The metaverse industry is seeing innovative advancements, driven by new patents from companies like SK Inc, DISH Network Corp, Forte Labs Inc, and Quext, LLC. These patents highlight the diverse applications of metaverse technologies, such as virtual keyboard services offering cryptocurrency rewards and systems for generating NFTs from live event recordings, enhancing user engagement, security, and monetization. However, despite these innovations, the technology industry has faced a recent decline in metaverse-related patent applications, strategic deals, and job postings. GlobalData’s metaverse market report provides comprehensive analysis of themarket. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the technology industry regarding metaverse. It provides an overview of recent developments in metaverse-related deals, talent acquisition, and patent filings within the technology industry.
Diverse applications of metaverse in technology industry
Technology companies are actively leveraging innovative metaverse technologies to enhance user experiences and operational efficiencies. Alphabet Inc. is advancing image processing through models that predict dense correspondences, improving virtual interactions. Apple Inc. focuses on user location determination via object interactions, enabling precise navigation in physical environments, which can enhance augmented reality applications. Sony Group Corp. is developing systems for projecting virtual objects while managing obstacles, optimizing user engagement in mixed-reality settings. Additionally, EQPME INC. is creating dynamic interaction methods for augmented reality environments, facilitating real-time machinery operations. Lastly, Apple Inc. is enhancing communication in multi-user environments by tailoring visual effects based on user objectives, enriching collaborative experiences. These patents collectively position these companies to drive significant advancements in metaverse applications.
The industry experienced a 15% decline in the number of metaverse-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of metaverse-related patent applications in the technology industry witnessed a drop of 4% compared with Q2 2023.
Strategic deal trends in metaverse in technology industry
Technology companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in metaverse. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of metaverse in the technology industry.
In Q2 2024, the number of metaverse-related deals in the technology industry declined by 33% compared with Q2 2023. On a quarterly basis, there was 6% drop in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the technology industry experienced a 34% drop compared with the previous quarter. On an annual basis, job postings also declined by 18%. Notably, computer and mathematical occupations, with a share of 28%, emerged as the top metaverse-related job roles within the technology industry in Q2 2024, with new job postings drop by 41% quarter-on-quarter. Management occupations came in second with a share of 18% in Q2 2024, with new job postings dropping by 19% over the previous quarter. The other prominent metaverse roles include architecture and engineering occupations with an 11% share in Q2 2024, and business and financial operations occupations with a 6% share of new job postings.
Veeco Instruments, Altair Engineering, Pure Storage, Unity Software, and Meta Platforms are among the top companies leading in metaverse hiring within the technology industry.
Countries driving adoption of metaverse in technology industry
The US is the leading country in metaverse adoption within the technology industry, boasting the highest number of metaverse-related patents, jobs, and deals. Meanwhile, China, South Korea, the UK and Canada also maintain significant positions in metaverse adoption within the technology industry.
In conclusion, despite a decline in metaverse-related patent applications, deals, and job postings, the technology industry continues to push forward with innovative developments. Leading companies and key markets like the US, China, and South Korea are driving the adoption and evolution of Metaverse technologies.
To further understand GlobalData's analysis on metaverse in the technology industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
