"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.
F 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.
This story is from the March 2024 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2024 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
THE SUBMERGED ADVENTURES
Spearheading GetVantage, one of the leading alternate financing companies in the country, Bhavik Vasa knows that sometimes entrepreneurial journey can get tough and stressful, but he has his own way of clearing his mind -- a few feet underwater.
Robust Charging Infra Key To India's EV30@30 Ambition
WHILE GOVERNMENT AIMS TO HAVE 30% OF 2030 CAR SALES AS EVS IN THE COUNTRY, THE VISION SEEMS UNATTAINABLE WITH JUST OVER 12,000 PUBLIC CHARGING STATIONS IN THE COUNTRY AT PRESENT.
OWNING A SLICE OF PROPERTY
Real estate is a critical component of one's portfolio as it provides income, capital appreciation, inflation protection, and diversification.
THE FUTURE OF FINTECH
It's all about setting the house in order
ETCHING SEMICON DREAMS
Historically concentrated in regions like the US, East Asia, and Europe, there's a rising interest in expanding semiconductor assembly and packaging capabilities to emerging markets like India.\"
6 Lessons I Learnt In My First Startup Venture
EVEN THOUGH YOU PICK A BIG MARKET, IT’S IMPORTANT TO PICK A SMALL SEGMENT OF IT TO FOCUS ON FIRST AND UTTERLY DOMINATE BEFORE YOU SLOWLY EXPAND.
How AI and ML are revolutionising healthcare industry
Al ALGORITHMS CAN NOW ANALYZE VAST AMOUNTS OF BIOLOGICAL DATA TO IDENTIFY POTENTIAL DRUG CANDIDATES, PREDICT THEIR EFFICACY, AND OPTIMIZE DRUG DISCOVERY PROCESSES.
5 Lessons I Learnt As An Entrepreneur Over The Last Decade
TODAY, WE ARE A PROFITABLE BUSINESS WITH 2.5 TIMES OF OVER PRECOVID BUSINESS VOLUMES.
Revolutionizing the two-wheeler industry with technology
TO CATER TO THE INCREASING DEMAND FOR TWOWHEELERS, THE INDUSTRY IS CONTINUOUSLY EMBRACING THE LATEST TECHNOLOGIES TO ENHANCE EFFICIENCY, PRODUCTIVITY, AND SUSTAINABILITY.
Who's Stealing Your Time?
Do you have less time for the things you love? You might be blaming the wrong people.
