August 23, 2023

Siemens Allocates Around $2 Bln To Enhance Industrial Metaverse

Siemens Develops Industrial Metaverse

Siemens Develops Industrial Metaverse

Siemens has allocated approximately $2 billion for the metaverse development, including $500 million for constructing a new technology campus in Erlangen, Germany.

Siemens is currently constructing and testing their campus virtually before beginning physical construction. Siemens has reported that the site covers approximately 200,000 square meters and is designed to be environmentally sustainable.

The Erlangen location has approximately 3,500 employees and boasts a top-tier factory for crucial industrial automation and digitalization products. Currently, production in Erlangen is significantly automated, with humans and robots collaborating closely.

This is part of their global investment strategy, which will involve spending capital in Europe, the US, China, and Southeast Asia.

CEO of Siemens AG Roland Busch discussed how the company’s new campus facilitates the integration of real and digital domains, saying: “Together with our partners, we are developing new digital technologies in the metaverse and revolutionizing the way we produce in the future – much more efficiently, flexibly, and sustainably.”

Siemens’ innovation and production teams prioritize the Erlangen campus. They plan to utilize AI to design and test advanced production models in the virtual world.

Siemens has invested in establishing a model for the industrial metaverse, a virtual version of the real world that is photorealistic, physics-based, and operates in real time. This will involve utilizing pertinent physical data and applying artificial intelligence to manufacture the latest generation of high-tech products that are more sustainable and adaptable to market fluctuations.

Despite mainstream media dismissing the potential of the metaverse, the industry is actively taking advantage of its opportunities. Numerous large corporations are developing versions of the industrial metaverse, which bridges the gap between the physical and digital worlds.

Siemens has joined forces with Nvidia, a prominent metaverse and AI technology supporter, to create its own metaverse. In May, Nvidia announced that its two-pronged market approach contributed to revenue of $7.19 billion in Q1 of 2023. Microsoft also remains dedicated to the industrial metaverse, even though it has had job cuts and a potentially subpar performance in the field.

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