World Economic Forum predicts Metaverse will supercharge upcoming industrial revolution

The metaverse technology, which creates hyper-realistic virtual ecosystems, is attracting attention from the manufacturing sector in the US. This information was revealed in a recent report published by the World Economic Forum (WEF). The metaverse is expected to revolutionize the upcoming phase of the industrial revolution, according to the report. Compatible with cryptocurrencies and NFTs, the metaverse technology can offer virtual destinations for people to explore as avatars without leaving their homes.

Last week, the WEF released its report titled ‘Navigating the Industrial Metaverse: A Blueprint for Future Innovations’. The report stated that an estimated 92 percent of manufacturing firms in the US are looking into integrating metaverse concepts into their existing business operations.

“The industrial metaverse, projected to be a $100 billion market globally by 2030, is leading operational change by seamlessly integrating transformative technologies across industrial value chains,” the report explained. “The metaverse will drive the next phase of the industrial revolution by combining digital twins, a core component of the industrial metaverse, and three rapidly evolving areas – spatial computing, Artificial Intelligence (AI), Web3, and blockchain.”

The WEF surveyed 100 companies across ten industries to compile this report, which indicated that metaverse applications will expand in sectors such as defense, aerospace, energy, software, and automotive in the future.

In the post Coronavirus era, many industries are exploring ways to grow their businesses and recover from losses incurred during prolonged lockdowns between 2020 and 2022. This is why establishing virtual presences in ecosystems is becoming a trend for merchants and manufacturers.

Setting up digital offices and company locations in the metaverse is more cost-effective than maintaining physical spaces. The metaverse ecosystem enables industry players to connect with a larger global audience and buyers, leading to the trend of creating digital representations of physical objects.

“Various industries are utilizing technologies like the metaverse to unlock value and discuss the foundational components for a collaborative, responsible, and economically sustainable future era of the Internet,” added the report.

The WEF predicts that metaverse technology could enhance cross-industry collaboration. Furthermore, the report noted that the adoption of the metaverse will bring new experiences for employees, fresh working methods, and a new generation of operations as more industry players adopt the technology.

“Although real-world applications of the consumer metaverse are still developing, the industrial metaverse is ahead in adoption, aligned with real problems and business imperatives and driven by practical implementation,” stated the WEF.

This is the WEF’s second major report in the last year highlighting a promising future for the metaverse. In a report published in January 2023, the WEF stated that the metaverse will reach industrial ecosystems before consumers. Along with the WEF, the Indian industry association NASSCOM has also forecasted a positive future trajectory for the metaverse. In January last year, NASSCOM mentioned that the technology is experiencing strong early adoption.

While Japan is accelerating efforts to contribute to the growth of Web3 technologies like the metaverse, China has established a dedicated council with Huawei and Tencent among others to set R&D standards for metaverse applications.

In India, the head of the Bharat Web3 Association, Dilip Chenoy, recently praised brands like Nykaa and Reliance for incorporating metaverse-based elements into their businesses.