The Industrial metaverse is coming...are you ready to take the opportunity?

The arrival of the metaverse is expected to transform the way companies engage in business operations.
April 29, 2024 by
Boot & Work Corp. S.L., Nerea Cacheiro Barroso

The buzz around the metaverse is ubiquitous, with many businesses eager to determine how to make the most of this emerging online space. 

  • Reports indicate that the worth of the metaverse is forecast to reach $800 billion by 2025 and balloon to $2.5 trillion by 2030.

Numerous corporations, including Facebook, are staking their claim in the metaverse, but it is important to note that no single entity owns it. The metaverse operates on the principle of interoperability, allowing for seamless movement and interaction among multiple entities.

Metaverse is an Opportunity for the Industry
  • B2C companies have already delved into the metaverse (Microsoft Hololens, PlayStation VR helmets, Facebook's Oculus, Epic Games, Alibaba's Ali Metaverse, etc.), it is evident that its impact will extend to B2B as well. 
  • B2B companies can look forward to a transformative shift in their business operations, both online and offline.

The Industrial metaverse is revolutionising the edges of the Internet

As time goes by, the convergence of various technologies will give rise to the industrial metaverse. This metaverse will consist of two main components. Firstly, there is Industry 4.0 (Industrial IoT), which has been collecting data from industrial equipment and surroundings for some time now.

On the other hand, there is the 3D world of gaming tech (augmented/virtual/mixed realities) and computer-aided design (CAD). The combination of these components will result in an immersive environment where IoT data can be accessed in new and innovative ways. Adding remote collaboration to this environment will create a section of the industrial metaverse, where multiple users can access the same data simultaneously and interact with each other virtually.

The use of real-time positioning systems can further enhance this metaverse by tracking an individual's position in real-time and rendering it in the 3D world along with avatars and other relevant information.

Leading companies like Amazon are already jumping on the industrial-metaverse bandwagon. The ecommerce giant has combined their IoT product and 3D rendering technology to offer AWS IoT TwinMaker - a tool that merges AWS IoT data with 3D models created from CAD.

                                  Why are industries starting to embrace rich and immersive environments?

                                  Striking 3D spaces that can be accessed via any electronic device — including smartphones, tablet computers, or a wearable headset — are poised to penetrate the industrial sector and bring about more collaborative and user-friendly interactions. This includes endeavors like:

                                  • Remote sales and marketing
                                  • Training sessions held at a distance
                                  • Off-site maintenance support, to name a few
                                  Striking 3D spaces for Metaverse
                                                            The gaming industry also offers the ability to create additional visual representations that can be layered on top of the real world, providing operators with a richer dataset. 

                                                            To tackle connectivity issues, technology like 5G and high-speed satellite links are being developed to deliver the necessary bandwidth for industrial or remote use cases.
                                                                        As we move into 2024, these technologies will mature and start to be utilized in a growing number of industrial applications.

                                                            This is just the tip of the iceberg, and experimentation is key

                                                            The excitement surrounding the metaverse will keep spreading as businesses experiment with novel concepts before discarding them in favor of even fresher (and perhaps superior) ones. I do think that this is only the start. As the metaverse develops, many of us will need to change course since nobody will get everything perfect the first time. 

                                                            Testing and understanding how to implement our greatest ideas and embrace "in real life" outside the "real world" will rely heavily on industrial experimentation.

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                                                            Boot & Work Corp. S.L., Nerea Cacheiro Barroso April 29, 2024
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