The Industrial Metaverse with all its touted possibilities, will it be a money-earning opportunity?
Table of contents
What is Industrial Metaverse?
Industrial Metaverse is one of the most promising machine economies use cases. in a convergence of artificial intelligence and blockchain technology.
The machine economy could contribute up to $15 trillion to the global economy by 2030, a PwC report said.
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It is a hot topic at the Davos World Economic Forum (WEF) 2023.
Industrial Metaverse complements new technologies, such as blockchain, IoT, gaming VPN, and 3D visualization. By generating an immersive visual experience.
Why Industrial Metaverse is important?
Firstly, the industrial metaverse is a world, which is always on. Secondly, it is quite important in a digital environment.
As problems can be found, analyzed, and fixed quickly, or better yet, discovered before they arise.
A Venturebelt article quotes, ABResearch saying: there may be far more money to be made in the Industrial metaverse.”
And in fact, it estimates that the industrial Metaverse will outgrow consumer and enterprise metaverse sectors by at least three-fold.
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Industrial Metaverse – A Revolution
Even technologists are trying to envision what the metaverse will bring for businesses and consumers.
The industrial metaverse is already transforming how people design, manufacture, and interact. With physical entities across industries.
And all of this will happen in a world enabling a new level of collaboration. Actually, where people can break the barriers of distance and work together.
Moreover, people can try out new ideas easily and quickly.
The metaverse showed remarkable growth in 2022. Despite the global slowdown. And experts believe that it will continue to grow significantly.
Deloitte believes that the global Metaverse market size could swell to between $1.5 trillion and $1.3 trillion.
Industrial Metaverse is an emerging trend that targets combining immersive
real-time data, and digital twins.
Basically, to create new business models and accelerate digitalization.
The WEF predicts the metaverse market will grow to $800 billion in 2024. McKinsey says.
“With its potential to generate up to $5 trillion in value by 2030. The metaverse is too big for companies to ignore.
The Metaverse is where virtual reality supports people who are working hands-on, on-site.
It should become a virtual realm where we can travel into the past as well as the future.
To understand problems and processes better and find optimal solutions. Though this may sound like science fiction, it is in part already our reality.
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Money Making Opportunity
While traditional businesses and Web 3 visionaries agree that the metaverse will continue to grow exponentially.
In particular, one key technology of the Industrial Metaverse is already very advanced and used every. That is Digital Twins.
Simply put, a digital twin is a virtual replica of a product or process. Basically, used to predict how the physical entity will perform throughout its lifecycle.
For instance, BMW created a virtual twin of its production plant in Bavaria. Before building the physical facility.
Eve, Boeing is using a digital twin development model to design its airplanes. Similarly, “Virtual Singapore” is a digital representation of the Southeast Asian nation.
That the government created to support its policy decisions & test new technologies.
The increasing buzz surrounding digital twins is fuelling expectations for the industrial metaverse.
However, challenges remain. One of the puzzle pieces of Industrial Metaverse will be connecting edge devices and trusted data flow with the digital twins.
To create near real-world situations.
Enabling edge devices to directly participate in the incentivization mechanism would create further autonomy. And highly efficient digitalization use cases.
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For mission-critical industrial applications, the metaverse will require low latency, massive communications, and high reliability.
Additionally, fast network speeds and edge computing is other must-haves because of the requirement for almost 0 latency.
Decentralized local edge data centers close to users will be needed for people to interact with one another. And equally to use devices to access the metaverse.
Edge computing will enable much leaner, lighter headgear by offloading a large part of the computing from the device.
Into an edge infrastructure. While also providing superior speed and low latency capabilities. Without edge computing, there will simply be no metaverse.
Software as a service will help more organizations access the industrial metaverse. And in turn, facilitate agility and rapid innovation.
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What is important for Industrial Metaverse?
Its building blocks like modules, applications, and software assets can be connected using application programming interfaces.
Basically, to create new solutions that solve your specific industrial metaverse challenges. Equally to match the business logic of your use cases.
An ecosystem of partners, technology and network providers, data producers, and owners. As well as application developers will contribute to these building blocks.
Collectively, they facilitate a digital marketplace and lead to new and unprecedented levels of innovation. Equally, creativity, and agile and collaborative service creation.
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Persistence is what makes the metaverse tick for most. This means that it remains available even after a player has finished using the gaming platform for a session.
It also thrills gamers by offering a virtual environment for the digital imitation of our real world.
When playing on the metaverse platform you can encounter things that are quite similar to reality.
You can communicate with other players, exchange virtual goods, and touch objects using haptic gloves and jackets.
In-game objects in the metaverse have a monetary value. It implies that players can make money by reselling their digital goods using NFTs in the metaverse.
Blockchain is fundamentally altering how online games are played. Capabilities like the ability to tokenize in-game items and sell them for cryptocurrencies astound gamers.
Those with a preference for real money gaming and cryptocurrency spaces are the ones who have praised the success of NFT games.
Metaverse games are a result of the gaming industry’s recent progress. To experience next-generation gaming, you can access web 3-based games.
Firms now prioritizing decentralized projects since the future seems to be taking a decentralized approach.
