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.