The Metaverse vs. The Digital Twin

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DUBLIN, May 13, 2022 /PRNewswire/ — The “Metaverse Technology Market Outlook” report has been added to from ResearchAndMarkets.com offer.

According to this latest market research, the Metaverse Technology market was valued at $32 billion in 2021 and is expected to reach $224 billion by 2030. Software accounted for more than 80% of the market in 2021. Metaverse technology is expected to create revenue opportunities across multiple verticals, especially for companies that develop virtual platforms and their components, semi- drivers and chips that render ultra-realistic graphics, and associated software.

Metaverse Technology Market – Highlights

  • In augmented reality (AR), head-mounted displays (HMDs) and heads-up displays (HUDs) are mostly used. The three main types of devices used in virtual reality are HMDs, projectors and display walls, and gesture tracking devices. Autonomous AR/VR devices eliminate the need for personal computers or smartphones to deliver a metaverse experience to users, as these devices have built-in displays and processors. In terms of unit shipment, AR devices only accounted for 1% of the overall metaverse hardware market in 2020 and are expected to have over 90% share by 2030.
  • The consumer segment will hold the largest share (~29%) of the market by 2030, including gaming and entertainment applications in which augmented reality is used to create 3D objects in the real world. The thriving gaming, sports, and entertainment sectors are fueling the use of the metaverse in the consumer industry. VR technology also offers remarkable results when it comes to visual effects when used in gaming and sports broadcasts.
  • The metaverse market in APAC is expected to grow at the highest CAGR of 25% between 2022-2030. North America dominated the market in 2021. Rising usage of smartphones, growing adoption of smart devices, and growing demand for AR/VR in various applications are the major factors fueling the growth of the metaverse market in North America. However, the APAC market is expected to overtake the metaverse market in North America by 2028. The Metaverse Market is expected to witness significant growth over the coming years driven by the increasing adoption of Metaverse in China, Japanand South Korea.
  • The presence of companies such as Blippar, India, Engine Creative, and Holition that are actively involved in the AR/VR industry is expected to drive the growth of the UK metaverse market. The digital shift in the UK is expected to fuel the growth of the extended reality market in the country. The UK is becoming a hotbed for AR devices. Demand for metaverse is expected to increase in the UK, primarily from the gaming industry, as the country has one of the largest gaming industries in the world.
  • In the metaverse, users are connected to their avatars or other digital representation, and the information collected about their activities is personal data, which is subject to existing privacy and data protection laws. Privacy regulations may vary depending on the physical location of an organization or user, type of organization or user, type of data collected, type of data collected, and purpose of data collection. Organizations will be subject to the General Data Protection Regulation (GDPR) and UK data privacy laws

Metaverse vs Digital Twin

Digital twins enable the creation of rich digital models of physical or logical assets that can be products or complex environments. Such models can be animated and synchronized with the physical world that serves as the basis for activating the metaverse platform. Anheuser-Busch InBev, one of the largest brewers in the world, uses the metaverse app. AB InBev uses Microsoft Azure Digital Twins to create a complete digital model of its breweries and supply chain. AB InBev is using mixed reality on its digital twin for remote support, helping to share efficiency across geographies.

Virtually digitized objects in the metaverse are not digital twins. A digitized object, when embedded with real metadata and live data streams from simultaneously overlaid sensors, makes it a digital twin. According to David Weir McCall from Epic Games, the metaverse is the digital world that coexists with the physical world and allows people to live, work and play alongside each other, and the digital twin is the foundation on which the metaverse will be built. The digital twin in the metaverse allows for the creation of a virtual world where live data is fed, and it will work exactly as it would in the real world. Examples include retail stores where the shopping experience is optimized in real time and shelves are always full.

Metaverse

  • The metaverse does not need to be linked to an existing physical asset
  • The metaverse does not need sensor data to exist. However, real time can be used for various applications
  • The metaverse requires a level of immersion where a user must immerse themselves in a virtual world

Double digital

  • The digital twin requires an object or process that can be represented. Any change in the physical world is reflected in the digital representation
  • The digital twin depends on data integration. Sensors attached to a real-world asset are used where real-time data forms the bridge connecting to its virtual counterpart
  • The digital twin is accessible to everyone, even on a computer, smartphone or tablet

Key questions this study should answer

  • What is the market size and forecast of the global Metaverse Technology market?
  • What are the driving factors and impact of digitalization shaping the global Metaverse Technology market during the forecast period?
  • What are the products/segments/applications/areas to invest in during the forecast period in the global Metaverse Technology market?
  • What is the competitive strategic scenario for opportunities in the Global Metaverse Technology market?
  • What are the technology trends and regulatory frameworks in the global Metaverse technology market?

