Date: 19/02/2024

Metaverse for industry: ABI finds spending to reach US$6.3 Billion by 2030

Market researcher ABI says in its latest finding that the Industrial Metaverse (IMV)to revolutionize manufacturing engineering, training, safety, and production, ushering in a new era of immersive and collaborative capabilities within Industry 4.0. Spending on IMV solutions and services is projected to soar at a rate of 22.8%, reaching a significant milestone of US$6.3 billion by 2030. This exponential growth underscores the pivotal role of immersive technologies and digital twin initiatives in driving connectivity, innovation, and efficiency across industrial ecosystems, as per recent report by ABI Research.

IMV solutions harness the power of immersive technologies and digital twin frameworks, seamlessly integrating data virtualization, Artificial Intelligence (AI) simulation, business operations systems, and external data sources to foster connectivity and collaboration. Top use cases for IMV in 2024 include training, collaboration, and production planning, emphasizing solutions that deliver tangible business outcomes within a short timeframe. Examples abound, with pioneering companies like FREYR, Siemens Industrial Operations X, AWS IoT TwinMaker, and NVIDIA Omniverse spearheading immersive metaverse experiences. From utilizing Matterport Pro3 cameras for virtual facility visits at Danone to leveraging PTC's spatial computing services for remote assistance scenarios at Burckhardt Compression, the IMV landscape is teeming with innovative applications aimed at enhancing productivity, efficiency, and safety. Noteworthy providers driving IMV adoption include AVEVA, Dassault Systèmes, Ericsson, Microsoft, and Nokia.

As the industrial landscape evolves in the wake of digital transformation, the growth of Industrial Metaverse solutions promises to reshape traditional manufacturing paradigms and drive unprecedented levels of innovation and efficiency.

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