SNEAK PEEK
- More than 75% of the metaverse patent applications submitted since 2016 have come from businesses in the US and South Korea.
- South Korean enterprises ranked second on the top 20 list with 19%, after Chinese businesses (12%) and Japanese businesses (8%).
- According to GlobalData, the global market for metaverse technology will grow from $22.79 billion in 2021 to $996.42 billion in 2030.
Since 2016, companies in the United States and South Korea have submitted more than 75% of the patent applications about the metaverse, virtual reality (VR), and augmented reality (AR).
According to a collaborative study by Nikkei Asia and research firm Cyber Creative Institute, 57% of the 7,760 applications submitted since 2016 were made by American businesses that were among the top 20 metaverse patent applicants worldwide.
With 19%, South Korean businesses on the top 20 list were second, followed by Chinese companies (12%) and Japanese firms (8%). The survey evaluated around 20 patent categories relevant to the metaverse, VR, and AR in Japan, the U.S., Europe, and other regions.
Consumer use cases are the main emphasis of the metaverse’s marketing. Gaming and social media companies are leading the way, but in five years, businesses will take the lead. The future of work and ongoing digital transformation initiatives in a variety of industries, including retail, healthcare, and financial services, will be the driving forces behind this change. The metaverse is being promoted by Big Tech, including Microsoft and Meta, as the ideal setting to facilitate hybrid working.
GlobalData forecasts that the global metaverse market will increase from $22.79 billion in 2021 to $996.42 billion in 2030, with a compound annual growth rate (CAGR) of 39.8% from 2022 to 2030. It is the upcoming major trend in digital media, and VR & AR are key technologies fostering its growth.
Since 2016, LG Electronics, a South Korean multinational, and Samsung Electronics, a local competitor, have submitted the most metaverse patent applications.
Non-fungible token (NFT) trading features were added to Samsung and LG’s line of smart TVs early this year. Along with Huawei in China and Sony in Japan, the top 20 metaverse patent applications also included American tech giants Meta, Microsoft, Intel, and Apple.
