MIT Technology Review, in partnership with Siemens, released a report on the emerging industrial metaverse. 

The report, which defines the industrial metaverse and how it will continue to emerge, points out that, “The industrial metaverse has the potential to revolutionize the real world in ways that few technologies can. In this digital world, machines, factories, buildings, cities, vehicles, and entire traffic systems can be mirrored and simulated, enabling virtual testing that conserves resources.”

Here are some key findings from the report, which you can view in full here. 

Industrial Growth Surpases Other Metaverses

The report breaks up the metaverse into three sectors: industrial, enterprise, and consumer. The industrial metaverse is projected to reach a larger market size ($100 billion) by 2030 than both the enterprise ($30 billion) and the consumer ($50 billion) markets combined.

Emerging Technologies Converge

The metaverse will include technologies that are currently in rapid growth phases, all leading us toward industry 4.0. The industrial metaverse will be enabled by many different technologies:

• Digital twins

• IoT

• AI and ML

• Edge and cloud computing

• 5G networking

• Blockchain

• AR, VR, XR

The report points out that these technologies and the ecosystems around them are still emerging. 

The Industrial Metaverse’s Impact on Sustainability

The green industry transition and the emergence of the industrial metaverse are happening at the same time, and they’re two sides of the same coin. 

Digital twins and other metaverse technologies can be used to reduce emissions, improve operational efficiency, increase human productivity, and overall help meet a growing energy demand while increasing sustainability. 

Collaboration Will Be Key

Industrial organizations, vendors, technology researchers, and more will have to come together as the industrial metaverse emerges. Interoperability and open ecosystems will be key for enterprises implementing metaverse technology. Companies of all sizes will need access to comprehensive, open, and flexible metaverse solutions. The report recommends:

• Fostering an open metaverse ecosystem

• Defining clear objectives for metaverse initiatives

• Empowering people to build in new technologies

• Building strong partnerships and ecosystems

Read the Report

The full report is available for free on the MIT Technology Review website and includes additional use cases, statistics, projections, and context.