The Rise of Industrial Metaverses: How Companies are Thriving in Virtual Realms- Nokia-EY Report

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Summary

A recent EY study, commissioned by Nokia, reveals impressive results for companies implementing industrial metaverse use cases. The study indicates that the industrial metaverse is yielding impactful business value, with a remarkable 80% of participants expressing their belief that metaverse implementation will result in a significant or transformative shift in their business processes. Moreover, the study highlights a reduction in capital expenditure by 15%, an improvement in sustainability by 10%, and an increase in safety standards by 9%. These findings underscore the value of industrial metaverses in driving operational efficiency and enhancing risk management for businesses.

Metaverse Trailblazers: US (65%), UK (64%), and Brazil (63%) Lead the Way

Prepare for a digital revolution led by the pioneers of the metaverse. In this exhilarating race, the United States takes the lead with a staggering adoption rate of 65%. Not far behind, the United Kingdom showcases its creative prowess with an impressive 64% adoption rate. Meanwhile, Brazil ignites the world stage with a vibrant adoption rate of 63%. Together, these nations are shaping the future, while Europe (Germany at 53%) and Asia-Pacific (Japan and South Korea both at 49%) follow suit. Get ready for an adventure where imagination meets technology—the metaverse awaits !

The research study explains that the industrial metaverse is a combination of the physical and digital realms, with human enhancement for industrial purposes. It enables digital representations of physical industrial environments, systems, procedures, assets, and spaces, which users can control, track, and interact with. The report indicates that the industrial metaverse has considerable business value and benefits for companies.

According to the study, around 80% of businesses that implement metaverse use cases believe it will significantly or fundamentally transform their operations. Furthermore, nearly all participants (96%) recognize that the metaverse’s blend of physical and virtual use cases produces additional innovative capabilities that enable them to increase the deployment, adoption, and monetization of industry 4.0 for their enterprises.

As industries embark on a transformative journey into the metaverse, a world of endless opportunities unfolds before their eyes. The latest findings shed light on the use cases that hold the greatest promise, as well as the foundational technologies that enable this metaverse revolution.

Enterprises, recognizing the immense potential, have set their sights on extended reality (XR) as a game-changer for onboarding and upskilling their workforce. The ability to seamlessly integrate virtual environments into training programs ignites a spark of excitement, propelling businesses toward unparalleled growth and development. In parallel, industries at large have rallied around the use of virtual research and development (R&D) to enhance product design and streamline processes, envisioning a future where innovation knows no bounds.

From a foundational perspective, cloud computing takes center stage, with a resounding 72% of respondents recognizing its pivotal role in enabling metaverse use cases. The power of artificial intelligence (AI) and machine learning (ML) follows closely behind, garnering a strong 70% of the vote. Furthermore, network connectivity, including both public and private options, emerges as a critical enabler, with a compelling 68-70% emphasis on its significance. These technological pillars provide the solid groundwork upon which the metaverse can thrive, elevating industries to new heights of success.

To bridge the gap in technical expertise, enterprises are forging partnerships with a diverse range of allies. Recognizing the need for specialized knowledge, they collaborate with strategic partners to deploy metaverse use cases, closing capability gaps and propelling innovation forward.

However, as with any technological leap, concerns arise. Cybersecurity and information security take the forefront, with an overwhelming 67% of respondents highlighting it as a primary concern. Safeguarding data and privacy closely follows, resonating with 62% of participants. While the metaverse opens up a world of possibilities, businesses remain vigilant in protecting their most valuable assets. Technology itself emerges as a concern for 50% of respondents, as they navigate the ever-evolving landscape and strive to stay at the forefront of innovation.

As the metaverse unfolds, challenges emerge alongside its promise. The lack of expertise stands as a significant hurdle, with 45% of participants grappling with the need to acquire specialized knowledge. Budget constraints loom large, impacting 31% of businesses as they strive to allocate resources effectively. Project duration presents another challenge, with 29% experiencing longer-than-anticipated timelines. These hurdles, though formidable, serve as catalysts for growth, as businesses strive to overcome obstacles and reap the rewards of metaverse integration.

The metaverse has arrived, and this study unequivocally showcases the resounding demand for cutting-edge technologies like extended reality and digital twins to drive businesses towards their goals,” remarked Vincent Douin, Executive Director of Business Consulting and Business Transformation at E&Y. “We are witnessing a remarkable shift as organizations move beyond the planning stage and begin reaping tangible benefits from their initial metaverse implementations.

Echoing this sentiment, Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, expressed enthusiasm for the unwavering belief companies have in the metaverse’s ability to create substantial business value across enterprise and industrial use cases. Klein emphasized the advantage of companies that have already established mission-critical communications networks for Industry 4.0, positioning them to fully experience the benefits that some visionary companies are already witnessing in the metaverse.

The findings presented in this study were derived from the insights of 860 company representatives representing diverse industry sectors, including automotive, industrial goods and manufacturing, transportation, supply chain and logistics, and power and utilities. Participants hailed from key countries such as the United States, Brazil, United Kingdom, Germany, Japan, and South Korea, forming a comprehensive view of metaverse perceptions and implementations on a global scale.

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