The Latin America, Middle East and Africa Industrial Metaverse Market is expected to witness market growth of 39.4% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA 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 $4.60 billion by 2031. The Argentina market is showcasing a CAGR of 40.5% during 2024-2031. Additionally, the UAE market would register a CAGR of 38.1% during 2024-2031.
The continuous development of immersive technologies and AI has lowered the barriers to adopting them. AR and VR devices are becoming more accessible and cost-effective, enabling industries to create high-fidelity virtual environments. This is crucial in promoting sustainability by enabling virtual testing, which reduces waste and energy consumption.
This primarily creates immersive, data-rich environments that enable better decision-making and collaboration. Companies can use virtual environments to design, prototype, and test new products without physical resources, accelerating the product development cycle and reducing costs. Immersive simulations offer a safe and controlled environment for training employees, especially in industries like oil and gas, where real-world training can be hazardous.
In the UAE, the government’s commitment to healthcare, reflected in the substantial funding from the 2022 federal budget and Vision 2040’s emphasis on the sector, lays the groundwork for leveraging these solutions in healthcare. The UAE increasingly positions itself as a hub for healthcare innovation in the region. It is an ideal environment for deploying metaverse technologies in healthcare, such as virtual diagnostics, remote surgeries, and training simulations. Meanwhile, in Brazil, the rapid growth of AI investments - exceeding US$1 billion in 2023 - signals the increasing integration of cutting-edge technologies into industrial sectors. The rise of Intelligent Process Automation (IPA), marked by a 17% year-over-year increase, further underscores Brazil’s evolving digital landscape. They offers a promising solution as industries seek ways to optimize operations and increase efficiency. Thus, both the UAE and Brazil are fostering technological growth through substantial investments in AI and healthcare, creating an ecosystem conducive to adopting and expanding the Industrial Metaverse.
The Brazil market dominated the LAMEA 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 $4.60 billion by 2031. The Argentina market is showcasing a CAGR of 40.5% during 2024-2031. Additionally, the UAE market would register a CAGR of 38.1% during 2024-2031.
The continuous development of immersive technologies and AI has lowered the barriers to adopting them. AR and VR devices are becoming more accessible and cost-effective, enabling industries to create high-fidelity virtual environments. This is crucial in promoting sustainability by enabling virtual testing, which reduces waste and energy consumption.
This primarily creates immersive, data-rich environments that enable better decision-making and collaboration. Companies can use virtual environments to design, prototype, and test new products without physical resources, accelerating the product development cycle and reducing costs. Immersive simulations offer a safe and controlled environment for training employees, especially in industries like oil and gas, where real-world training can be hazardous.
In the UAE, the government’s commitment to healthcare, reflected in the substantial funding from the 2022 federal budget and Vision 2040’s emphasis on the sector, lays the groundwork for leveraging these solutions in healthcare. The UAE increasingly positions itself as a hub for healthcare innovation in the region. It is an ideal environment for deploying metaverse technologies in healthcare, such as virtual diagnostics, remote surgeries, and training simulations. Meanwhile, in Brazil, the rapid growth of AI investments - exceeding US$1 billion in 2023 - signals the increasing integration of cutting-edge technologies into industrial sectors. The rise of Intelligent Process Automation (IPA), marked by a 17% year-over-year increase, further underscores Brazil’s evolving digital landscape. They offers a promising solution as industries seek ways to optimize operations and increase efficiency. Thus, both the UAE and Brazil are fostering technological growth through substantial investments in AI and healthcare, creating an ecosystem conducive to adopting and expanding the Industrial Metaverse.
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
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. LAMEA Industrial Metaverse Market by Component
Chapter 6. LAMEA Industrial Metaverse Market by End Use
Chapter 7. LAMEA Industrial Metaverse Market by Technology
Chapter 8. LAMEA Industrial Metaverse Market by Application
Chapter 9. LAMEA 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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