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Global Metaverse Technology Use Cases by Industry 2022: Revenue Opportunities Across Multiple Verticals

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Dublin, May 16, 2022 (GLOBE NEWSWIRE) — The “Metaverse Technology Market Outlook” report has been added to ResearchAndMarkets.com’s offering.

The Metaverse is a virtual space where users are immersed and virtually present in. The metaverse created by the convergence of virtually enhanced physical and digital reality. Technologies contributing to the development of the metaverse include augmented reality (AR), flexible work styles, head-mounted displays (HMDs), an AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI) and spatial technologies.

The metaverse consists of several key features including real-time persistency, economies, communities, digital avatars, and accessibility across multiple devices.

The Metaverse Technology market was valued at $32 billion in 2021 and is likely to reach $224 billion by 2030. Software contributed more than 80% of the market in 2021. The metaverse technology is expected to create revenue opportunities across multiple verticals, particularly for those companies that develop virtual platforms and their components, semiconductors and chips that render ultrarealistic graphics, and the related software.

Key Drivers

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The global gaming industry has reinvented itself to derive the maximum consumer engagement and revenue growth on a global level. Gaming has been revolutionized completely in the last 10 years, from organizational and business perspective, regardless of the gadgets used. Nowadays, games allow people to actively participate and enjoy their passion for gaming that suits any mood, interest, lifestyle, location, and budget. Almost all the new games include live events, pro-gamers heroes, and teams with millions of fans. Old gaming techniques are being replaced with upcoming technologies such as gesture control, facial and voice recognition, and high-definition (HD) displays; consumers have a wide variety of games available in the market, such as racing games, role-playing video games, and sports video games, according to their preferences. Thus, there is a constant increase in the number of gamers worldwide.

Game developers continue to leverage numerous technology trends, which further drive innovation and improvise the gameplay. For instance, more immersive playability through VR and AR supports photorealistic graphics, making it almost indistinguishable from real life. VR/AR gaming platforms also enable players to connect and socially interact with each other in virtual spaces. The launch of the fifth generation of cellular communications or 5G is likely to reflect positively on the metaverse market. This is primarily because 5G networks will go a long way forward towards improving the performance and reliability of connected devices

Metaverse Drivers & Challenges

Drivers

  • Rise in Number of Gamers
  • Upsurge in Immersive and Competitive Gaming on Mobile Devices
  • Emergence of 5G
  • Increasing investment in the metaverse

Risks and Challenges in the Metaverse

  • Cybersecurity
  • Currency and payment System
  • Reputation and Identity in Metaverse
  • Infrastructure Upgrade

Use Cases, By Industry

Ecommerce & Retail

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  • Gucci expanded its presence on Roblox to develop Gucci Garden
  • Chipotle hosted virtual restaurant on Roblox to provide its customers with Halloween experience
  • Fashion brand Gucci partnered with Sandbox
  • Luxury fashion house Balenciaga collaborated with Fortnite
  • Ralph Lauren launched digital winter-themed collection on Roblox

Sports & Entertainment

  • Vans launched Vans World skatepark experience in Roblox
  • Nike teamed up with Roblox to create virtual world called Nikeland
  • Roblox hosted metaverse dance music festival of EDC
  • Warner Bros united with Roblox to create virtual movie launch event
  • Indian couple hosted country’s first metaverse wedding reception
  • Tennis Australia partnered with Decentraland to host Australian Open

Music

  • Pop stars and singers driving metaverse concerts
  • Muse collaborated with Stageverse for metaverse concerts
  • Epic Games partnered with BTS

Enterprise

  • Accenture collaborated with Microsoft to develop virtual office
  • TCImage to design buildings in virtual world, using NVIDIA Omniverse
  • Meta Platforms launched Horizon Workrooms
  • Arent Fox and PWC purchased land site in metaverse
  • Marriott Bonvoy unveiled digital art in metaverse

Government

  • Barbados to become first country to establish an embassy in metaverse

Automotive

  • BMW launched JOYTOPIA virtual world
  • Toyota Turkey held its annual general meeting in metaverse
  • Hyundai Motors launched metaverse space-Hyundai Mobility Adventure-on Roblox
  • Ford’s immersive vehicle environment system to design safer cars

Manufacturing

  • Hyundai Motors partnered with Unity to build Meta-Factory
  • NVIDIA and BMW demonstrated factory of future

Banking

  • JP Morgan opened bank branch in metaverse

Companies Mentioned

  • Alibaba Cloud
  • AMD
  • Apple
  • AWS
  • ClearBlade
  • Decentraland
  • DPVR
  • Edgegap
  • Epic Games
  • Ericsson
  • Google
  • HP
  • HTC
  • Huawei
  • Improbable
  • Intel
  • Manticore Games
  • Meta
  • Microsoft
  • Nokia
  • NVIDIA
  • Oracle Cloud
  • Pico VR
  • Qualcomm
  • Roblox
  • Samsung
  • Sandbox VR
  • Somnium Space
  • Sony
  • Tencent Cloud
  • The Sandbox
  • Unity Technologies

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

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Artificial Intelligence

Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.

The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development. 
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference. 
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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Artificial Intelligence

CGTN: China honors individuals with highest awards in celebration of 75th National Day

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.

The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
 

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Artificial Intelligence

Kazakhstan Government Delegation Visited SUPCON

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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.

The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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