Everything You Need To Know About The Industrial Metaverse
For a broader understanding of the term ‘metaverse’, we could define it as the continuing convergence of the physical world and the internet backed by next-gen technologies. With rapid development and innovations in the technical sphere, the metaverse has indubitably started to dominate the airwaves as global companies scramble to determine how they can potentially leverage this new immersive world. Having said that, the buzz around the borderless metaverse continues to accelerate at a breakneck speed, fuelling profound use cases and applications across a wide array of industries.
Moreover, a lot of conversations in businesses around the metaverse focus on its entertainment, connectivity, networking, and commerce possibilities. We think about social gatherings, personalized 3D avatars, or shopping in a hyper-realistic virtual environment.
But that is just the tip of the iceberg when it actually comes to materializing and monetizing the expansive virtual realm. In the modern market space, the metaverse is now heralding a new era of industrial advancement and it is poised to reshape and augment the lives of factory workers.
Also, it is pivotal to note that the opportunities for industrial disruption and manufacturing progression are still in their nascent stages. However, they promise astronomical growth as the related metaverse technologies themselves become more widespread and readily available.
In this blog, we will shed some light on what the industrial metaverse means for businesses and how it will potentially transform the manufacturing industry in the years to come. So, let’s get started.
Get Ready To Embrace The Capabilities Of The Industrial Metaverse
According to Bloomberg Intelligence, the value of the metaverse is expected to reach a massive $2.5 trillion by the year 2030. A Majority of the big guns are already following the trend and jumping on the bandwagon to claim and own their concrete spots in the industrial metaverse.
Furthermore, as we are in the middle of 2022, progressive technologies such as AR/VR, blockchain, edge computing, AI, NFTs, and more have started to converge and the industrial metaverse has begun taking shape. But what will essentially make up the industrial metaverse? On one side we have Industry 4.0 or Industrial IoT, which has been accumulating data from devices and environments for many years. The other side, however, is more interactive, intuitive, and immersive.
In simple terms, the industrial metaverse sits at the crossroads of Industrial IoT (IIoT), augmented reality, virtual reality, and mixed reality for industrial use. It refuels the creation of ‘digital twins’ and the rich blending of meaningful & conceptualized data with real-world elements to help decision-makers stay informed and keep their business processes operating at maximum efficiency.
Conceptually, the industrial metaverse is a digital representation of the real, although just at an enormously immersive scale. Rather than mere individual objects, it is a complete digital universe to occupy, entailing ultra-real digital representations of the real.
Stepping Into The Industrial Metaverse
The much-talked-about, new-age industrial metaverse will include models similar to detailed & comprehensive digital twins of objects that exist in our physical world. The thread joining the ends of digital and virtual realms will be IoT-derived data in a 3D-rendered model.
Moreover, the technical progressions of data connectivity and the next version of Industry 4.0 will play a pivotal role in shaping the future of the industrial metaverse. The blurring of digital and physical interactions will ideally support the idea of a sustainable future reality. With it, large-scale 5G networks will furnish the capabilities to power devices and ensure high-bandwidth, low-latency immersive experiences.
From the perspective of digital technologies, various tech stacks will provide value to industrial metaverse participants. This includes blockchain, IoT, AI & autonomous system development coupled with interactive platforms that manage and analyze data. Dedicated tools will be leveraged to amalgamate 3D models with real-world data in a real-time digital twin.
The goal is to experience the limitless metaverse through AR/VR and mixed reality hardware.
What Are The Benefits?
- Virtual presentations of products, manufacturing processes, or services
- Boosting brand awareness via interactive virtual assemblies and factory walkthroughs
- Secure payments through blockchain technology-enabled digital wallets and NFTs
- Collaborative R&D for simulations, designs, and active testing of products and services
- Leveraging the voice of digital customers to enhance and boost real-world customer experiences
Emerging Use Cases
Industrial use cases and applications are already entering the mainstream and getting established in the metaverse. For instance, Hyundai has announced a partnership with Unity to jointly design and construct a new metaverse road map and platform for an all-inclusive meta-factory – a realistic virtual factory that can efficaciously be test-run in the metaverse.
Another example is BMW creating a virtual twin of its Regensburg production unit. Global teams are leveraging the digital twin to interact and collaborate in real-time 3D. According to BMW, these neoteric industrial metaverse approaches are revolutionizing their planning processes.
Apart from these, more demonstrations are sure to follow the league. Here are some more examples and applications of industrial metaverses that are swiftly gaining traction and profound dominance in the manufacturing landscape:
- Performance, layout, and mutual interaction simulation of equipment, machines, plants, supply chains, and even whole manufacturing ecosystems
- Asset management and maintenance solutions
- Utilizing digital humans for human behavior simulations
- Component, material, and service supplier assessment using gamification
- Virtual selection of products and manufacturing service providers
- Testing environments for sustainable processes and solutions
- Sales and planning optimization in accordance with the simulations of data accumulated in metaverse environments
- Selling virtual twin add-ons via marketplaces by digital technology vendors or OEMs
Looking For Metaverse Development Services For Your Business?
At Oodles Technologies, we provide comprehensive metaverse development services to businesses across many industries. As an established metaverse development company, we enable organizations to overcome complex operational challenges with next-generation technologies that are robust, decentralized, secure, transparent, and interoperable. With a team of seasoned professionals, we provide in-depth assistance in architecting hyper-real metaverse environments for profound use cases. Over the years, we have enabled several enterprises to embrace the technical capabilities and opportunities of the virtual realm through powerful tech stacks. If you are looking to equip your project with the profound capabilities of the metaverse, feel free to get in touch with us. One of our team members will get back to you within 24 hours.