In-game ownerships and game economies remain to be one of the most important factors. While developing metaverse and web 3-based games.
To play games together, gamers can collaborate, invite their friends and engage in interaction within the Web 3 economies. Or the so-called metaverse.
Given the interoperability within these platforms on the metaverse, you can also move virtual goods between spaces with little to no alteration.
The primary technologies driving the creation of the metaverse are Augmented reality (AR) and Virtual Reality (VR).
Which provides a fully immersive and thrilling 3D experience.
AR uses visual components and characters to transform the real environment into a virtual one.
The system is compatible with cell phones and other digital devices. Next, allowing you to have an immersive experience anywhere you go.
Cryptocurrency and Blockchain
Building decentralized metaverses is made more accessible with blockchain technology.
Features like digitally providing ownership, transferring value, and collecting digital assets. Additionally, interoperability is made possible.
Since cryptocurrencies are based on real-world currency, they can be used to transact business in the metaverse. An immersive 3D environment.
Internet-of-things (IoT) networking
The IoT allows the metaverse to harvest information from the real world and put it to good use. It links the metaverse with various physical gadgets.
Equally, allows virtual things to adapt their behavior in response to environmental factors like temperature and humidity.
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3-D model reconstruction
Despite the familiarity with 3-D technology, the COVID-19 epidemic has dramatically increased the frequency. With which 3-D reconstruction is performed.
Industrial Metaverse Use cases
Fast-tracking product design is just one potential use case. For what’s becoming known as the industrial metaverse.
Rapid technological advances combined with the growing acceptance of virtual working mean companies of all kinds are standing to use metaverse technologies.
Firstly to work faster, more effectively, and at a lower cost. And while some of the emerging use cases are valuable for specific industries. Others have wide, cross-industry appeal.
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6 Use cases of Industrial Metaverse
1.Product design and engineering
BMW is not the only manufacturer using augmented reality (AR). For accelerating the design and prototyping of new products.
Luis Bollinger, is co-founder of extended reality (XR) streaming company HoloLight whose solution BMW is using to stream and work on 3D graphics.
It’s an increasingly attractive option for companies keen to reduce product development costs and improve time to market.
Augmented Reality Engineering Space AR35 allows engineers to visualize their own 3-D CAD models and work collaboratively on them.
One of the main cost savings comes from not having to build and ship so many real prototypes. That means engineers can evaluate designs earlier.
Additionally, they do not have to get together to do it, either.
For BMW, it means they can collaborate between different locations. It saves travel time as they can get together in this virtual space.
Physical prototypes can break if they are handled too many times. Their virtual counterparts can be used repeatedly with no degradation.
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2. Hands-on training
One of the clearest and most widely applicable uses for the metaverse is training. Virtual Reality in particular can bring people together without the expense.
Additionally,, downtime is associated with traveling to a central training location. It’s a strategy Nokia has been employing since 2021.
When we began to see VR as a natural progression from bringing people together on video conference tools.
Training on video conferences can be quite one-way. VR makes learning a much more practical hands-on experience.
3. Employee Onboarding
Another pandemic-inspired use case for the industrial metaverse. With more teams now operating on a remote and geographically dispersed basis.
It’s getting harder to make new employees feel welcome and included.
Unlike desktop-based video conferencing applications. This will be a much more immersive experience.
4. Virtual services for hands-on work
Bosch, for instance, has developed an AR application. That guides its after-market workshops on how to perform specialist maintenance and repair tasks on vehicles.
Such as readjusting driver assistance sensors after replacing the windshield.
It estimates that guided assistance like this can reduce the time taken to carry out tasks by as much as 15%.
Industrial Metaverse Companies
Siemens and NVIDIA partner two build the Industrial Metaverse. Siemens and NVIDIA will collaborate to enable the Industrial Metaverse.
Additionally, increase the use of AI-driven digital twin technology that will help bring industrial automation to a new level.
Industrial Metaverse – Microsoft
Over the past year,, Microsoft has made significant investments in the HoloLens2 platform in response to accelerating adoption. From enterprise customers like Toyota.
From new updates enabling immersive collaboration to solutions that allow companies to scale and manage a fleet of devices.
They are benefitting workers who wear the headsets across industries. Whether in hospitals, semiconductor clean rooms, power plants, anatomy labs, or construction sitess, the company said.
Microsoft’s latest wave of updates is combining its key Dynamica 365 Mixed Reality Apps.
As a result, Microsoft is delivering the cloud-powered productivity and collaboration tools.
That deskbound workers have long had at their fingertips to the frontier worker.
No matter where they are, HoloLens 2 users can summon an array of holographic windows with a Teams to ccall or chat.
A Power BI dashboard, a Word document, a PDF or video, their OneDrive folder, or their calendar. And operate in an immersive 3-D experience.
Those capabilities help explain why businesses like Toyota have moved beyond just kicking the tires on the metaverse.
For many, that word brings to mind avatars that represent us in online worlds. It’s a partly accurate picture.
Microsoft sees several different metaverse categories. There is the familiar consumer metaverse. Where we shop and play with friends and family.
