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Industrial Metaverse Market worth $228.6 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, July 18, 2024 /PRNewswire/ — The global industrial metaverse market is projected to reach USD 228.6 billion by 2029 from USD 28.7 billion in 2024; it is expected to grow at a CAGR of 51.5% according to a new report by MarketsandMarkets™. Key factors propelling the market growth include the rising adoption of digital twins, Advancement in core technologies such as AR, VR, AI, and IoT, rising demand for efficiency and optimization in industrial sector, and addressing skill gaps and workforce challenges through industrial metaverse. Moreover, continuous developments in 5G/6G, and integration of blockchain technology within industrial metaverse are expected to create significant opportunities for the industrial metaverse market.

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Browse in-depth TOC on “Industrial Metaverse Market” 
192 – Tables
69 – Figures
267 – Pages

Industrial Metaverse Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 28.7 billion

Estimated Value by 2029

$ 228.6 billion

Growth Rate

Poised to grow at a CAGR of 51.5%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Technology, End User, and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Opposition From Incumbents Towards Blockchain Technology

Key Market Opportunities

Continuous Developments In 5G/6G

Key Market Drivers

Rising demand for efficiency and optimization in industrial sector

Private 5G technology segment to grow at a significant CAGR during the forecast period.

During the forecast period, the Private 5G technology is expected to grow at a significant CAGR owing to its benefits such as seamless connectivity, low-latency communication, and advanced automation for optimized operations for industries. In the industrial metaverse, private 5G acts as the dedicated, high-performance nervous system, which enables real-time control and interaction as its ultra-low latency allows seamless interaction between physical machines and their digital twins in the metaverse. It enables secure, and isolated network as it provides a private environment for sensitive industrial data and processes within the metaverse. It helps in enabling massive device connectivity as private 5G supports the vast number of sensors and devices needed to create a detailed and interactive digital representation of an industrial environment.

Oil & Gas end user segment to grow at higher CAGR between 2024 and 2029.

In the oil & gas industry, digital twins play an important role in predicting behavior of machines, systems, factories, and processes, which is essential for future productivity and infrastructure growth. For oil & gas industry, engineers can remotely monitor and control offshore platforms and pipelines using AR technology. This reduces the need for on-site personnel, improves safety and reduces operational costs. Highly realistic VR simulations help in training personnel for various tasks, from handling emergencies to conducting intricate maintenance procedures. The industrial metaverse helps oil & gas companies to optimize processes and reduce operational costs.

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Europe region is likely to offer significant growth opportunities in the global industrial metaverse market during the forecast period.

Industry 4.0 adoption, strong emphasis on technological advancements, proactive approach to digital transformation, and focus on sustainability are expected to be the drivers for the industrial metaverse industry in the European region. The increasing adopting to AR & VR, and digital twin by German automotive industry, adoption of edge computing and AI technologies by private sector industries in UK, and its strong government support, and increasing adoption in aerospace industry in France are the significant drivers for countries in the UK.

Key players in the industrial metaverse companies include NVIDIA Corporation (US), Microsoft (US), Siemens (Germany), Amazon Web Services, Inc. (US), IBM (US), Meta (US), HTC Corporation (Taiwan), ABB (Switzerland), PTC (US), Dassault Systèmes (France), GE Vernova (US), Intel Corporation (US), AVEVA Group Limited (UK),  Alphabet, Inc. (US), and Nokia (Finland).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Augmented and Virtual Reality Market Size, Share & Industry Growth Analysis Report by Enterprise (Small, Medium, Large), Technology (AR and VR), Offering (Hardware, Software), Device Type (AR, VR Devices), Application (AR Application, VR Application) and Region – Global Forecast to 2028

Digital Twin Market Size, Share, Statistics and Industry Growth Analysis Report by Application (Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry (Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography – Global Growth Driver and Industry Forecast to 2028

AR and VR Display Market by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology, Display Technology (LCD, OLED, Micro-LED), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) & Region – Global Forecast to 2028

Augmented and Virtual Reality in Healthcare Market by Offering (Hardware and Software), Device Type, End User, Application (Patient Care Management, Medical Training & Education, Pharmacy Management, Surgery), and Geography – Global Forecast to 2023

Industrial IoT Market by Offering (Hardware (Processors, Connectivity ICs, Sensors, Memory Devices, Logic Devices), Software (PLM, MES, SCADA, OMS), Platforms), Connectivity Technology, Deployment, Vertical and Region – Global Forecast to 2029

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Cash Industry Stakeholders to Gather in Chicago for the Secure Cash and Transport Association’s Annual Conference

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50 mins ago

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September 25, 2024

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The 2024 SCTA Conference, taking place in Chicago on October 9-11, will host cash industry professionals and feature a keynote address by 29-time Emmy Award winner and Hall of Fame keynote speaker, Bill Stainton.

PURCELLVILLE, Va., Sept. 25, 2024 /PRNewswire-PRWeb/ — The Secure Cash & Transport Association (SCTA), a nonprofit group representing professionals in ATM servicing, cash handling and processing, transportation, and safekeeping of cash and coin throughout North America, is set to welcome nearly 200 attendees to its annual conference in Chicago on October 9-11, 2024. The annual SCTA Conference supports the Secure Cash & Transport Association’s overarching mission to protect, strengthen, and unite the cash-in-transit and cash-servicing industries. This year’s event theme is “Adopting and Adapting to Technology: What’s Next?”

“I believe the next chapter for us all is to focus on building resilience, ensuring that our industry can keep pace with technological advancements and thrive amidst them.”

