Industrial Metaverse Market Size, Share & Trends Analysis Report By Component (Software, Hardware, Service), By Technology, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global industrial metaverse market size was estimated at USD 18.36 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 33.6% from 2023 to 2030. The growing interest in digital twins can be attributed to their capacity to tackle the complexities of modern systems effectively. They excel in providing predictive maintenance solutions, improving design and prototyping workflows, enabling data-centric decision-making, integrating seamlessly with IoT and AI technologies, promoting collaborative efforts, ensuring adherence to regulations, and generating significant cost efficiencies. As various industries progress, digital twins are set to assume a pivotal role in streamlining operations and catalyzing innovation.

Applications for the industrial metaverse are revolutionizing training techniques by offering immersive experiences. Virtual reality and AR-based training programs provide employees with realistic, hands-on simulations, lowering the learning curve. It increases workers' skill development and safety by allowing them to practice complicated activities without physical dangers. This trend’s core keyword are "immersive training" and "VR-based learning." Companies spend money on customized virtual training programs to guarantee their employees are ready for real-world events.

Data visualization and analytics are becoming increasingly sophisticated in the industrial metaverse. Professionals can interact with complex data sets in intuitive 3D representations, making identifying patterns, anomalies, and trends easier. This trend is essential for data-driven decision-making in manufacturing, supply chain optimization, and quality control. Advanced analytics tools integrated into the metaverse enable real-time monitoring and immediate response to changes in data, ensuring smooth operations.

Prominent companies are also capitalizing on industrial metaverse technologies to accelerate their digital transformation with enhanced efficiency. For instance, in May 2022, Kawasaki Heavy Industries announced the Kawasaki DX project, which uses industrial metaverse technology by Microsoft for the implementation of a virtual approach to robot care and maintenance. The project aims to build a new digital environment for the robotics business that can be used collaboratively by customers and partners.

Kawasaki uses a digital twin as a part of the Microsoft Azure cloud computing platform and HoloLens mixed reality headset. The technology allows for real-time troubleshooting and maintenance at any location, preventing technical issues that can lead to decreased production or downtime. The DX project is part of Kawasaki's strategy to achieve Group Vision 2030, which focuses on enabling increased mobility, remote connection, and energy and environmental sustainability.

Component Insights

Based on component, the hardware segment dominated the market, with a revenue share of 42.76% in 2022. The industrial metaverse hardware market is experiencing substantial growth due to its role in enabling immersive experiences, simulations, and data-driven decision-making in various industrial sectors. This market encompasses various devices, including augmented reality (AR) and virtual reality (VR) headsets, haptic feedback systems, 3D scanners, motion tracking devices, and powerful computing hardware. As companies increasingly adopt industrial metaverse solutions, the demand for advanced hardware to support these applications is rising, making the hardware segment a key driver of the overall market's growth.

The service segment is estimated to register the highest CAGR over the forecast period. Wearable biometric sensors are emerging as a trend in the industrial metaverse hardware landscape. These sensors can monitor workers' physiological and emotional states in real time, providing valuable insights into their well-being and performance. By integrating biometric sensors into headsets or wearable devices, companies can ensure the safety and comfort of their employees while optimizing workflow efficiency. This trend encompasses keywords such as "wearable biometric sensors" and "real-time worker monitoring.

Technology Insights

Based on technology, the AR segment dominated the market with a revenue share of 40.4% in 2022. One of the prominent trends in the industrial metaverse is the increasing adoption of AR integrated with digital twin technology. It entails the utilization of AR to superimpose live data from sensors and IoT devices onto physical equipment, furnishing operators with instant information about the state and functionality of machinery. This facilitates proactive maintenance and leads to a decrease in operational downtime.

The MR segment is estimated to register the highest CAGR over the forecast period. One of the prominent trends in the industrial metaverse MR segment is the development of holographic workspaces. These MR solutions create interactive holograms and digital objects that users can manipulate in physical space. Holographic workspaces are particularly valuable for design and engineering tasks, allowing professionals to interact tangibly with 3D models and prototypes.

Application Insights

Based on application, the data visualization & analytics segment dominated the market with a revenue share of 29.8% in 2022. A growing trend in industrial metaverse data visualization and analytics is the development of interconnected data ecosystems. These ecosystems enable the seamless integration of data from various sources, including IoT devices, sensors, and databases, into a unified platform. This trend emphasizes the importance of data interoperability and the ability to derive insights from a holistic view of an organization's data. Primary keywords associated with this trend include "interconnected data ecosystems" and "data integration in the metaverse."

