The North America Industrial Metaverse Market is expected to witness market growth of 35.0% CAGR during the forecast period (2024-2031).
The US market dominated the North America Industrial Metaverse Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $53.13 billion by 2031. The Canada market is experiencing a CAGR of 37.9% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 36.8% during 2024-2031.
This represents the next frontier in digital transformation, combining technologies like augmented reality (AR), virtual reality (VR), Internet of Things (IoT), artificial intelligence (AI), and blockchain to create a shared, immersive virtual space for industrial applications. Unlike the consumer-driven metaverse, which focuses on social interactions and entertainment, the industrial metaverse centers on revolutionizing manufacturing, construction, supply chain, energy, and healthcare.
This is enhancing visibility and transparency in supply chain management. Companies can simulate supply chain processes, monitor inventory, and predict disruptions by creating immersive digital environments that reflect real-world operations. Real-time tracking of shipments using IoT sensors and blockchain technology to ensure authenticity.
In Canada, the projected 1 percent annual increase in electricity demand, largely driven by the industrial sector, presents a significant opportunity for the Industrial Metaverse to improve operational efficiency and energy management. With industrial energy demand expected to grow at 0.7 percent annually, Canadian producers will look to expand their generation capacity and optimize energy use. This can be crucial in this context, helping businesses monitor and simulate energy consumption through digital twins, smart grids, and real-time data analysis. Meanwhile, Mexico’s impressive growth in e-commerce and its position as one of the top five countries in global e-commerce retail growth provide a unique opportunity to expand this in logistics and retail industries. With 63 million Mexicans using e-commerce in 2022 - an increase of 5.5 million over the previous year - the logistics and supply chain sectors are under growing pressure to adapt to the increasing demand for fast, efficient delivery systems. Hence, Canada and Mexico’s strategic investments in energy and e-commerce, respectively, provide fertile ground for the market's growth.
The US market dominated the North America Industrial Metaverse Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $53.13 billion by 2031. The Canada market is experiencing a CAGR of 37.9% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 36.8% during 2024-2031.
This represents the next frontier in digital transformation, combining technologies like augmented reality (AR), virtual reality (VR), Internet of Things (IoT), artificial intelligence (AI), and blockchain to create a shared, immersive virtual space for industrial applications. Unlike the consumer-driven metaverse, which focuses on social interactions and entertainment, the industrial metaverse centers on revolutionizing manufacturing, construction, supply chain, energy, and healthcare.
This is enhancing visibility and transparency in supply chain management. Companies can simulate supply chain processes, monitor inventory, and predict disruptions by creating immersive digital environments that reflect real-world operations. Real-time tracking of shipments using IoT sensors and blockchain technology to ensure authenticity.
In Canada, the projected 1 percent annual increase in electricity demand, largely driven by the industrial sector, presents a significant opportunity for the Industrial Metaverse to improve operational efficiency and energy management. With industrial energy demand expected to grow at 0.7 percent annually, Canadian producers will look to expand their generation capacity and optimize energy use. This can be crucial in this context, helping businesses monitor and simulate energy consumption through digital twins, smart grids, and real-time data analysis. Meanwhile, Mexico’s impressive growth in e-commerce and its position as one of the top five countries in global e-commerce retail growth provide a unique opportunity to expand this in logistics and retail industries. With 63 million Mexicans using e-commerce in 2022 - an increase of 5.5 million over the previous year - the logistics and supply chain sectors are under growing pressure to adapt to the increasing demand for fast, efficient delivery systems. Hence, Canada and Mexico’s strategic investments in energy and e-commerce, respectively, provide fertile ground for the market's growth.
List of Key Companies Profiled
- Bentley Systems, Inc.
- Dassault Systemes SE
- HTC Corporation
- Magic Leap, Inc.
- Microsoft Corporation
- NVIDIA Corporation
- PTC Inc.
- Siemens AG
- Swanson Health Products, Inc.(Swander Pace Capital)
- Unity Software Inc.
Market Report Segmentation
By Component
- Hardware
- Software
- Services
By End Use
- Manufacturing
- Automotive
- Energy & utilities
- Healthcare
- Logistics & Transportation
- Other End Use
By Technology
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
By Application
- Data Visualization & Analytics
- Training & Simulation
- Product Design & Development
- Virtual Prototyping
- Remote Collaboration
- Maintenance & Repair
- Supply Chain Optimization
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. North America Industrial Metaverse Market by Component
Chapter 6. North America Industrial Metaverse Market by End Use
Chapter 7. North America Industrial Metaverse Market by Technology
Chapter 8. North America Industrial Metaverse Market by Application
Chapter 9. North America Industrial Metaverse Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Bentley Systems, Inc.
- Dassault Systemes SE
- HTC Corporation
- Magic Leap, Inc.
- Microsoft Corporation
- NVIDIA Corporation
- PTC Inc.
- Siemens AG
- Swanson Health Products, Inc.(Swander Pace Capital)
- Unity Software Inc.
Methodology
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