The ‘Industrial Metaverse’ (or metaverse applications for industry) offers enormous potential value, enhancing efficiency, reducing costs, and improving overall quality. It is expected to become a market worth around $400 billion by 2030.
The metaverse is often associated with Facebook, gaming, or retail applications. But arguably the most important role that the metaverse will play in the future is related to business applications, in what is called the Industrial Metaverse. That is according to global study from strategy consulting firm Arthur D. Little.
The Industrial Metaverse will be driven by artificial intelligence (AI), complex systems simulation, data visualization, and connectivity. It will be the next evolution of the ‘digital twin’, virtual models with real world applications used across many different industries.
According to the report, the Industrial Metaverse will be a “connected whole-system digital twin with functionalities to interact with the real system in its environment, allowing decision makers to better understand the past and forecast the future.”
The changes that the metaverse has begun ushering in are bringing tech closer to Industry 4.0, or the fourth industrial revolution. This is a concept where advanced technologies like IoT (Internet of Things), AI, and automation are combined to transform traditional industries into smart, interconnected systems that optimize production, enhance efficiency, and enable data-driven decision-making.
This process involves machines, devices, and processes communicating and collaborating seamlessly to revolutionize manufacturing and primary industrial processes.