurturing rapid development and incorporation within the industrial landscape.

Asia-Pacific dominated the metaverse in manufacturing market in 2023 because of its growing manufacturing landscape, quick technological acceptance, and robust financial development. The industrial segment in the region is implementing digital alteration, driving demand for advanced solutions such as the metaverse to improve productivity and efficacy. The government creativities subsidiary industry joined with a huge pool of accomplished labor, positions Asia-Pacific as a main player in adopting and integrating metaverse technologies, contributing to its significant market stake in the industrial segment.

Meantime, Europe is facing distinguished development in the metaverse in the manufacturing market because of a convergence of issues. The assurance of the region to Industry, the importance of technological revolution, and a robust industrial environment drive acceptance. European producers recognize the probability of metaverse to improved training, productivity, and collaboration. Moreover, helpful strategies and funds in digital substructure contribute to the expansion of market. As corporations seek competitive rewards, the transformative competences of metaverse position Europe as a significant player in using virtual reality (VR) and augmented reality (AR) technologies for industrial superiority.

Market Potential and Growth Opportunity

Training and expertise expansion

A noteworthy trial facing the incorporation of the metaverse in manufacturing is confirming data safety and confidentiality. The use of virtual reality (VR) and augmented reality (AR) technologies includes the generation, transmission, and storage of large sizes of complex data. This data can comprise exclusive design info, comprehensive factory outlines, design information, and personal data of employees. Defending this data from cybersecurity terrorizations is supreme, as any fissure could lead to rational property holdups, operational disturbances, or even security dangers. Producers must capitalize on robust cybersecurity actions and change inclusive data governance strategies to ease these dangers, which can be a multifaceted and expensive process.

Metaverse in Manufacturing Market News

  • In May 2024, Sony and Siemens together announced to launch virtual reality headset for the industrial metaverse by December 2024. This product is currently integrated with Simens’ Engineering Design platform NX and will expand more.
  • In January 2024, Simens offered innovation in Immersive Engineering and AI to enable the industrial metaverse. It has announced new partnerships and breakthroughs in AI and immersive engineering to highlight how these technologies are empowering the world’s innovators.
  • In March 2023, HCL Tech launched services that help enterprises get customers with real-time and immersive experiences of the metaverse. HCL Tech Metafinity will serve financial services, consumer packaged goods, retail, and many other sectors.

Market Segmentation

By Component

  • Hardware
  • Services

By Application

  • Supply Chain Management
  • Product Designing and Development
  • Factory Landscape
  • Virtual Warehouse
  • Others

By Technology

  • Augmented Reality (AR)
  • Virtual Reality (VR)
  • Mixed Reality (MR)
  • Internet of Things (IoT)
  • Artificial Intelligence (AI)

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