According to the World Economic Forum (WEF), the incorporation of metaverse technology will have a significant impact on various industries. In their recent publication, they forecast that the initial implementation of this technology will primarily be seen in industrial settings, where it will aid in increasing productivity and cutting costs.
Metaverse Tech Revolution: Industry Impact Ahead, Consumer Transformation to Follow – WEF Predicts
The World Economic Forum (WEF) has presented its vision on the evolution of metaverse technology, in which they forecast that the primary adoption of this technology will be in industrial environments rather than among consumers. In an article published on January 13, WEF suggests that the integration of metaverse will happen first at the industrial level, where it will enable companies to perform tasks such as design and monitoring more efficiently.
The World Economic Forum (WEF) predicts that two key metaverse technologies, digital twins and extended reality, will play a critical role in the industrial sector during this new phase of technological development. The use of digital twins, which are digital representations of real-world objects, will enable industries to test the functionality of equipment, identify inefficiencies in assembly lines, and even prototype designs without the need for physical construction. These technologies will help industries to improve their operations and make better use of their resources.
Extended reality, another of the technologies mentioned in the article, will allow designers to mix elements from the real world with digital elements, to examine the interactions between both.
The adoption of metaverse technologies such as digital twins and extended reality is already taking place among various companies. For example, automaker Renault launched its industrial metaverse in November 2020 with the goal of saving $330 million by 2025 through the implementation of these technologies. This is an indication of the potential for cost savings and efficiency improvements that can be achieved through the use of metaverse technologies in the industrial sector.
Despite the attention being given to the consumer metaverse by companies like Meta who have invested heavily in the field, the World Economic Forum (WEF) predicts that industries will be the driving force behind innovation in this field. They believe that the industrial sector will be the first to adopt and benefit from metaverse technologies, paving the way for later consumer adoption.
The article states: “We will develop many technologies for the industrial metaverse that will make their way into the consumer metaverse – from micro-optics and advanced haptic interfaces to AI sensing awareness.”
The World Economic Forum (WEF) believes that once both the industrial and consumer metaverses are established, they will mutually benefit from each other. However, it suggests that companies should prioritize investing resources into the industrial metaverse, which is already happening in various sectors, rather than focusing on the consumer metaverse. This approach will help to quickly establish the industrial metaverse, which will in turn benefit the consumer metaverse in the future.
Joy Rice is a computer science graduate and crypto writer with a strong understanding of blockchain technology. She writes about the latest developments in the crypto industry, and is passionate about educating and informing readers about the potential uses of blockchain.