Software leader AVEVA is at the forefront of building the industrial metaverse, with over 100,000 physical sites already using its solutions. This emerging technology represents a paradigm shift in the way we use technology, incorporating advancements in artificial intelligence (AI), augmented reality, and cloud computing. As our physical and virtual worlds continue to integrate, the industrial metaverse will bring us closer to a hybrid reality environment.
So, what exactly is the industrial metaverse? It is a persistent virtual environment that enables real-time collaboration among multiple teams across various devices. Users within the industrial metaverse have access to up-to-date operations and engineering data streams, presented in context through AI-powered digital threads. In simpler terms, think of it as an always-on world that connects real factories, machines, data, and people in virtual ways. Over time, the industrial metaverse will become a subset of a larger metaverse, similar to how shared cloud data platforms currently operate.
The industrial metaverse builds upon existing technology and offers three essential elements: the digital twin, operations and enterprise data, and collaborative platforms for people. Organizations can deploy the industrial metaverse as a natural layer on top of their existing digital infrastructure, future-proofing their businesses. The investment required to create an industrial metaverse is incremental and can be integrated into ongoing digital transformation programs. This allows companies to launch pilot trials at a low risk.
One notable aspect of the industrial metaverse is that enterprise users do not need specialized headsets to enter it. Instead, they can access the virtual representation of the real world from any edge device, such as smartphones or laptops. Similar to the internet, the industrial metaverse can be accessed from anywhere, anytime, allowing users to check business data, interact with automated systems, and collaborate with colleagues globally.
McKinsey forecasts a significant economic impact from the metaverse, estimating a potential value of up to $5 trillion by 2030. While the report does not break down the size of the industrial metaverse separately, it reveals that energy and resources, high tech, and automotive industries are leading the adoption of metaverse technologies. Business leaders across industries expect the metaverse to have a positive impact in the next five to ten years, with 61% anticipating moderate changes to industry operations.
While the potential of the industrial metaverse seems inevitable, challenges related to data privacy, intellectual property, cybersecurity, and compliance may arise. However, businesses that have already implemented a digital twin will have already addressed many of the identity, security, and privacy governance requirements.
Early use cases of the industrial metaverse are expected to emerge in data-rich business environments reliant on sensor data and real-time information. Opportunities include factory operations, supply chain management, construction simulations, safety assessments, operations optimization, and collaborative problem-solving. Initial applications may involve extending virtual conference software into three-dimensional environments, while refined technology like unified operations centers for smart cities can enable remote colleagues to view and manage various aspects of urban infrastructure.
In conclusion, the industrial metaverse represents a significant advancement in technology, blending the physical and virtual worlds to create a hybrid reality environment. With AVEVA leading the way, businesses can embrace this new technology to enhance collaboration, optimize operations, and future-proof their organizations. While challenges may arise, the potential benefits and opportunities offered by the industrial metaverse make its widespread adoption a matter of “when” rather than “if.”
