Metaverse to Supercharge Upcoming Industrial Revolution: World Economic Forum

Mar18,2024



Metaverse technology, which creates hyper-realistic virtual ecosystems, is capturing the attention of the manufacturing sector in the US. This has been revealed in a recent report published by the World Economic Forum (WEF). The report states that the metaverse is set to supercharge the upcoming phase of the industrial revolution. Compatible with cryptocurrencies and NFTs, metaverse technology could provide virtual destinations for people to visit as avatars – without leaving their homes.

Last week, the WEF released its report titled 'Navigating the Industrial Metaverse: A Blueprint for Future Innovation'. The report states that an estimated 92 percent of manufacturing companies in the US are looking for ways to add a metaverse twist to their existing business operations.

“The industrial metaverse, estimated to be a $100 billion (roughly Rs. 8,29,018 crore) market globally by 2030, will lead operational transformation by seamlessly incorporating transformative technologies into industrial value chains,” the report said. Used to be.” “The Metaverse will drive the next phase of the industrial revolution through digital twins, a core building block of the industrial metaverse and the convergence of three rapidly growing areas – spatial computing, artificial intelligence (AI), Web3 and blockchain.”

WEF surveyed 100 companies across ten industries to compile this report, the findings of which indicate that there will be an explosion of metaverse use cases in the sectors of defence, aerospace, energy, software and automotive in the times to come.

In the post-coronavirus era, many industries are looking for ways to expand their businesses and recover losses incurred during the prolonged lockdown period between 2020 and 2022. This is one reason why establishing a presence in the virtual ecosystem is becoming a trend. Traders and Manufacturers.

Establishing digital offices and company locations in the metaverse is more cost-effective than maintaining physical locations. The metaverse ecosystem allows industry players to connect with a more global audience and buyers – fueling the trend of creating digital representations of physical goods.

“Diverse industries are using these technologies (such as the metaverse) to unlock value and discuss the foundational elements for a collaborative, responsible, and economically sustainable next era of the Internet,” the report said.

The WEF predicts that metaverse technology could improve cross-industry collaboration. Furthermore, its report states that the metaverse enterprise will subsequently open up new experiences for employees, new ways of working and a new generation of operations as more industry players adopt the technology.

WEF said, “While real-life applications of the consumer metaverse are still developing, the industrial metaverse is further along in the adoption curve, connected to real problems and business imperatives and driven by implementation at the grassroots level. “

This is WEF's second major report in the past year highlighting the bright future of the metaverse. WEF said in its report published in January 2023 that the metaverse will reach the industrial ecosystem before consumers. Along with the WEF, Indian industry association NASSCOM has also projected an upward curve for the future trajectory of the metaverse. In January last year, NASSCOM had said that the technology was being adopted rapidly.

While Japan is accelerating efforts to contribute to the development of Web3 technologies such as the metaverse, China has established a dedicated council – with other members including Huawei and Tencent – ​​tasked with setting R&D standards around the use of the metaverse. The work has been assigned.

In India, Dilip Chenoy, head of the India Web3 Association, also recently lauded brands like Nykaa and Reliance for adding metaverse-based elements to their businesses.


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