Experts observe increasing adoption of the industrial metaverse across various sectors after a period of slowing growth
They explained that the industrial metaverse, which involves the digital recreation of the physical world using these technologies, has reached a point where it can deliver good returns on investment (RoI) with the help of scaling supporting technologies.
“The industrial metaverse has gone through various stages,” stated Sreenivasa Chakravarti, vice president of IOT and digital engineering at TCS. “Like any new technology, there is initial excitement followed by a slowdown, and then renewed interest. Currently, the industrial metaverse combines elements like computer vision, extended reality, and digital twins, all of which have matured significantly.”
He added, “This has led to more practical applications of the metaverse in various industries. Recently, we have seen several companies conducting pilot projects, and now we are witnessing large-scale implementation of the metaverse.”
Chakravarti pointed out that the convergence and advancement of technologies such as AI, IOT, cloud, and extended reality have established the right price points for the industry. As these technologies rely heavily on data and real-time analytics, the industrial metaverse has benefitted from their development, leading to a projected significant growth in the coming years.
“We need to give new technologies time to settle and establish themselves,” he emphasized. “Sometimes, there is initially too much hype surrounding a new technology, and it faces challenges. However, these technologies possess powerful capabilities that will eventually prove their worth.”
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