TOKYO – Companies in South Korea and China are racking up patents for metaverse hardware, with LG Electronics and Huawei Technologies rising through the ranks as the electronics sector looks beyond the smartphone.

The global metaverse market is on track to reach $74.7 billion by 2026, a five-fold increase in five years, according to US market research company IDC’s projects for the virtual and augmented reality fields. Specialized hardware, such as the 3D headset launched last month by Facebook parent Meta, plays a key role in accessing virtual space.