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Industrial firms in the United States are increasingly focusing on Metaverse technologies. In 2023, more than 92% of industrial leaders examined an average of six distinct options for utilizing virtual environments to address intricate manufacturing issues.
A report from the World Economic Forum (WEF) indicates that U.S. industrial companies are optimistic about the potential of Metaverse technologies to tackle various complex challenges within the production cycle.
92% of U.S. industrial executives noted that leading firms are investigating multiple methods to integrate virtual reality into their production processes, viewing Metaverses as a long-term developmental opportunity. Approximately 79% of participants stated they have already implemented virtual reality in certain manufacturing processes.
The WEF survey comprised CEOs, executives, and board members from 100 of the largest companies across ten sectors of the U.S. manufacturing industry. The findings revealed that companies looking to adopt Metaverse technologies in 2023 were contemplating around six potential applications for their use in manufacturing workflows.
The primary motivator for this interest is the necessity for the industrial sector to elevate “the scale of ambition” in light of the repercussions of the COVID-19 pandemic. Other factors contributing to the heightened interest in Metaverse technologies include:
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- the requirement to differentiate in an increasingly competitive landscape;
- the potential to accelerate change cycles;
- attracting and retaining talent;
- establishing transparent and sustainable supply chains;
- enhancing the customer experience.
The report highlights that Metaverses can be advantageous at all stages of the product lifecycle. These stages encompass product and service design, simulation and process management in manufacturing, product testing, and quality assurance.
According to WEF analysts, the surging interest in this technology will propel the global industrial Metaverse market to $100 billion by 2030. However, the pace of adoption and implementation across individual sectors in the U.S. will differ. Specifically:
- The global market for industrial Metaverse initiatives in the healthcare sector was valued at $4.92 billion in 2022 and is projected to reach $75.8 billion by 2029, with a compound annual growth rate of 47.8%.
- The compound annual growth rate for industrial Metaverse projects in the energy sector stands at 33.4%. The market was valued at $6 billion in 2022 and could expand to $80 billion by 2031.
- In 2022, Metaverse initiatives within the automotive industry were valued at $2.2 billion. With an average annual growth rate of 28.6%, this figure could rise to $27.2 billion by 2032.
- The average annual growth rate for industrial Metaverse projects in manufacturing is expected to be just 7.3%. It may reach $24.4 billion by 2031, compared to an estimated $12.9 billion in 2021.
Recently, researchers have elucidated how industrial Metaverse projects enhance operational process efficiency and fundamentally transform employee management approaches.
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