The “industrial metaverse” (or industrial metaverse application) offers enormous potential value in increased efficiency, reduced costs, and improved overall quality. It is expected to be a market of approximately $400 billion by 2030.
The metaverse is often associated with Facebook, games, or retail applications. But perhaps the most important role the metaverse will play in the future will be related to business applications in the so-called industrial metaverse. This is clear, according to a global study by strategy consulting firm Arthur D. Little.
The industrial metaverse is driven by artificial intelligence (AI), complex system simulation, data visualization, and connectivity. This is the next evolution of the “digital twin”, a virtual model with real-world applications used in various industries.
According to the report, the Industrial Metaverse “will become a digital twin of all connected systems, with the ability to interact with the real systems in the environment, enabling decision makers to better understand the past and predict the future.” Become.”
The changes that the metaverse has begun to bring technology closer to Industry 4.0, the Fourth Industrial Revolution. It combines advanced technologies such as the Internet of Things (IoT), AI, and automation to transform traditional industries into interconnected, smart systems that optimize production, increase efficiency, and make data-driven decisions. It is a concept that allows
The process involves machines, devices and processes seamlessly communicating and working together to revolutionize manufacturing and key industrial processes.
Real-world applications of the industrial metaverse include smart factories with sensors and connected devices, IoT-enhanced supply chains, robotic automation, next-generation digital twins, various training use cases, remote monitoring, and more. , which includes a myriad of things.
According to Arthur D. Little, the industrial metaverse market is in the $100 billion to $150 billion range. The market is estimated to be around $400 billion in 2050, but the report points out that it could grow by up to $1 trillion.
Companies should review their metaverse strategies to properly identify upcoming opportunities. By implementing a pilot project, the industry can learn as it implements these use cases.
Nearly half of the business leaders surveyed in the previous report said they have already started using the metaverse commercially, and the majority said they believed it would be huge within the next decade. The numbers are even higher in North America, where he reports a staggering 82% have already started using the metaverse for business purposes.
Thomas Kurvilla, Middle East managing partner at Arthur D. Little, said it would be a mistake for industry groups to ignore the transformative potential of the industrial metaverse. “Companies are being asked to review their digitization strategies, identify and pilot value-added opportunities, and cultivate a partner ecosystem for successful integration.”