Study Reveals Companies Embrace Enterprise Metaverse as a Transformative Business Tool

According to a study funded by Nokia Bell Labs and Ernst & Young (EY), companies have demonstrated their firm belief in the metaverse’s potential and the enduring presence of metaverse technologies. The research, known as “The Metaverse at Work,” concentrates on evaluating the present landscape of industrial and enterprise metaverses, providing practical insights that transcend theoretical considerations.

The results indicate that the industrial metaverse is propelled by the need for enhanced communication solutions and digital collaboration, encompassing the essential productivity tools that enable the functioning of businesses.

The study incorporates the opinions of 860 company representatives from four industry sectors in the United States (U.S.), Brazil, the United Kingdom (UK), Germany, Japan, and South Korea. The sectors are power and utilities; transportation, supply chain and logistics; automotive; industrial goods and manufacturing.

US & UK at the forefront of implementing industrial metaverse application

Based on the research, the United States (65 percent), the United Kingdom (64 percent), and Brazil (63 percent) are at the forefront in terms of implementing or experimenting with at least one industrial or enterprise metaverse application. Germany’s average stood at 53 percent, while the progress in Asia Pacific is comparatively lower (Japan, 49 percent; South Korea, 49 percent).

The study also showed that only two percent of respondents perceived the metaverse as a fad or buzzword. However, 80 percent of early adopters of the technology say use cases tested will have a transformative impact. And about 94 percent of the respondents who haven’t started their metaverse journey intend to start in two years. An overwhelming majority of respondents (96 percent) recognize the metaverse’s ability to blend physical and virtual applications, offering a wide array of innovative capabilities. This realization enables companies to expedite the implementation, acceptance, and monetization of Industry 4.0 within their respective businesses.

Additionally, the research revealed that the most important key technical enablers to metaverse use cases are cloud computing, AI/ML,  and network connectivity, including private 5G/6G, fiber broadband, as well as public 5G/6G.

Reacting to the study, the President of Bell Labs Solutions Research of Nokia, Thierry E. Klein, noted that the study strongly aligns with their vision, informed by more than eight years of research.

“Consequently, those who have already implemented mission-critical communications networks for Industry 4.0 are now well placed to experience the benefits of the Metaverse that clearly some companies are already seeing.”

Thierry E. Klien, President of Bell Labs Solution Research

The Director, Business Consulting & Business Transformation of Ernst & Young, Vincent Douin, stated that enterprise and industrial metaverses are here to enable companies to achieve their business goals. 

“We are already seeing many organizations going above and beyond the planning stages and recognizing tangible benefits from their initial implementations.”

Vincent Douin, The Director, Business Consulting & Business Transformation of Ernst & Young

Photo Credit: Nokia