The metaverse industry is changing the nature of social interactions, work environments, entertainment, and digital commerce. This metaverse industry report explores key market data, as well as areas of innovation that incentivize adoption, and their implications for industries worldwide.
The Metaverse Industry Report 2024 shows a sector changing the digital landscape through virtual reality, augmented reality, and blockchain. 5G connectivity enables high-speed interactions for real-time experiences and haptic technologies enhance immersion by providing tactile sensations. Companies are creating immersive experiences that connect the physical and digital realms. They are providing new opportunities for engagement and collaboration. The report explores the latest trends, key players, firmographic insights, and innovative startups within the metaverse industry.
This metaverse report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.
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This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 2200+ metaverse startups developing innovative solutions to present five examples from emerging metaverse industry trends.
The Metaverse Industry Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The heatmap visualizes the geographical distribution of startups and emerging companies in the metaverse industry. It has over 2200 startups contributing to more than 26000 companies that are available in our database. Further, the annual growth rate of 13.93% highlights the sector’s rapid expansion.
The industry also has over 27000 patents and over 2500 grants which indicates a focus on intellectual property and research funding. Globally, the Metaverse sector engages over 1 million individuals, with an employee growth of over 121000 last year. The top country hubs driving this growth are the United States, India, the United Kingdom, Germany, and Canada. In terms of city hubs, London, New York City, Singapore, Dubai, and San Francisco are major centers of metaverse development and innovation.
Based on the data provided by our Discovery Platform, we observe that the metaverse industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.
The metaverse industry demonstrates innovation, with an annual growth rate of 13.93%. It includes over 2200 startups, a majority of which are early-stage companies. This includes more than 1970 companies, creating ground for novel ideas and technologies. In addition, the industry has witnessed over 770 mergers and acquisitions. This signifies more consolidation and strategic partnerships.
In the metaverse sector, innovation is evident through over 27000 patents filed by over 8500 applicants. The yearly patent growth stands at 18.18%. This highlights continuous advancements and intellectual property generation. The United States leads with over 12600 patents, followed by China with over 3700 patents issued. This underscores their role in metaverse technology development and adoption.
Investment activity in the metaverse industry remains strong, with an average investment value of USD 18 million per funding round. Over 2600 investors have participated in more than 11000 closed funding rounds. This backing fuels the growth and development of over 3600 companies, emphasizing strong investor confidence and the promising potential of the metaverse.
Top investors collectively contribute over USD 1.8 billion to the metaverse industry. Here are the key investors and their respective contributions.
Several key trends are merging in the metaverse space. Here are a few of them along with the firmographic data:
The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.
US-based startup TwinMaster develops an architecture metaverse platform that streamlines design portfolio management, collaboration, and presentations. It converts 3D project models into digital twins for exploration and analysis. The startup’s platform allows architects to import, place, and enhance their models within virtual cities. In addition, TwinMaster enables architects to consolidate and present their portfolios to private groups, clients, and the design community.
Holo4Med, a Polish startup, offers a MediXR platform to improve the responsiveness and efficiency of medical teams. The system has HoloLens cameras for quick patient registration. The platform also features an API that allows integration with hospital information systems to get data. In the treatment area, the system allows doctors to display information and interact via voice commands, hand gestures, or a virtual interface. Holo4Med also offers the feature to map the patient’s body and recognize organs.
Austrian startup PropX builds an interactive real estate application. It leverages 360 drone imagery to offer a 3D elevation of projects. The platform integrates interactive maps and highlights location advantages and iconic landmarks. It allows interaction with photorealistic 360 views of interiors and comparison of 2D-floor plans. PropX also makes amenities interactive through animated renders and creates an immersive experience.
UK-based startup Lumirithmic develops facial capture technologies to produce 3D facial scans. It uses commodity devices, including smartphones, to enable 3D scanning. The startup’s technology combines computational illumination and graphics, vision, and AI algorithms. Lumirithmic’s solutions enable businesses such as entertainment, beauty tech, video games, and more to implement 3D appearance capture.
Indian startup Invincible Ocean provides VRAuto, a virtual showroom to explore the latest vehicles in 3D detail. The interactive vehicle exploration feature enables buyers to examine every angle and feature of the cars. VRAuto also offers virtual test drives via VR headsets. The startup’s platform combines convenience and engagement to change the automotive retail experience.
The metaverse industry report shows a sector experiencing rapid growth, driven by advancements in immersive technologies. Key trends, including NFT avatars and virtual spaces, are reshaping digital interactions and commerce, presenting both opportunities and challenges. Contact us to explore all 2200+ startups and scaleups, as well as all industry trends impacting metaverse companies.
