The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent…reports Asian Lite News
South Korean and Chinese companies are securing metaverse hardware patents, with LG and Huawei rising in the ranks with the most Metaverse patents as the electronics industry looks beyond smartphones, the media reported.
The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent.
The size reached a value of $22.79 billion in 2021, according to GlobalData, a leading data and analytics company.
Since 2016, LG Electronics has filed the most metaverse patent applications, moving up from 11th place from 2010 to 2015, reports Nikkei Asia.
Samsung Electronics held its position in second.
Display colour schemes and semiconductors are among the strengths of South Korean companies, which have quickly established a presence in core components rather than headsets and other finished products.
Huawei placed fourth in the ranking with numerous patents related to image and display processing.
Moreover, Meta ranked third, Microsoft fifth, Apple and Intel were among the six American companies to make the top 10, with Sony as the sole Japanese company at sixth, according to the report.
The top 20 companies submitted a total of 7,760 patents, with the US accounting for 57 per cent, South Korea at 19 per cent, and China at 12 per cent.
However, Japanese firms accounted for 8 per cent, said the report.
Meanwhile, Meta (formerly Facebook) has posted another quarterly revenue decline as investors begin to lose faith in its loss-making, billion-dollars metaverse dream.
In the third quarter (Q3), Meta’s revenue declined 4 per cent year over year to hit $27.7 billion. The company posted a net income of $4.395 billion, down from $9.194 billion year over year.
This decline is owing to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost $3.672 billion in Q3.
“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often going to take a few versions of each product before they become mainstream,” Meta CEO Mark Zuckerberg said during an earnings call late on Wednesday.
Meta CFO David Wehner, however, said that some of the revenue decline is due to inflation.
ALSO READ: Rising inflation: Should we be worried?
[soliloquy id="151345"]