One of the important trends in the industrial metaverse virtual prototyping is the integration of physics-based simulation. Advanced simulation platforms allow engineers and designers to simulate real-world physical interactions, such as structural mechanics, fluid dynamics, and electromagnetic behaviors. This trend empowers industries to conduct comprehensive testing and analysis within the virtual environment, reducing the need for physical prototypes and costly iterations.

End-use Insights

Based on end-use, the manufacturing segment dominated the market with a revenue share of 25.5% in 2022. A prominent trend in the industrial metaverse manufacturing segment is the adoption of digital twins for predictive maintenance. Digital twin technology creates a virtual replica of physical manufacturing equipment, enabling real-time monitoring and analysis of machine performance. By harnessing data from digital twins, industries can predict maintenance needs, minimize unplanned downtime, and optimize production schedules.

The automotive market includes many technologies and solutions to improve vehicle manufacturing, design, and operation. This business includes digital design and prototyping tools, augmented reality (AR) for automotive maintenance and repair, and connected automobile technologies. As the automobile sector recognizes the potential of the industrial metaverse to simplify operations, improve vehicle design, and improve user experiences, demand for cutting-edge automobile technology grows, making this segment a crucial driver of the entire market's rise.

Regional Insights

The North America segment dominated the market with a revenue share of 33.0% in 2022. North America has long been a leader in the entertainment industry, and this trend continues with the industrial metaverse. The region is witnessing a surge in the creation of immersive experiences, virtual events, and metaverse-based entertainment. It includes VR gaming, virtual concerts, and immersive storytelling experiences that leverage the capabilities of the industrial metaverse. Companies are capitalizing on the demand for immersive entertainment, driving innovation and investment in the North American entertainment sector.

The transformation of education and training is a key trend in the Asia Pacific industrial metaverse market. Educational institutions around the area use AR and VR technologies to develop immersive and interactive learning experiences. Students may tour historical places, perform virtual science experiments, and participate in realistic simulations to improve their learning and recall of information. Corporations also utilize the industrial metaverse for staff training, delivering hands-on experiences in virtual surroundings.

Key Companies & Market Share Insights

The market is marked by fierce competition, where a select group of global leaders holds a significant market share. The main emphasis lies in pioneering product advancements and fostering partnerships among key industry players. For instance, In October 2022, VTT initiated its inaugural project on the Human-Driven Industrial Metaverse. The primary objective was to kickstart a dialogue about reshaping the landscape of industrial work in collaboration with a carefully chosen group of eleven companies. These companies were a mix of those engaged in industrial work, utilizing existing solutions, and those specializing in providing pertinent solutions. This consortium represented diverse industrial sectors and brought together complementary technological expertise.

In another instance, in March of 2023, NVIDIA forged a collaborative alliance with Microsoft to extend access to the industrial metaverse and artificial intelligence (AI) capabilities for Microsoft's enterprise clientele through the Azure Cloud platform. Within this partnership, Microsoft Azure would serve as the hosting environment for two significant offerings from NVIDIA: the NVIDIA Omniverse Cloud, which functions as a Platform-as-a-Service catering to industrial metaverse applications, and the NVIDIA DGX Cloud, delivering advanced AI supercomputing services. Some prominent players in the global industrial metaverse market include:

• Bentley Systems, Inc.

• Dassault Systems SE

• HTC Corporation

• Magic Leap, Inc.

• Microsoft Corporation

• NVIDIA Corporation

• PTC Inc

• Siemens AG

• Swanson Analysis Systems Inc.

• Unity Software Inc.

Industrial Metaverse Market Report Scope

Global Industrial Metaverse Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global industrial metaverse market report based on component, technology, application, end-use, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Software

  • Hardware

  • Services

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • AR

  • VR

  • MR

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Product Design & Development

  • Virtual Prototyping

  • Training & Simulation

  • Remote Collaboration

  • Maintenance & Repair

  • Supply Chain Optimization

  • Data Visualization & Analytics

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Automotive

  • Healthcare

  • Logistics & Transportation

  • Manufacturing

  • Energy and utilities

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Mexico

    • Brazil

  • Middle East and Africa

    • Kingdom of Saudi Arabia (KSA)

    • UAE

    • South Africa