Recent research “working metaverseA study conducted by Nokia and EY explores the benefits observed by companies leveraging industrial metaverse technology. This includes reducing capital expenditures, enhancing sustainability efforts and improving safety. The survey collected opinions from 860 representatives from his four industry sectors in six countries.

Growing Popularity of the Metaverse in Business Operations

The metaverse is generally seen as a real, long-term addition to business strategy rather than a passing fad. The survey shows that only 2% of those surveyed perceive the metaverse as a buzzword. At the same time, many companies have already built or are testing metaverse applications.

Companies report that the industrial metaverse is creating significant commercial value. The majority (80%) of companies that have already deployed Metaverse applications expect Metaverse applications to significantly change their business operations. An overwhelming majority of participants (96%) recognized the revolutionary potential of integrating the physical and digital dimensions via the metaverse, thereby enabling the deployment of Industry 4.0 strategies within their businesses, We believe that adoption and monetization will be accelerated.

Additionally, those companies not yet involved in industrial metaverse technology today have plans to do so in the near future, with 94% planning to explore the metaverse in the next two years.

Introducing the Metaverse: A Geographic Perspective

According to this study, the United States, United Kingdom, and Brazil have emerged as leaders in the deployment of industrial and enterprise metaverse applications. Augmented reality is recognized as having the greatest potential for transformative value, especially in employee training.

The US and UK are at the forefront, with 65% and 64% of survey participants, respectively, having tried or fully integrated at least one industrial or enterprise metaverse use case. In contrast, Asia-Pacific has been slow to make progress in this area, with both Japan and South Korea at 49% for metaverse deployment or pilot testing.

Companies identified augmented reality for training as the most promising use case for transformative value, facilitating effective onboarding and upskilling of employees. Additionally, three out of the four industries surveyed recognized the potential of virtual R&D in product design and process enhancement.

The research highlights the need for a strong technical infrastructure, including cloud computing, AI/ML, and reliable network connectivity, to effectively apply Metaverse use cases. This has led companies to seek external collaborations to fill gaps in technical expertise.

Source: Nokia and EY

Insights from EY and Nokia executives

Vincent Douin, Executive Director of Business Consulting and Business Transformation at Ernst & Young LLP, commented on the findings: Many organizations are already past the planning stage and are seeing tangible benefits from their first implementation. ”

Thierry E. Klein, president of Bell Labs Solutions Research at Nokia, also commented: “Companies clearly trust the Metaverse’s ability to create value in both enterprise and industrial scenarios. This aligns well with our own point of view, based on more than eight years of research at Nokia Bell Labs, the Industrial Metaverse extends Industry 4.0. So, as some companies have already demonstrated, those who have already deployed mission-critical communication networks for Industry 4.0 are well positioned to take advantage of the Metaverse. ”

Conclusion

The transition to embedding the metaverse into business operations is on the rise. A Metaverse at Work study by Nokia and EY shows that businesses are recognizing the potential of Metaverse technology and realizing tangible benefits from its application.

As it progresses, it will be interesting to track the evolution and maturation of metaverse applications in various industrial contexts, and it may reshape how businesses perceive and operate.

By Jules

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