Industrial Metaverse Powers Insight-driven Engineering

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Right now, the industrial metaverse is an illusive enigma. People are using the term, and defining what might be possible, but we’re far away from any coordinated global metaverse—industrial or otherwise. 

From BIV

While media outlets talk about consumer metaverse applications, the industrial metaverse is quietly growing. ABI Research estimates that the industrial metaverse could grow into a $100 billion market by 2030.

What we are seeing is company-level metaverses being built out at industrial enterprises and showing early promise through various measures of ROI, including remote operations, production optimization, predictive maintenance, enhanced energy efficiency, and improved cognitive safety.

Immersive and data-driven technologies have helped enterprises increase productivity, deliver cost savings, and improve customer experience in many different ways. In a recent Offshore Magazine article, experts from Capgemini Engineering said, “Adopting insight-driven digital engineering solutions is crucial for the offshore industry to remain resilient, profitable, and sustainable in meeting net-zero carbon emissions.

The article discussed several case examples that helped:

  • Get to a final investment decision up to 45% faster than they would have otherwise

  • Reduce an engineering software and technology portfolio from over 175 distinct products down to less than 32

  • Correctly identify 49 major early warnings, which brought $16.8 million in savings 

  • Spot an instrumentation fault with IoT enabled data sensors, saving $210,000 in potential asset failure

  • Halve the false positive rate in downhole event detection by calibrating the model for individual wells

Industrial metaverse applications are grounded in ROI, which means there are tighter controls around outcomes, costs, and returns. The industry is also pushing for standards that will help accelerate innovation and adoption. 

While consumers are hearing about NFTs and virtual gaming worlds, the industrial metaverse will be over here quietly growing and revolutionizing an entire segment.