New study finds 62% of companies boosting investment in industrial metaverse technologies | Press Release | Company

The report indicates that 81 percent of companies are either using, testing, or planning to implement industrial metaverse use cases. About two-thirds of these companies are already using or testing solutions to improve product development, operations, workforce management, and supply chain management. The rest are investing strategically in technologies like digital twins, industrial AI, or IoT, with plans to implement them in specific industrial metaverse solutions within the next three years. By 2024, 62 percent of globally operating companies increased their spending on industrial metaverse technologies.

According to Peter Koerte, a member of the Managing Board of Siemens AG, Chief Technology Officer and Chief Strategy Officer, “The fundamental technologies that enable the industrial metaverse are being rapidly developed worldwide. Investments in digital twins, artificial intelligence, and IoT are accelerating, with many companies not only experimenting but also employing and scaling concrete use cases. The goal of this transformation in industry is to leverage smarter and more efficient solutions across industries.”

Brian Partridge, Head of Research at S&P Global Market Intelligence 451 Research, added, “The industrial metaverse is more than just a concept – it’s becoming a core driver of digital transformation. Companies of all sizes are committing significant resources and moving from testing to implementing integrated solutions that can address large-scale challenges, driving efficiency and innovation across various industries.”

Companies with more than 5,000 employees are increasing their investments significantly, with 58 percent reporting higher spending. The number of companies investing more than US$10 million annually has doubled to 30 percent compared to the previous year. Medium-sized businesses are also increasing their investments, with 68 percent reporting higher spending. Even smaller companies with fewer than 1,000 employees are increasing their spending on industrial metaverse technologies, although they face more challenges due to limited resources and technical obstacles.

Although the integration of these technologies varies across industries, the highest adoption rates are observed in industrial products (38 percent), electronics (26 percent), and food and beverages (26 percent).

Investments in the industrial metaverse are growing in all major markets, with the United States, China, Germany, and other countries actively using or testing industrial metaverse technologies. North America leads in the depth of adoption, followed by Europe and the Asia-Pacific region.

The increasing investments in 2024 indicate that the industrial metaverse is becoming a reality, with companies prioritizing technologies that will drive efficiency and sustainable growth in the future.