While the differences between virtual and real universe have already blurred, metaverse is a relatively new concept. Here, the internet is considered a single entity to create 3D online environment through augmented and virtual reality. This allows people in the real world to interact, shop, learn, transact, and so on. This concept is extrapolated to industries to form the concept of industrial metaverse.
What Is Industrial Metaverse?
Exploring the Role of Industrial Metaverse in Industry Evolution
- Online gaming: To some extent, this concept has been used in online gaming to create an immersive experience for the user through AR and VR. In some of these games, the user is represented online as avatar. However, further research and development is needed in this and other segments as well.
- Product design and manufacturing: Designing various large and complex parts and products such as aircraft, boats, and more may find improvement. This is possible by engineers engaging with virtual 3D environment to create prototypes, ideate, innovate, and so on to improve these designs to create them in the real world. Testing also carried out in the virtual environment. This will help save time and cost as well.
- Supply chain: The entire supply chain management may be mapped in the virtual 3D environment first to identify parts availability, transport issues, and other bottlenecks quickly. All the stages of the supply chain process may be recorded in the virtual environment and digital signatures may be used to reduce paperwork.
- Industrial IoT: Industrial metaverse may find huge application in IoT. One can transfer all the data gathered by sensors in IoT applications to the metaverse for a quick analysis and identifying potential issues in machines or integrated systems, depending on the type of application.
- Digital twins or replicas:Digital twins of anything ranging from engineering parts and devices to vehicles, aircraft and beyond are being created in the virtual universe to improve design, testing, and reduce the time required. This will easily enable identifying issues, creating prototypes, experimenting, and more at a fast speed in the virtual environment and later created in the real world.
- Industrial systems training and maintenance: Industrial metaverse may open up new avenues to improve productivity through the virtual environment. Visual representation of complex parts and systems offers a clear picture of the inside details. This is useful for troubleshooting, training, and monitoring of key indicators.
- Case studies and training: Since, this technology is in its nascent stage, further research is required. Researchers and businesses refer to various case studies done by some companies in this regard. This material is also used for training employees working in this segment.
- Emergency response training: Industrial metaverse can be applied to train operators in emergency scenarios. Simulated environments in metaverse will help recreate realistic scenarios and allow operators to sharpen their decision making skills, improve response times, and minimize casualties.
- Training professionals undertaking space missions: Simulated environments in metaverse will help recreate space missions, extravehicular activities, and space assembly. This would help space engineers and astronauts to improve their skills and knowledge in a safe environment while helping improve their efficiency.
Industry 4.0 Metaverse
The convergence of Industry 4.0 and the metaverse represents a compelling vision for the future of technology and business. Here's an overview of how these two concepts intersect and their potential implications:
Industry 4.0: Industry 4.0 refers to the fourth industrial revolution, characterized by the integration of digital technologies into manufacturing and industrial processes. It encompasses concepts such as automation, IoT (Internet of Things), AI (Artificial Intelligence), big data, and cyber-physical systems.
Metaverse: The metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual spaces. It's a concept derived from science fiction that describes a fully immersive digital universe where people can interact with each other and digital objects in real-time.
Now, when we think about the intersection of Industry 4.0 and the metaverse, several possibilities emerge:
Virtualized Manufacturing Processes: In the metaverse, manufacturing processes could be simulated and optimized before implementation in the physical world. This can lead to significant cost savings and efficiency improvements.
Remote Collaboration and Training: With the metaverse, workers from different locations can collaborate in virtual environments, facilitating remote training, troubleshooting, and knowledge exchange. This can enhance productivity and reduce the need for physical presence in certain scenarios.
Digital Twins: Industry 4.0 involves the creation of digital twins - virtual replicas of physical assets or systems. These digital twins can be integrated into the metaverse, providing real-time monitoring and analysis of physical assets from anywhere in the world.
Supply Chain Management: The metaverse can revolutionize supply chain management by providing a virtual representation of the entire supply chain. This can enable better visibility, coordination, and optimization of the supply chain processes.
Consumer Engagement: Companies can leverage the metaverse to create immersive experiences for consumers, allowing them to interact with products virtually before making a purchase decision. This can enhance consumer engagement and drive sales.
Data-driven Decision Making: Both Industry 4.0 and the metaverse generate vast amounts of data. By combining these technologies, companies can leverage advanced analytics and AI to extract valuable insights from this data, leading to better decision-making and improved business outcomes.
How big is the metaverse industry market?
The size of the metaverse industry market is difficult to determine precisely, as it’s still in its early stages and evolving rapidly. However, various estimates suggested that it could potentially reach hundreds of billions or even trillions of dollars over the coming years as technologies such as virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI) continue to advance and converge.
It's worth noting that the metaverse concept encompasses a wide range of technologies, platforms, and applications, including virtual worlds, social networks, gaming environments, digital economies, and more. As these elements develop and integrate further, the market size is likely to expand significantly.
The worldwide entertainment and gaming industry's increasing demand is driving the expansion of the metaverse market. The reason for its quickest growth has been the growing use of AR, VR, and MR technologies. The main arguments in favor of implementing these technologies are that products like VR headsets, MR headsets, HUDs, HMDs, smart glasses, and smart helmets can provide a first-person viewpoint, function as natural user interfaces, offer 6-degrees of freedom, and more to produce realistic-looking virtual environments that improve end users' overall gaming experiences.
