US manufacturing firms are flocking to the metaverse — WEF

Ciaran Lyons7 hours agoUS manufacturing firms are flocking to the metaverse — WEFAccording to the World Economic Forum, the automotive, energy, software, aerospace and defense industries are leading the way for industrial metaverse investment.2391 Total views9 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA rising number of manufacturing firms in the United States are shifting their focus to the industrial metaverse to tackle complex challenges across the production cycle, according to the World Economic Forum (WEF).

In a report published on March 12, the WEF outlined that 92% of US manufacturing executives are exploring various ways of implementing the metaverse into their own firms.

It cited survey results collected from 100 of the largest companies across ten industries, indicating that on average, each executive was investigating up to six different use cases.

The WEF further highlighted that one factor driving the interest is the need for the industrial sector to "elevate its ambitions" in response to the effects of the COVID-19 pandemic.“Amid recovery from the COVID-19 pandemic, a series of technological, macroeconomic, societal and business-to-business (B2B) customer trends are accelerating and converging to create new challenges and opportunities for growth in the industrial sector.”

This has forced the need for manufacturing companies to find ways to speed up production cycles while also increasing efficiency and cost-effectiveness through predictive forecasting.

The report emphasized how different companies are using digital twin technology, utilizing virtual models to represent physical objects. Amazon has been implementing cloud services platform NVIDIA Omniverse to run simulations to improve warehouse design and robot workstations. 

Similarly, Mercedes Benz is also using the platform to design manufacturing assembly facilities.

Meanwhile, on March 1, Cointelegraph reported that Telecoms infrastructure firm Nokia has been using the metaverse in Australia to potentially assist Cessna aircraft technicians at remote airports.Industrial and enterprise use cases across the value chain. Source: World Economic Forum

Additionally, it pointed out that the industrial metaverse can be used across the product life cycle, including pre-production, production, and post-production stages.

In particular, tasks such as product and service design, process simulations, plant design and management, as well as product testing and quality assurance.“Although real-life applications of the consumer metaverse are still developing, the industrial metaverse is ahead on the adoption curve, aligned with actual problems and business imperatives and driven by on-the-ground implementation.”

It was emphasized that the information technology and vehicle manufacturing industries are at the forefront of industrial metaverse sector.

“Automotive, energy, software and platforms, and aerospace and defense currently lead the way in industrial metaverse investment and activity,” the report stated.

However, some companies are hesitant to keep investing in the industrial metaverse because of the rise of generative artificial intelligence.

“This decline is in part due to the rise of generative AI; there is an assumption among many that its emergence has caused the metaverse to retreat into the background,” it noted.

Related:Metaverse experiences with major brands, artists and DJs drive The Sandbox’s resurgence

Although the metaverse is increasing efficiency in certain sectors, concerns have been raised about its potential negative impact on other industries, particularly the creative arts sector.

On March 8, Cointelegraph reported that United Kingdom researchers concluded it is necessary to formulate approaches for addressing the enforcement and governance of IP issues in the metaverse.

“Blockchain’s inherent resistance to change or correction undermines the ability to flexibly manage or update IP rights,” the researchers highlighted.

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