Metaverse Technologies Contribute to Industrial Revolution

U.S. industrial companies are paying increasing attention to Metaverse technologies. In 2023, over 92% of industrial executives explored an average of six different options to use virtual space to solve complex manufacturing challenges.

According to a report from the World Economic Forum (WEF), industrial companies in the United States are praising the prospects of using Metaverse technologies to solve a number of complex challenges in the production cycle.

92% of industrial executives in the United States reported that leading companies are exploring various ways of implementing virtual reality in production processes, considering Metaverses as a long-term development prospect. About 79% of respondents claimed they already used virtual reality in some manufacturing processes.

The WEF survey included CEOs, executives, and board members from 100 of the largest companies across ten industries in the U.S. manufacturing sector. According to the survey, companies interested in adopting Metaverse technologies in 2023 were considering about six possible scenarios for their use in manufacturing processes.

The main driver of interest is the need for the industrial sector to raise “the scale of ambition” in response to the impact of the COVID-19 pandemic. Among other catalysts for the growing interest in adopting Metaverse technologies, respondents cited:

• the need to stand out in an increasingly competitive environment;
• the opportunity to shorten change cycles;
• attracting and retaining labor;
• creating transparent and sustainable supply chains;
• transforming the customer experience.

The report states that Metaverses can be effective at all product lifecycle stages. These include product and service design, simulation and process management in manufacturing, product testing, and quality assurance.

The WEF analysts claim that due to the growing interest in the technology, the global industrial Metaverse market will reach $100 billion by 2030. As for individual industry sectors in the U.S., their adoption and implementation activity will vary. Specifically:

1. The global market for industrial Metaverse projects in the healthcare sector was valued at $4.92 billion in 2022 and could reach $75.8 billion by 2029, growing at a compound annual growth rate of 47.8%.
2. The compound average annual growth rate of the industrial Metaverse projects market in the energy sector is 33.4%. In 2022, the market was valued at $6 billion. It could reach $80 billion by 2031.
3. Metaverse projects in the automotive industry were estimated at $2.2 billion in 2022. Due to an average annual growth rate of 28.6%, they could reach $27.2 billion by 2032.
4. The average annual growth rate of industrial Metaverse projects in manufacturing will be only 7.3%. It could reach $24.4 billion by 2031, down from an estimated $12.9 billion in 2021.

Recently scientists explained how industrial Metaverse projects ease the efficiency of operational processes and qualitatively change the approach to employee management.

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