Industrial metaverse set to grow

March 2024 News

The industrial metaverse (IMV) is set to greatly enhance manufacturing engineering, training, safety and production. According to a new report from global technology intelligence firm ABI Research, spending on industrial metaverse solutions and services will grow at 22,8% per annum to reach $6,3 billion by 2030, as immersive and collaborative capabilities come to the forefront of Industry 4.0 software development efforts.

IMV solutions use immersive technologies and digital twin initiatives, integrating data virtualisation, AI simulation, business operations systems, and external data sources to enable connectivity between digital twins and other systems. “Top IMV use cases for 2024 will be in training, collaboration and production planning, with a strong emphasis on solutions that drive positive business outcomes in a short timeframe,” explains senior research director, Ryan Martin. “Large deployments that are costly or take a long time to demonstrate value will be avoided in favour of smaller projects that drive incremental results that scale.”

Examples of companies creating immersive metaverse experiences include Norwegian clean battery producer FREYR, Siemens Industrial Operations and NVIDIA Omniverse. Danone is using cameras to capture 3D imagery of its facilities so users can virtually visit and explore the production site. Burckhardt Compression uses spatial computing for remote assistance to a supertanker in the middle of the ocean. Other notable players include AVEVA, Dassault Systèmes, Ericsson, Microsoft and Nokia.

“The dream to enable full factory metaverse experiences is far from realised, but the work has begun,” Martin says. “Initial implementation will start with a portion of a factory or production line, on a needs basis. The broader environment is well suited to partnerships that enable marketplaces in the long run.”

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