Exploring the Industrial Metaverse: The Key to Sustainable Growth
Arthur D. Little (ADL) has recently released its comprehensive report titled “The Industrial Metaverse, Making the invisible visible to drive sustainable growth.” This report, part of ADL’s ongoing series under the ‘Blue Shift’ banner, focuses on examining the impact of new technologies on businesses, society, and humans as a whole.
While the hype around the consumer Metaverse may have dwindled, the report argues that the Industrial Metaverse, which encompasses Metaverse applications for business, holds incredible potential value. It not only enhances operational efficiency but also reduces costs and improves overall quality. The Industrial Metaverse is predicted to grow rapidly, with a conservative estimation of reaching a market worth approximately $400 billion by 2030, and a potential upside exceeding $1 trillion. The stimulant for this growth lies in advancements in artificial intelligence, complex systems simulation, data visualization, and connectivity.
Unlike existing digital twin and Industry 4.0 technologies, the Industrial Metaverse goes beyond mere representation by fully encapsulating end-to-end, real-world industrial systems. Not only does it encompass internal elements of a company, but it also takes into account external factors and the larger environment in which the company operates. This comprehensive representation provides decision-makers with unparalleled insights, allowing them to understand the past and forecast the future. Hence, the Industrial Metaverse proves valuable in dealing with the increasing complexity and accelerated pace of development businesses face, particularly aiding the development of effective sustainable growth strategies.
The report draws on in-house research, client experiences, and expert interviews from various industries and academia. It dives into the background and definition of the Industrial Metaverse, explores its conceptual architecture, breaks down key technological building blocks, evaluates its value to businesses, and recommends strategies to exploit its potential.
Dr. Albert Meige, Director of Blue Shift at Arthur D. Little, emphasizes the significance of the Industrial Metaverse, stating, “In an interconnected, complex and fast-moving world, businesses face enormous challenges when it comes to understanding their current operations and future opportunities. By providing a transformative tool to elevate digital simulation technology to the level of strategic decision-making, the Industrial Metaverse delivers the insight required to meet these challenges. It is important to stress that its growth is independent of the consumer Metaverse, with many use cases already in existence around optimization, training, technical, and management tools. Companies, therefore, need to consider their Industrial Metaverse strategy now in order to reap near-term and future benefits.”
To access a copy of the full report, please visit: https://tinyurl.com/5h6rvxdt
