Research report highlights Industrial Metaverse
The Industrial Metaverse market is estimated to increase by a factor of 10 by 2030 and will be the dominant sector in the new technology says a report by Siemens.
Collaborative research between Siemens and MIT Technology Review has been exploring the development and opportunities of the rapidly developing Industrial Metaverse, from digital twins to modelling and preventive maintenance.
The Industrial Metaverse will be a digital world that mirrors and simulates real machines, factories, buildings, and entire cities and transportation systems. The integration of digital twins with the real world can help solve real-world problems.
The report explores the building blocks of the Industrial Metaverse, its use cases, and the effects it will have on businesses, economies, and everyday life. Moreover, it points out the challenges that decision-makers in businesses and society face to enable this digital world – and how they can harness the potential.
“Through the Industrial Metaverse, businesses can develop sustainable products faster, easier, and cheaper. They can use it to make machines, factories, buildings, and entire cities and traffic systems more efficient, resilient, and sustainable,” said Peter Körte, Chief Technology Officer and Chief Strategy Officer of Siemens. “This research shows that building this digital world is about leveraging and integrating powerful technologies. However, it requires, at least as importantly, openness, collaboration, and strong ecosystems.”
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The Industrial Metaverse will result from the evolution and convergence of technologies such as artificial intelligence, blockchain, and cloud and edge computing. A key building block of the Industrial Metaverse will be the digital twin, which simulates the behavior of its real-world counterparts and is already revolutionizing product development, infrastructure management, manufacturing, and training measures. Future digital twins will provide photorealistic simulations of the real world and enable real-time interaction between people and machines.
The market potential of the Industrial Metaverse is estimated to reach around $100 billion in 2030, according to ABI Research, representing a tenfold increase compared to 2021.
The Siemens Xcelerator digital business platform will play a crucial role in leveraging the potential of the Industrial Metaverse. “This is the go-to place for companies to find the building blocks to enable and cultivate the Industrial Metaverse for their purposes,” said Körte. “Nowhere else can you find such comprehensive, open, interoperable, flexible, and scalable solutions from various partners.”
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