Exploring the Industrial Metaverse: A New Frontier for Business

 

In a rapidly evolving digital landscape, a new concept known as the Metaverse has emerged, capturing the Imagination of businesses worldwide. Recently, Nokia and EY teamed up to conduct a groundbreaking study, shedding light on the potential of the Industrial Metaverse and how the intersection of VR and business prowess can help companies achieve their goals.

 

“Imagine stepping into a virtual world where you can interact with others and digital objects, much like a video game but on a grander scale.”

 

This is the Metaverse, an immersive space that merges the physical and digital realms. The Industrial Metaverse explores how businesses can harness this technology to their advantage.

 

Nokia, renowned for its expertise in mathematics, physics, computing, and engineering, joined forces with EY, a global leader in data-driven solutions, to conduct an extensive study. Together, they surveyed over 860 business leaders from the United States, Brazil, the United Kingdom, Germany, Japan, and South Korea. This collaboration aimed to unlock the vast potential of the Industrial Metaverse and uncover the benefits it offers.

 

The study revealed that companies already implementing metaverse technology experienced significant benefits compared to those in the planning stages. Notably, they saw a reduction in capital expenditure by 15%, which means saving money for the business. Additionally, sustainability improvements of 10% and safety enhancements of 9% were reported.

 

To make the metaverse work effectively, specific technological foundations are essential. The study highlighted three crucial factors:

 

01 Cloud Computing:

 

This technology allows businesses to store and process data on remote servers, ensuring seamless functioning within the Metaverse. A staggering 72% of the respondents recognized the significance of Cloud Computing.

 

02 AI/ML:

 

These cutting-edge technologies enable computers to learn and make decisions independently, without explicit programming. Approximately 70% of the respondents emphasized the importance of AI and ML for metaverse applications.

 

03 Network Connectivity:

 

Reliable and strong network connections are vital for seamless interactions within the metaverse. Around 68-70% of the participants acknowledged the significance of network connectivity.

 

Thierry Klein, President of Bell Labs Solutions Research at Nokia Bell Labs, emphasized the critical role of network connectivity, cloud computing, and AI/ML in meeting the demands of Industry 4.0.

 

"Given the level of complexity and breadth of the solutions required to successfully deploy metaverse use cases, we are seeing that many enterprises continue to rely on partners to deliver the needed technical capabilities. Collaboration and ecosystem partnerships are vital to unlock the full potential of the industrial metaverse," he said.

 

“Step into the Industrial Metaverse and witness the convergence of technology, creativity, and business prowess, shaping the future of industries.”

 

Vincent Douin, Executive Director at EY, further highlighted the tangible benefits organizations are already reaping from their initial metaverse implementations. As businesses recognize the potential of technologies like extended reality and digital twins, they are actively moving beyond the planning stages and embracing the metaverse to achieve their business goals.

 

Collaboration and ecosystem partnerships play a pivotal role in unlocking the full potential of the industrial metaverse. Given the complexity and breadth of solutions required for successful metaverse deployments, enterprises often rely on specialized partners to deliver the necessary technical capabilities. Working together, companies can tap into the endless possibilities that the metaverse offers.