Wilmington, Delaware, United States, June 19, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for industrial metaverse was estimated to have reached a market valuation around US$ 22.1 billion in 2022. The market is likely to garner a robust 17.5% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 93.5 billion.
The use of the industrial metaverse has increased because it provides a virtual environment for monitoring, controlling, and optimizing manufacturing operations, supply chains, as well as logistics. Real-time data analysis, remote monitoring, proactive maintenance, and other abilities are made possible by it, which boosts productivity and operational effectiveness.
The creation of the industrial metaverse is being actively funded by a number of significant technological and business organizations. Players are concentrating on developing software, hardware, and metaverse platforms expressly for business applications.
The merging of both digital and physical components, together with human enhancement, for commercial use, is known as the industrial metaverse. It includes digital representations of actual industrial settings, equipment, systems, and locations that people can interact with, alter, and communicate with.
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The global industrial metaverse market size is being greatly boosted by ongoing technological change of industries. Businesses utilizing IoT, VR, AI, and AR technologies are increasingly looking for methods to integrate and display data, streamline processes, and improve collaboration.
The advantages that digital twin technology offers to numerous sectors and applications are driving up its adoption. The use of digital twin technology within manufacturing, for instance, enables engineers to test and develop prototypes, streamline supply chains as well as…