In an era characterized by rapid technological advancements, the industrial metaverse is emerging as a promising frontier. Significant investments are being poured into digital twins, 5G, cloud, edge computing, and artificial intelligence (AI), signaling the advent of a new digital revolution.
The Rise of the Industrial Metaverse
According to a recent Deloitte study, an overwhelming 92% of manufacturing executives reported that their companies are exploring or adopting metaverse-related use cases, averaging six ongoing projects per company. They anticipate an improvement of 12% to 14% in sales, throughput, and quality from these initiatives. Process simulation and digital twins are the most common use cases, offering substantial benefits in complex industrial operations.
Digital twins, essentially virtual replicas of physical objects or systems, are integrated with real-time data and models, enhancing the success of new or optimized operations. The global market for digital twins is projected to expand from $6.5 billion in 2021 to a staggering $125.7 billion by 2030.
Source: BNN Breaking