The conference brings professionals and thought leaders together to review critical trends and issues impacting the cash industry’s safety, security, and overall success. This year’s event features a keynote address by 29-time Emmy Award winner and Hall of Fame keynote speaker, Bill Stainton. Stainton’s address, “Connect the Dots: Innovation in the Cash Service Industry,” will debunk several myths about creativity and innovation and delve into what it means to be a game-changer in the cash industry.

The 2024 SCTA Conference will feature more than a dozen informative sessions delivered by leading experts in cash-in-transit, banking, retail, security, cybersecurity, insurance, and compliance. The full schedule for the event can be found at scta.securetransportassociation.org/agenda.

D. Mark Lowers, President of the Secure Cash and Transport Association, reflects on this year’s focus on innovation, “As leaders, we’ve had to navigate the rapid pace of technological change, integrating new systems and solutions to maintain business continuity and enhance safety and security. This adaptation has sharpened our skills and brought about greater efficiency. However, I believe the next chapter for us all is to focus on building resilience, ensuring that our industry can keep pace with technological advancements and thrive amidst them.”

Details about the event, registration information, and association membership details can be found on the event website at https://scta.securetransportassociation.org.

About the Secure Cash & Transport Association (SCTA)

The Secure Cash & Transport Association (SCTA) is a non-profit association established in 2013 to represent the shared interests of professionals in ATM servicing, cash handling/processing, transportation, and safekeeping of cash and coin throughout North America. Industry groups represented by the association include armored operators, insurance providers, truck builders, financial institutions, ATM cash providers, coin wrappers, security surveys and compliance providers, retailers, and loss adjusters.

Learn more at securetransportassociation.org.

Media Contact

Michael Gaul, Secure Cash & Transport Association, 1 (540) 338-7151, mgaul@securetransportassociation.org, https://www.securetransportassociation.org/

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SOURCE Secure Cash & Transport Association

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PayPal Enables Business Accounts to Buy, Hold and Sell Cryptocurrency

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50 mins ago

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September 25, 2024

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Company also provides the ability for business accounts to externally transfer cryptocurrency

SAN JOSE, Calif., Sept. 25, 2024 /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) announced it is enabling its U.S. merchants to buy, hold and sell cryptocurrency directly from their PayPal business account. At launch, this functionality for Business Accounts will not be available in New York State. Today’s announcement is PayPal’s latest step to increase cryptocurrency‘s utility by making increased functionality available to millions of merchants in the U.S. 

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”

Additionally, PayPal is enabling U.S. merchants to externally transfer cryptocurrency on chain to third-party eligible wallets. PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.

PayPal has continuously made significant steps to increase cryptocurrency‘s utilization. In 2020, PayPal announced the availability of its customers to buy, hold and sell cryptocurrency directly from their PayPal and Venmo accounts. In 2023, PayPal announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). In April 2024, we enabled PYUSD as a funding instrument for our Xoom platform, allowing users to pay no transaction fees when using PYUSD to fund eligible transfers to friends and family abroad. Most recently, PYUSD was made available on the Solana blockchain, providing users with the choice of multiple blockchains allowing for increased flexibility and control.

About PYUSD

PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company. Paxos and its products – including expansion to new blockchains – are licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.

Issuance and custody of PayPal USD is performed by Paxos Trust Company, LLC. Learn more in PayPal’s Cryptocurrency Terms, and in the Paxos Terms that also apply to PYUSD.

About PayPal

PayPal has been revolutionizing commerce globally for more than 25 years. The company creates innovative experiences that make moving money, selling, and shopping simple, personalized, and secure. PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.

Media Relations Contacts: 
Nicole Cutler
mediarelations@paypal.com

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SOURCE PayPal Holdings, Inc.

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KIWI design Unveils Made For Meta Products at Meta Connect 2024

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50 mins ago

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September 25, 2024

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MENLO PARK, Calif., Sept. 26, 2024 /PRNewswire/ — KIWI Design, a leading innovator in high-quality XR accessories, has successfully added two products to the “Made For Meta” program since 2023. In 2024, KIWI design was invited to participate in the Meta Connect event, where they presented three new “Made For Meta” products. These innovations come equipped with significant upgrades designed to enhance the immersive experience for XR enthusiasts. According to their official social media announcements, more products will be released in Q4.

With the introduction of the Made For Meta line, KIWI design continues to set the standard in the XR accessory market. Each product is designed with user feedback in mind, ensuring that every detail contributes to a more enjoyable and engaging XR experience.

“Our goal is to provide XR lovers with the most immersive experience.” stated Ray, CEO of KIWI design. “We are thrilled to introduce these new products, which embody our unwavering commitment to quality and innovation.”

Since its inception, KIWI design has built a reputation for crafting user-friendly and reliable XR accessories that are widely appreciated by consumers. This announcement features upgrades to their flagship products, promising a more comfortable and enjoyable experience for users.

As KIWI design moves forward, the company remains dedicated to its mission: “Pioneering Comfort and Immersion in Every XR Moment.” The unveiling of these new products at Meta Connect represents a significant step towards this goal, and the company is excited to continue innovating for the XR community.

For more information about KIWI design, please visit official website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.

https://www.kiwidesign.com/

https://www.facebook.com/KIWIdesignOfficial

https://www.instagram.com/kiwidesignins/

https://x.com/KIWIdesign_shop

https://www.youtube.com/channel/UCOzFWarIschBuBfNz01Oucw

https://www.tiktok.com/@kiwidesign_official

SOURCE KIWI design

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