Main topics covered:

1. Introduction

2 Executive summary

3 Metaverse Drivers and Challenges
3.1 Drivers
3.1.1 Increased number of players
3.1.2 Increase in immersive and competitive games on mobile devices
3.1.3 Emergence of 5G
3.1.4 Increase investments in the metaverse
3.2 Risks and Challenges in the Metaverse
3.2.1 Cybersecurity
3.2.2 Currency and payment system
3.2.3 Reputation and Identity in the Metaverse
3.2.4 Infrastructure upgrade
3.3 Risk of doing business in the metaverse

4 Metaverse Legal Problems

5 Layers of the Metaverse

6 Economic impact of the metaverse

7 use cases, by industry
7.1 E-commerce and retail
7.1.1 Gucci expands its presence on Roblox to develop Gucci Garden
7.1.2 Chipotle hosted a virtual restaurant on Roblox to give customers a Halloween experience
7.1.3 Fashion brand Gucci partnered with Sandbox
7.1.4 Luxury fashion house Balenciaga collaborated with Fortnite
7.1.5 Ralph Lauren launched a winter-themed digital collection on Roblox
7.2 Sports and entertainment
7.2.1 Vans launched the Vans World skatepark experience in Roblox
7.2.2 Nike has partnered with Roblox to create a virtual world called Nikeland
7.2.3 Roblox Hosted EDC’s Metaverse Dance Music Festival
7.2.4 Warner Bros has partnered with Roblox to create a virtual movie launch event
7.2.5 An Indian couple hosted the country’s first metaverse wedding reception
7.2.6 Tennis Australia has partnered with Decentraland to host the Australian Open
7.3 Music
7.3.1 Pop stars and singers conducting metaverse concerts
7.3.2 Muse collaborated with Stageverse for metaverse gigs
7.3.3 Epic Games in partnership with BTS
7.4 Company
7.4.1 Accenture collaborated with Microsoft to develop a virtual office
7.4.2 TCImage to design buildings in a virtual world, using NVIDIA Omniverse
7.4.3 Meta-platforms launched Horizon Workrooms
7.4.4 Arent fox and PWC bought land in the metaverse
7.4.5 Marriott Bonvoy unveiled digital art in the metaverse
7.5 Government
7.5.1 Barbados become the first country to establish an embassy in the metaverse
7.6 Automotive
7.6.1 BMW has launched the JOYTOPIA virtual world
7.6.2 Toyota Turkey held its Annual General Meeting in the Metaverse
7.6.3 Hyundai Motors launched space metaverse-Hyundai Mobility Adventure-on Roblox
7.6.4 Ford’s immersive vehicle environment system to design safer cars
7.7 Manufacturing
7.7.1 Hyundai Motors partnered with Unity to build Meta-Factory
7.7.2 NVIDIA and BMW presented the factory of the future
7.8 Bank
7.8.1 JP Morgan opened a bank branch in the Metaverse
7.9 Real Estate
7.9.1 Snoop Dogg builds a virtual mansion on land in the sandbox

8 metaverse apps

9 Metaverse Market, By Technology

10 Metaverse Market Size and Forecast, By Supply

11 Metaverse Market Size and Market Forecast, By Industry

12 Metaverse Market Regional Analysis

13 Competitive Landscape

Company Profiles

  • Alibaba Cloud
  • AMD
  • Apple
  • AWS
  • ClearBlade
  • Decentralized
  • DPVR
  • edge deviation
  • epic games
  • Ericsson
  • Google
  • resume
  • HTC
  • Huawei
  • Unlikely
  • Intel
  • Manticore Games
  • Meta
  • Microsoft
  • nokia
  • Nvidia
  • Oracle Cloud
  • PicoVR
  • Qualcomm
  • Roblox
  • Samsung
  • VR sandbox
  • Space Somnium
  • sony
  • Tencent Cloud
  • The sandbox
  • Technology Unit

For more information about this report visit https://www.researchandmarkets.com/r/bqgkvw

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