Metaverse is revolutionizing the technology industry, evidenced by a spectrum of innovative patents. Strategic deals highlight the sector’s commitment to metaverse advancements, while job postings experience fluctuations. Industry leaders like NVIDIA and Meta Platforms are actively shaping the metaverse landscape through transformative hiring initiatives. The impact of metaverse extends beyond the technology sector, influencing various industries. GlobalData’s metaverse market report provides sizing information for segmentation by vertical, component stack and region, latest trends and dynamics and competitive profiling of key players in the market. Buy the report here.
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 in the field of metaverse are leveraging the latest patents to innovate and improve their businesses. One such patent is related to decentralized cryptography, which involves a method and system for decentralized cryptography and encryption on a network of decentralized nodes. This technology allows for the creation of private network key shares by multiple nodes and performing operations with these shares. Another patent focuses on generating a digital biomarker signature for identifying prodromal Parkinson's disease. This method utilizes digital biomarkers and ranking algorithms to determine a signature indicative of the disease. Additionally, there is a patent for a decentralized product and rewards delivery platform, which utilizes fungible tokens, blockchain technology, and smart contracts to distribute rewards to users. Another patent relates to an electronic device with an antenna module that can radiate specific-directional polarized signals. Lastly, there is a patent for advanced gaming and virtual reality control using radar, enabling precise tracking of small motions and displacements even when optically occluded. Acquirers of these patents will benefit from advancements in decentralized cryptography, disease identification, product delivery, antenna technology, and gaming/virtual reality control in the metaverse.
The industry experienced a 27% decline in the number of metaverse-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of metaverse-related patent applications in the technology industry witnessed a drop of 15% compared with Q3 2022.
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 Q3 2023, the number of metaverse-related deals in the technology industry declined by 61% compared with Q3 2022. On a quarterly basis, there was 29% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the technology industry experienced a 3% drop compared with the previous quarter. On an annual basis, job postings also declined by 47%. Notably, computer and mathematical occupations, with a share of 33%, emerged as the top metaverse-related job roles within the technology industry in Q3 2023, with new job postings rising by 25% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 13% in Q3 2023, with new job postings rising by 20% over the previous quarter. The other prominent metaverse roles include management occupations with a 13% share in Q3 2023, and sales and related occupations with a 5% share of new job postings.
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, the UK, South Korea and Germany also maintain significant positions in metaverse adoption within the technology industry.
In summary, the metaverse is fundamentally transforming the technology industry, reflected in strategic deals, progressive patents, and a dynamic employment landscape. Industry leaders are driving this evolution, ushering in an era defined by innovation, impactful collaborations, and a changing employment terrain.
To further understand GlobalData's analysis on metaverse in the technology industry, buy the report here.