Industrial Metaverse: Are We Going to See a Widescale Adoption Soon?

Industry experts from the World Economic Forum (WEF) predict that the metaverse tech will experience a widescale industrial adoption before individual consumers begin to come on board.

In this ever-changing marketing landscape, many companies want to give their advertising a fresh, new-age twist. Being a major element in the Web3 space, the metaverse allows people to exist as avatars in parallel digital realities. This also means people can indulge in your advertising and your products anytime they want.

The metaverse is built on blockchain networks and metaverse tech has two parts.

• Digital Twinning &
• Extended Reality (XR)

These two elements have been identified as the most prominent parts that can finetune the sector, as per the prediction of WEF.

Digital twinning means a digital representation of a physical object or service like a jet engine or wind farm. It is generated by a computer program that uses real-world data to create simulations in order to predict the real-world performance of a product or service.

XR, on the other hand, is an umbrella term that covers AR, VR and MR. All XR tech takes the human-to-PC screen interface and modifies it either by

1. Immersing you in the virtual environment
2. Augments the user’s surroundings or
3. Both of those

It is estimated that the market opportunity for the metaverse will hit around $800 billion over the course of the next two years.

“We are witnessing the rapid emergence of a metaverse focused solely on the industry. So far, digital twins have been used mainly for monitoring and analysis, but the full potential of the industrial metaverse is far greater. As edge and cloud processing capabilities, private 5G wireless networks, and new sensing, interface and AI technologies are added to the mix, we’ll move from a state of awareness to a state of control,” Nishant Batra, the Chief Strategy and Technology Officer at Nokia wrote in a WEF blog post.

Gaming, social media along with the automobile industry are likely to reap the most benefits from the metaverse industrial adoption.

The featured image on this post is taken from Innovate Energy Now