KEY POINTS
The World Economic Forum (WEF) has unveiled a report shedding light on the rapid integration of the metaverse into businesses worldwide. According to the report, 92% of US manufacturing executives are currently experimenting with the metaverse, with plans to incorporate it into their companies.
The report emphasizes the diverse applications of the metaverse across sectors, such as industrial manufacturing, automotive, energy, and healthcare. These applications include virtual supplier engagement, design and prototyping of vehicles, seismic data visualization, and virtual laboratories for drug compound testing.
One of the key advantages highlighted in the report is the enhancement of talent and learning processes, with approximately 41% faster resource ramp-up through tools like VR training. Additionally, the metaverse enables boundless collaboration, with a reported 90% reduction in travel across XR-enabled teams.
Transparency and traceability are also improved, with around 70% elimination of data duplication and reduced fragmentation. Simulation and optimization processes see benefits as well, with a reported 70% reduction in design costs.
Real-world examples illustrate the practical applications of the metaverse. In North America, Citigroup is leveraging digital twin technology to enhance the efficiency of its data center, potentially saving $290,000 annually. Meanwhile, Eni in Europe is using digital twins to simulate operational conditions and decision effects in a safe environment.
Porsche, among others, has outlined plans to leverage the metaverse for car design, allowing interior designers to create and test multiple options in virtual environments.
Despite being in its early stages, the metaverse has already demonstrated its ability to address common obstacles faced by businesses. Predictions mentioned in the report suggest a significant growth trajectory, with projections indicating a $100 billion global industrial metaverse market by 2030 and a $183 billion global digital twin market by 2031.
