Advancements in digital twin technology, increasing number of companies opening factories in the metaverse, and improvements in supply chain transparency
VANCOUVER, BRITISH COLUMBIA, CANADA, August 8, 2022 /EINPresswire.com/ — Increasing adoption of metaverse-based technologies to improve manufacturing efficiency and reduce costs
North America is expected to account for largest revenue share over the forecast period, attributable to rapid advancements in metaverse technology, technological upgrades in AR and VR devices, growing number of companies establishing manufacturing facilities in the metaverse, and robust presence of key players in the region.
Manufacturing is a highly complex process and an integral part of the supply chain management. Over the recent years, digital transformation has enabled better production times, minimal production costs, and streamlining supply chain processes. The advent of metaverse is expected to provide access to a digital space with efficient translation of this space into the physical world. Metaverse is expected to provide easy access to digital materials, encourage creators to develop innovative designs, revolutionize how products are made, and provide access to 3D content creation tools. Increasing adoption of metaverse platforms to create 3D prototype designs, form easy collaborations to accelerate product development processes, expanding applications of digital twin, and key advantages of Metaverse in Manufacturing such as more efficient processes and faster turnaround times are major factors expected to drive market revenue growth over the forecast period.
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Metaverse in Manufacturing is expected to provide better project visibility, boost collaboration in the workspace, and enhance 3D design representations of product designing, production, commercialization, and distribution. Metaverse has the potential to accelerate a digital-first approach to manufacturing which will positively impact consumer preferences. Metaverse can enhance supply chain transparency by allowing customers to track their orders throughout the entire production cycle and this is expected to further boost revenue growth of the segment over the forecast period. Simulations in the metaverse can also allow manufacturers to test hundreds of potential scenarios for the ecosystems and choose efficient strategies for their company and gain real-time insights on the performance of equipment and machinery and predict the results of upscaling and downscaling in the future. This is expected to further contribute to the revenue growth of the market going ahead.
Some prominent companies included in the report are:
Hyundai Motor Company
For the purpose of this report, Emergen Research has segmented the global Metaverse in Manufacturing market on the basis of component, technology, application, end use industries, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
Augmented Reality (AR)
Virtual Reality (VR)
Mixed Reality (MR)
Internet of Things (IoT)
Artificial Intelligence (AI)
Application Outlook (Revenue, USD Billion; 2018-2028)
Supply Chain Management
Product Designing and Development
End Use Industries Outlook (Revenue, USD Billion; 2018-2028)
Virtual Reality Segment to Register Robust Revenue CAGR:
Virtual reality segment is expected to register significant revenue growth rate over the forecast period attributable to increasing popularity of VR devices and immersive experiences, rapid adoption of VR devices across various end-use industries, growing utilization of 3D technology to design prototypes, and growing integration of virtual reality applications in manufacturing.
Supply Chain Management Segment Revenue to Support Market Growth:
Supply chain management segment revenue is expected to dominate other application segments in terms of revenue share over the forecast period owing to increasing use of metaverse technology to improve supply chain efficiency and transparency, facilitate easy communication across blockchain to match suppliers and consumers in the metaverse, and streamline and secure payments and contracts.
The report mainly studies the Metaverse in Manufacturing market size, recent trends and development status, investment opportunities, market dynamics (eg driving factors, limiting factors) and industry news (eg mergers, acquisitions and investments). Technological innovations and advancements will further optimize the performance of the product so that it is more widely used in downstream applications. In addition, Porter’s five force analyzes (potential entrants, suppliers, substitutes, buyers, and industry
Middle East & Africa
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Thinking One Step Ahead
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Rapid Business Growth Factors
In addition, the market is growing at a fast pace and the report shows us that there are a couple of key factors behind that. The most important factor that’s helping the market grow faster than usual is the tough competition.
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Highlights of the Metaverse in Manufacturing Market Report:
This research report focuses on the Metaverse in Manufacturing Market overview, market share, demand and supply ratio, and import/export details, supply chain analysis, and others.
The report includes different approaches and procedures used by established market players for efficient business decisions.
The report offers detailed information regarding the production value, strategies adopted by the key market players, their products/services offerings, and many more.
Key Coverage of the report:
Market share valuations of the segments on a country and global level.
Market share analysis of the major market players.
Opportunities and growth prospects for the new market entrants.
Market forecast for all the segments, sub-segments of the market.
Market Trends (drivers, restraints, opportunities, challenges, threats, investment opportunities, and approvals)
Strategic endorsements in the key business segments on the basis of market valuations.
Competitive landscape mapping of the key development patterns.
Company profiling with detailed strategies, financial details, and recent developments.
Latest supply chain trends and technological advancements.
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