And there are the commercial and industrial metaverses. Where we collaborate with colleagues and get work done.
Industrial Metaverse – A fairly new Concept
The industrial metaverse that Toyota and others are exploring is a fundamentally new way for humans and AI to work together.
To design, build, operate, and optimize their physical systems.
With Microsoft Azure, Dynamics 365, and mixed reality offerings that bridge digital and physical customers.
Which can build digital twins of a factory floor or warehouse. Additionally, simulate manufacturing or supply chain processes in the cloud to put it simply.
That allows them to refine those processes in the industrial metaverse.
Wwhether to boost operational efficiency or shrink their environmental footprint. Before committing them to physical form.
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It is a key technology of Microsoft’s industrial metaverse solutions. HoloLens 2 delivers those solutions all the way to frontline workers.
Who work with their hands and cant be tethered to a computer or keyword.
Since its launch, Microsoft has incorporated customer feedback and invested in making devices truly work on the front.
From longer-lasting batteries to designs that fit over safety glasses. And to updates that make it easy for a fleet of devices to be managed by a customer’s IT department.
“Frontline workers from the backbone of many of the world’s largest industries, yet they have largely understood by technology.
So much knowledge and information is in the cloud, but how does that deskless worker in the field or on the factory floor access that digital world?”
Microsoft’s answer is HoloLens 2 and its Dynamics mixed Reality suite of apps. With Azure cloud services doing much of the heavy lifting they can take digital information . And integrate it into the user’s physical world.
That holographic experience helps them learn industrial processes faster or support colleagues around the globe.
Wwith expert advice as if they were in the same room. Without the expense or environmental impact of long-distance travel.
These employees don’t have desks, giving them a laptop won’t work either.
HoloLens will be their screen, which will give them all the digital goods they need.
Partners in Mixed Reality
While HoloLens 2 devices have helped define what’s possible in the industrial metaverse. Microsoft is a platform company.
That’s why Microsoft is committed to making its mixed reality software available wherever its customers use.
Whether that’s on a HoloLens 2 or another company’s device.
And while Dynamics 365 Mixed Reality apps provide enterpre-grade software so customers can get to work immediately .
Microsoft has also built a Mixed Reality Partner network of ISVs . Who can extend solutions to meet unique needs in different industries.
From construction and education to healthcare and pharmaceuticals.
The “Industrial Metaverse Growth Opportunities” report has been added to ResearchAndMarkets.com’s offering.
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There will be more than one Metaverse. We already see examples such as Decentraland, Minecraft, and Meta’s Horizon Worlds.
An Industrial metaverse will have additional requirements around Intellectual Property (IP) compliance and security.
And will need mechanisms to share assets and monetize Metaverse assets .
Like the concept of a “port” from “Snow Crash”. Multiverse channels will provide the ability to securely incorporate and port these data assets across Metaverse(s).
Azure Confidential Compute enables a foundation to share this data securely. A metaverse will need a mechanism to monetize assets.
And then commerce connectors will provide hooks to connect with payment gateways and digital wire protocols.
Assets may be monetized or leased to other metaverse(s). Another promising direction for this layer involves upcoming technologies such as Web 3 and NFT.
Asset identity will play multiple roles. First, it will provide a secure identity for the asset within the Metaverse.
Second, it will provide proof of asset ownership, which will be important to ensure that assets can be monetized or ported to other Metaverses.
But still not lose their original ownership.
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Artificial Intelligence will play a key role in determining asset representation. mapping to various worlds.
We don’t need a new Metaverse product. Instead, the challenge will be to seamlessly integrate these existing and upcoming technologies to solve real-world business problems.
To conclude, it will be important for organizations to invest in highly skilled engineers, 3D designers, and applied data scientists & program managers .
Who can build cloud-native solutions and creatively think of ways to map the physical & digital worlds.
Additionally, it will be important to support the toolchain with better solutions for integration testing , performance testing, etc.
Metaverse in all its forms has the potential to be a significant development across many domains as the 21st Century unfolds.
Does Microsoft have its own Metaverse?
The Microsoft metaverse is not limited to just virtual reality. Microsoft explores every area of the metaverse. It includes augmented reality (AR) .
When was the Microsoft Platform was launched?
In 2022, called Mes. It offers various exciting features focussed on reshaping the future of digital workplaces. Where users can work , swap files , videos, and more.
Which company will build the Metaverse?
Epic Games is one of the top metaverse companies building up the Metaverse. Being a gaming company, it announced a one-million-dollar investment.
In the development of the metaverse in 2021. Giving its developers access to multiple opportunities in metaverse and Web3.
What is the biggest Metaverse platform?
Decentraland. It is one of the largest and most popular Metaverse platforms. it is at the forefront of the newest trend in real estate.
Owning virtual plots of land. This Ethereum blockchain-based platform allows users to purchase LAND within.
Within the virtual environment using MANA. Decentral and’s digital currency.
Which is the top Metaverse project?
Axie Infinity became the most valuable metaverse project. In the crypto market as it reached a $10 billion market cap peak. During the last bullish run. Axie Infinity invites players to collect and own monsters known as “Axies”.
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