December 6, 2022
By Anjali Kochhar
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.
According to a report by Nikkei Asia, since 2016, LG Electronics has filed the most metaverse patent applications, moving up from 11th place from 2010 to 2015. Samsung Electronics, on the other hand, held its position in second.
Huawei placed fourth in the ranking with numerous patents related to image and display processing.
At the same time, 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.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
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