New Blue Shift Report From Arthur D. Little Outlines the Transformative Value of the Industrial Metaverse
While the consumer Metaverse has fallen victim to excessive hype, the report argues that the Industrial Metaverse (Metaverse applications for business) offers enormous potential value, enhancing operational efficiency, reducing costs, and improving overall quality. It will rapidly mature to become a market conservatively worth around $400 billion in 2030 but with a potential upside of more than $1 trillion. This growth is driven by advancements in artificial intelligence, complex systems simulation, data visualization, and connectivity.
The report explains how the Industrial Metaverse goes beyond existing digital twin and Industry 4.0 technologies to fully represent end-to-end, real-world industrial systems, including external elements outside the company and the environment within which it operates. This provides decision-makers with unparalleled insight that allows them to better understand the past and forecast the future. The Industrial Metaverse will therefore help companies to deal with the increasing complexity and accelerated pace of development that they face, and is especially valuable for developing effective sustainable growth strategies.
Based on in-house research, client experience, and contributions from interviews with experts across industry and academia, the report outlines the background to the Industrial Metaverse, defines what it means, sets out a conceptual architecture, explores its key technological building blocks, assesses its value to business, and proposes how companies should exploit its potential.
Dr. Albert Meige, Director of Blue Shift at Arthur D. Little, comments: “In an interconnected, complex and fast-moving world, businesses face enormous challenges when it comes to understanding their current operations and future opportunities. By providing a transformative tool to elevate digital simulation technology to the level of strategic decision-making the Industrial Metaverse delivers the insight required to meet these challenges. It is important to stress that its growth is independent of the consumer Metaverse, with many use cases already in existence around optimization, training, technical and management tools. Companies therefore need to consider their Industrial Metaverse strategy now in order to reap the near-term and future benefits.”
To download the report, visit: https://tinyurl.com/5h6rvxdt
View source version on businesswire.com: https://www.businesswire.com/news/home/20230719106449/en/
Arthur D. Little
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