A recent survey conducted by Deloitte and the Manufacturing Leadership Council (MLC) has revealed that 92% of manufacturing companies are currently leveraging the industrial metaverse. The industrial metaverse refers to the use of immersive three-dimensional virtual environments to spearhead ongoing transformation and improve operational efficiencies in the manufacturing industry.
The survey found that a majority of manufacturing companies, 92%, are either experimenting with or implementing at least one metaverse use case. In fact, most companies are running six or more metaverse use cases. These use cases span four key industrial ecosystems: production, customer interaction, supply chain design, and talent.
Manufacturers are optimistic about the industrial metaverse’s continued potential. 74% of those surveyed expect it to improve revenue, while 55% expect it to reduce costs. The adoption of industrial metaverse technologies could help manufacturers build new markets and unlock measurable value.
The report also highlights the transformative potential of the industrial metaverse in the manufacturing industry. Nearly two-thirds of respondents believe that the industrial metaverse will fundamentally transform how organizations do business, interact, collaborate, and have value-added virtual experiences over the next five years. Executives expect the metaverse to transform areas such as research and development, design and innovation, and enable new product strategies. In the near term, the industrial metaverse is expected to offer new ways to solve challenges such as attracting and retaining top talent and building supply chain visibility and resilience.
Furthermore, the survey identified a group of pacesetters who are already taking the lead in metaverse implementation. These companies have a higher number of metaverse use cases, larger investments in metaverse initiatives, and are more likely to seek external partners to deploy these initiatives. These pacesetters are also more likely to embrace organizational change to spur metaverse adoption. They have established roadmaps for a shift to the metaverse and are actively recruiting talent with the necessary digital skills and knowledge.
However, there are still risks and challenges associated with metaverse adoption. The study reveals that cost, talent, and interoperability are viewed as key challenges, while cybersecurity concerns stand out as a top potential risk. Despite these risks, surveyed executives believe that the value delivered by the metaverse outweighs these cybersecurity risks, especially with the right mitigation strategies in place.
The report emphasizes the potential for the manufacturing industry to springboard into the industrial metaverse. The exponential growth of smart manufacturing in recent years has created a strong foundation for the implementation and understanding of metaverse-enabling technologies. Companies that innovate with tech-forward strategies, remain agile, and adaptable to implement them, could set themselves apart to unlock future growth and opportunity.
The survey was based on over 350 senior executives in the U.S. manufacturing industry. The findings were supplemented by executive interviews with technology leaders in the industry. The report concludes that the industrial metaverse has the potential to transform the manufacturing industry amid labor shortages and supply chain disruptions. Metaverse-enabled technology presents an opportunity for manufacturers to address these challenges through immersive experiences and advanced analytics to drive innovation.
In conclusion, the Deloitte and MLC survey highlights the widespread adoption and potential of the industrial metaverse in the manufacturing industry. It shows that manufacturers are leveraging the metaverse for various use cases and have high expectations for its impact on revenue and cost reduction. While there are challenges and risks associated with metaverse adoption, the value it delivers outweighs these concerns. Pacesetters in the industry are already leading in metaverse implementation and are embracing organizational change to drive adoption. The industrial metaverse has the potential to transform manufacturing, and companies that seize this opportunity can unlock future growth and innovation.
