What's Hot for 2024 Immersive Tech? The Industrial Metaverse
/At the beginning of this year, we said that 2023 would be the year of the industrial metaverse. And all signs point to us being correct! And the momentum isn’t stopping. Big players—Meta, AWS, Microsoft, and more—are building out industrial metaverse tools and adoption at enterprises is skyrocketing.
The industrial metaverse is continuing to evolve—even faster than any consumer metaverse. From digital twins, immersive spaces, simulations, IIoT, and more, here’s what’s happening.
Big Tech Companies Building Out the Industrial Metaverse
From TechHQ
Meta, Microsoft, and AWS are all going all-in on the industrial metaverse.
Microsoft shared its industrial metaverse roadmap, and 2024 includes immersive space and AR guidance solutions.
Meta is working on rolling out XR products for industry applications and continues to work on VR/AR headset products.
Amazon Web Services (AWS) has introduced IoT TwinMaker that helps enterprises create digital twin content for large-scale assets. It also launched SimSpace Weaver, which allows enterprises to create immersive spaces and simulations.
While not specific, each of these companies has announced big plans for 2024 related to the industrial metaverse. They’re not the only ones working in this space, of course, but their investments show that the market potential is huge.
Deloitte Highlights Industrial Metaverse
In its “Tech Trends 2024” report, Deloitte put spatial computing and the industrial metaverse as a highlight for how people will interact with technology in the coming year.
The report says, “As the industrial metaverse transforms to enterprise tool, spatial technologies are taking hold in industrial applications, using data and AI to replicate real-life processes.” It also points out that, “Revenue driven by the industrial metaverse is projected to reach nearly $100 billion by 2030, far outpacing the consumer ($50 billion) and enterprise ($30 billion) segments.”
Enterprises have moved toward spatial computing, and the report points out that immersive technologies have moved from consumer toy to enterprise tool. Industrial enterprises are focused on digital twins, spatial simulation, augmented work instructions, and collaborative digital spaces that make factories and businesses safer and more efficient.
Investments in digital twins, 5G, cloud, edge, and AI drive significant value and address long-standing pain points. In a recent Deloitte study, 92% of manufacturing executives surveyed said their company is experimenting with or implementing at least one metaverse-related use case. On average, they’re currently running more than six use cases.
The report listed a few use case examples:
Hyundai Motor partnering with Unity to build a full-scale factory simulation
Siemens planning and simulating a new factory in the digital world before building it
GUESS planning and testing in-store updates digitally before moving forward
Trainees Go Into the Industrial Metaverse
One of the most common use cases we hear for enterprises using the industrial metaverse is for training. Companies can expose their employees to complex, rare, or hazardous situations virtually, which improves safety and reduces costs. While the immersive headsets are an upfront investment, savings on travel costs, equipment, and scenario set up—not to mention safety—make it well worth the investment.
In a 2022 Metaverse survey, PwC found that two-thirds of respondents were building proofs of concepts, implementing use cases, or generating revenue using immersive technology. And the vast majority (82%) said they thought the industrial metaverse would be “business as usual” within 2-3 years.
Enterprises and industry suppliers are working to build realistic platforms that train, educate, and upskill workers in the metaverse. 2024 is likely to bring more where that came from as enterprises see the value of immersive training.
What do you think 2024 will bring for industrial immersive tech? Let us know.
Do you want to connect IRL with the Industrial Metaverse tech, use cases, trends and hundreds of the key energy/industrial/engineering XR leaders? If so, then check out Industrial Immersive Week 2024, March 5-7 in Houston, TX. (hint- save $600 by registering before December 29th).
