June 15, 2023

Study Says 58% of Companies Already Deployed Industrial Metaverse

Industrial Metaverse

Industrial Metaverse

A recent study showed that 80% of companies believe that the industrial metaverse would create substantial business value and have a significant impact on their business, XR Today reported.

The study was conducted by Nokia in cooperation with leading consulting company Ernst & Young in March 2023. It covered 860 business leaders in the US, Brazil, the UK, Germany, Japan, and South Korea across four key industries, including automotive, industrial goods and manufacturing, transportation, supply chain and logistics, and power and utilities.

The study mentioned that the industrial metaverse is being deployed across the value chain to improve existing business processes by offering visualization, data interoperability, and interwoven digital-physical worlds.

The industrial and enterprise metaverses are exceeding expectations – experienced companies report more benefits than companies still in the planning phase expect, the survey said.

According to the study, 58% of the surveyed companies are already piloting or deploying use cases of the industrial metaverse, while 42% are planning to deploy it.

As for the companies which deployed the industrial metaverse in the abovementioned countries, the US (65%), UK (64%), and Brazil (63%) are currently leading the way, whereas companies who have plans to enter the metaverse have deployed use cases at a higher rate than others across Europe (Germany 53%), and APAC (Japan 49%, South Korea 49%).

In this regard, Vice President of Enterprise and Industrial Automation Research Lab of Nokia Thierry Klein said it is clear that the companies believe in the metaverse’s potential in adding business value in institutional cases and industrial uses.

Meanwhile, Executive Director, Business Consulting and Business Transformation at Ernst & Young Vincent Douin said: “The industrial and enterprise metaverses are here, this study shows the clear appetite for these technologies, such as extended reality and digital twins to achieve business goals. We are already seeing many organizations going above and beyond the planning stages and recognizing tangible benefits from their initial implementations.”

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