Watch Out 2023: This is the Industrial Metaverse’s Year

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The industrial metaverse is booming. We’re here at an inflection point where innovation, adoption, and capabilities are all growing. Enterprises are using immersive tech to save money, improve safety, optimize operations, adapt to changing market conditions, fulfill sustainability promises, and much more. And we’re just at the beginning. 

Not All About Headsets

10 years ago, we were all excited about Google Glass. That was fun while it lasted, but a lot has changed in 10 years (understatement of the century). The last five years have seen hardware companies like Microsoft, MagicLeap, Google, Lenovo, and others working to build a headset for wide adoption. 

Some headsets are targeted toward the consumer market, but many manufacturers have pivoted to meet the needs of industrial customers. More rugged, interconnected wearables that can be purchased by the thousands. 

While VR/AR headsets are still very much a part of the metaverse conversation, they’re not the lead story. Enterprises are building data-driven, real-time 2D and 3D environments that can be used on mobile phones, tablets, laptops, and desktop computers—equipment enterprises and their employees already have and use daily. 

While headsets will be useful for hands-free use in field service, maintenance instruction, and operations guidance, enterprises aren’t waiting around for the hardware to catch up. They’re building software for the hardware that’s here now. Many are waiting to integrate wearables until costs come down and features better meet the needs of field workers. 

Market Predictions

Most estimates have the industrial metaverse market growing substantially in the next decade. The IMARC Group predicts that the market will reach $54.6 billion by 2027, showing a CAGR of 31.7% between 2022 and 2027.

What will that growth look like? More resources—hardware, software, data, and human—dedicated to creating, testing, and scaling metaverse applications at enterprises. We expect this increase to happen both with in-house teams at enterprises as well as at vendors, suppliers, and startups that serve industrial markets. 

Peter Herweck, CEO of Aveva—which was fully acquired by Schneider Electric earlier this year—told Automation World that he thinks: “2023 will be the year the industrial metaverse truly takes off as multiple companies attempt to assert their position as leaders in the space, offering platforms and technologies to unlock its benefits.”

In 2033, when we look back 10 years, what will we say about the industrial metaverse? And will we say it as virtual avatars meeting through VR headsets?