Companies that have already deployed industrial metaverse use cases are seeing more reported benefits than those still in the planning phase expect, most notably in capital expenditure reduction (15%), sustainability (10%) and safety improvement (9%), according to a study published by Nokia and EY.
“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,” says Vincent Douin, executive director, business consulting and business transformation, Ernst & Young LLP.
“It is great to see that companies clearly believe in the power of the Metaverse for business value creation in both enterprise and industrial use cases. This strongly aligns with our vision, informed by more than 8 years of research at Nokia Bell Labs, that the Industrial Metaverse is an extension of Industry 4.0. Consequently, those who have already implemented mission-critical communications networks for Industry 4.0 are now well placed to experience the benefits of the Metaverse that clearly some companies are already seeing,” adds Thierry E. Klein, president of Bell Labs Solutions Research, Nokia.
- Only 2% of respondents see the Metaverse as a buzzword or a fad, while 58% of companies with future Metaverse plans have already deployed or piloted at least one Metaverse-related use case.
- Nearly all (94%) of those who have yet to begin their Metaverse journey plan to do so in the next two years.
- Companies also say the industrial Metaverse is creating substantial business value. On average, 80% of those who have already implemented Metaverse use cases believe they will have a significant or transformational impact on the way they do business.
- In terms of geography, the United States (65%), UK (64%) and Brazil (63%) are currently leading the way when it comes to having deployed or piloted at least one industrial or enterprise Metaverse use case. The average in Germany was 53% while Asia Pacific is less advanced (Japan, 49%; South Korea, 49%).
- When asked which use cases they most expect to deliver transformative value, enterprises saw the highest potential in the use of extended reality for training to onboard and upskill the workforce, while three out of the four industries surveyed chose the use of virtual R&D to enhance product design and processes.
- Use cases entail cloud computing (72%), artificial intelligence (AI)/machine learning (ML) (70%) and network connectivity (68-70%).