INDUSTRIAL METAVERSE THE FUTURE OF MANUFACTURING

For the majority, Metaverse is synonymous with Roblox, Horizon Worlds, Decentraland, or The Sandbox. But virtual and augmented reality which blends physical and digital, is more than just game offerings.

- PAROMITA GUPTA

"The metaverse is here, and it's not only transforming how we see the world but how we participate in it - from the factory floor to the meeting room," said Satya Nadella, CEO, Microsoft in 2022.

Among the Metaverse storms which have taken over the world, one sliver is catering to the manufacturing and logistics industry, and it’s called the Industrial Metaverse.

Defined as a reality to empower industries and players, the Industrial Metaverse has the potential to create a more sustainable process, cut operational costs, and improve the work environment and experience for the target sectors.

According to Grand View Research, a market research and consulting company, the global market size for industrial metaverse was estimated at USD 18.36 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 33.6 percent from 2023 to 2030.

WHY INDUSTRIAL METAVERSE?

At present, the digital twin is at the core of the Metaverse where it illustrates the power and potential of the industrial metaverse to revolutionize design and engineering, testing, operations, and training. IM’s key components also include the Internet of Things (IoT), artificial intelligence (AI), cloud computing, blockchain, and extended reality.