The industrial metaverse market is hot at the moment. A new report by Meticulous Research predicts the smart cities market will reach a staggering $600.6 billion by 2032. The report, titled "Industrial Metaverse Market—Global Opportunity Analysis and Industry Forecasts to 2032," reveals a compound annual growth rate (CAGR) of 20.5% during the forecast period of 2025-2032. By 2025, the gen ai market surged up to approximately $48.2 billion. This unprecedented growth was largely driven by the widespread integration of immersive technologies across multiple industries.
Simulation is a key enabler for the industrial metaverse and creates unique opportunities and tools to save capital while managing intricate capital projects and ongoing operations. Sectors including manufacturing, transport, and oil & gas have been widely adopting the industrial metaverse. These public and private sectors are using its capabilities to make their work more efficient, safer, and cost-effective.
The growth in the industrial metaverse market is closely linked to advancements in augmented reality (AR) and virtual reality (VR) technologies. The AR/VR headset market grew by 18.1% YOY in the last quarter. As it stands, Meta controls the entire AR/VR headset market, taking up 50.8% of the market entirely. Behind Nreal, XREAL is the second-leading market player, and while its recent sales of its smart glasses helped propel it to that leading number market position.
"The market is clearly shifting toward more immersive and versatile experiences. While Meta continues to lead, the rise of brands like Viture and XREAL shows that innovation in form factor and user experience is resonating with consumers. The next wave of growth will be driven by mixed and extended reality, especially as AI and Android XR platforms mature." - Jitesh Ubrani
The industrial metaverse market is evolving from visualization to more immersive and versatile experiences. Apple’s much-expected debut in the mixed reality (MR) market has everyone buzzing. Simultaneously, VR companies are starting to refocus on MR, and that segment alone is projected to fuel even greater growth in the overall market.
"Meanwhile, we anticipate MR to experience a strong reception with many of those VR companies pivoting there and gaining entrants like Apple. ER headsets will continue to gain traction primarily among gamers. Not to be overlooked is the impact that Google’s Android XR can have across both MR and ER, and we look forward to seeing more vendors leverage the new platform in much the same way that numerous smartphone vendors embraced Android." - Ramon T. Llamas
