Bittime - The United States (US) manufacturing industry is looking at the metaverse as an innovative solution to overcome various complex challenges in the production cycle. This was revealed by the World Economic Forum (WEF) in its report published on March 12 2024.
Corporate Interest in the Metaverse Increases
The report states that 92% of US manufacturing executives are exploring ways to implement the metaverse into their companies.
A WEF survey of the 100 largest companies from 10 different industries showed that on average each executive is investigating up to six different metaverse use cases.
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Factors Driving Interest in the Metaverse
The WEF highlighted that one of the factors driving interest in the metaverse is the need for industrial sectors to "increase their ambition" in the face of the impact of the COVID-19 pandemic.
In its report, the WEF said that amidst the recovery from the COVID-19 pandemic, a series of technological, macroeconomic, societal and business-to-business (B2B) consumer trends are accelerating and converging, creating new challenges and opportunities for growth in the industrial sector.
This requires manufacturing companies to find ways to speed up production cycles while increasing efficiency and cost effectiveness through predictive forecasting.
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Twin Technology, Virtual Model
The report emphasizes how companies are using digital twin technology, which is a virtual model that represents a physical object.
Amazon, for example, is using Nvidia's Omniverse cloud services platform to run simulations to improve the design of warehouses and robotic workstations. Mercedes Benz also uses the same platform to design manufacturing assembly facilities.
Previously, Cointelegraph on March 1 2024 reported that telecommunications infrastructure company Nokia had utilized the metaverse in Australia to help Cessna aircraft technicians at remote airports.
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Metaverse Can Be Used Across the Product Lifecycle
The WEF report further explains that industrial metaverses can be used across the entire product lifecycle, including pre-production, production, and post-production stages. Specifically, the metaverse can be leveraged for tasks such as product and service design, process simulation, factory design and management, as well as product testing and quality assurance.
The WEF says that while real-world consumer metaverse applications are still in the development stage, industrial metaverses are ahead of the adoption curve. Industrial metaverses align with actual problems and business needs, and are driven by on-the-ground implementation.
The report also emphasizes that the automotive, energy, software and platforms, and aerospace and defense sectors are at the forefront of the industrial metaverse sector.
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Some Companies Still Hesitant
However, some companies are hesitant to continue investing in the industrial metaverse due to the rise of generative artificial intelligence (AI). There is an assumption among many that the emergence of generative AI has caused the metaverse to regress into the background.
Although the metaverse increases efficiency in certain sectors, concerns have been raised about its potential negative impact on other industries, especially the creative arts sector.
On March 8, 2024, Cointelegraph reported that researchers in the UK concluded that an approach was needed to address the enforcement and governance of intellectual property rights (IPR) in the metaverse.
Blockchain's inherent resistance to change or correction undermines the ability to flexibly manage or update intellectual property rights.
It can be concluded that the US manufacturing world is utilizing the metaverse as a breakthrough to answer production challenges in the digital era. Although this technology is still developing, its potential to increase efficiency and open new opportunities in the industrial sector cannot be ignored. On the other hand, it is necessary to pay attention to the potential negative impact of the metaverse on other sectors and the issues related to intellectual property rights that accompany it.
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