The US (65%), UK (64%), and Brazil (63%) are currently leading the way, where companies who have plans to enter the metaverse have deployed use cases at a higher rate than others across Europe (Germany 53%), and Asia-Pacific (Japan 49%, South Korea 49%), as per the findings.
The study defines the industrial metaverse as a fusion of the physical and digital wordls, with human augmentation for industrial applications, which includes digital representations of physical industrial environments, systems, processes, assets, and spaces that participants can control, monitor, and interact with.
Companies also state that the industrial metaverse is creating substantial business value, as per the report. It added that, on average, 80% of those who have already implemented metaverse use cases believe they will have a significant or transformational impact on the way they do business.
“Nearly all (96%) respondents see how, by mixing physical and virtual use cases, the metaverse brings additional innovative capabilities that will allow them to accelerate the deployment, adoption and monetization of Industry 4.0 for their business,” it said.
Of the use cases expected to deliver the most value, enterprises see the highest potential in the use of extended reality<\/a> (XR) to onboard and upskill the workforce, while a majority of industries surveyed chose the use of virtual R&D to enhance product design and processes.
From a foundational perspective, respondents place the highest importance on technologies such as cloud computing<\/a> (72%), AI\/ML (70%), and network connectivity (68-70%), respectively, for enabling these use cases.
Given the need for further technical expertise in-house, at this stage enterprises are relying on a range of partners to close capability gaps and deploy use cases, as per the findings.
However, the primary concerns around the metaverse use cases include cyber & information security (67%), data & privacy (62%), and technology (50%).
On the other hand, lack of expertise (45%), over budget (31%), and over project duration (29%), are among the top challenges faced in deploying industrial metaverse use cases.
“The industrial and enterprise metaverses are here, this study shows the clear appetite for these technologies such as extended reality and digital twins to achieve business goals. We are already seeing many organizations going above and beyond the planning stages and recognizing tangible benefits from their initial implementations,” said Vincent Douin<\/a>, Executive Director, Business Consulting and Business Transformation, E&Y.
“It is great to see that companies clearly believe in the power of the metaverse for business value creation in both enterprise and industrial use cases,” said Thierry E. Klein, President of Bell Labs Solutions Research, Nokia. “Those who have already implemented mission-critical communications networks for Industry 4.0 are now well placed to experience the benefits of the Metaverse that clearly some companies are already seeing.”
THe findings are based on the responses of 860 company representatives from four industry sectors – automotive, industrial goods and manufacturing, transportation, and supply chain and logistics, and power and utilities – in the US, Brazil, UK, Germany, Japan and South Korea.
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