One technology is not enough to solve business objectives. Digital transformation strategies are moving towards a common approach in which a single suite of diverse technologies helps bring cost, time, and resource efficiencies. For the manufacturing sector, the industrial metaverse is becoming a viable option.
Industrial metaverse can be described as a solutions suite that combines various enabling technologies. These include internet of things, edge and cloud computing, virtual and augmented reality, 5G and 6G networks, digital twin, and AI with machine learning.
In a recent conversation Peter Koerte, chief technology and strategy officer of Siemens AG, told me that industrial metaverse is delivering practical solutions on the shop floor. Industrial metaverse is a rapidly growing suite, which is finding applications in a range of industries. From making biscuits to buildings and batteries, the technologies within industrial metaverse apply in varying configurations to suit a specific factory or sector.
“This whole idea about being in real-time collaborating in an immersive world was in gaming and consumer space. We asked can we use this concept also in the industrial world? And we found that we can do it successfully,” says Koerte.
“We can create a complex battery manufacturing plant which costs billions and is complicated to operate. We can simulate it and create a digital twin of the entire factory. We can connect it to real-time operations. And then we can see how to improve energy efficiency, flexibility, and sustainability.”
Edge computing and machine vision based on AI have universal applications across different industries and markets. By and large, the concept can be translated into other various sectors.
The foundation of the industrial metaverse is high-speed connectivity. Companies will need 5G or 6G networks to connect machines on the shop floor with a common operations centre. “Then you think about processing the data. There are questions like Cloud or edge computing? Then you think about the next level and build AI/ML systems on it. Then we look at it for a user. Do I use VR glasses or use a 2D screen? Then we see how to exchange information with customers and suppliers by using blockchain. These are different pieces along the way but come together in industrial metaverse,” explains Koerte.
There are questions about the applicability of industrial metaverse for small and medium companies. To this Koerte says that industrial metaverse can be offered as a service to small and medium companies. In the service model, companies don’t have to invest in equipment or a dedicated data centre. “It’s not that hard for SMEs if you have industrial metaverse as a service. We have today five-person startups that have built their own small industrial metaverse,” Koerte says.
Industrial metaverse can succeed with greenfield projects rather than existing plants. It can become harder to build a digital model for an existing factory and connect all the devices to the plants of its vendors and TO clients.
Koerte says this is an opportunity for Indian industry since there is strong growth in the manufacturing sector. As new facilities are created in India, industrial metaverse can be the underpinning for a new era of smart factories.
According to a report by MarketsandMarkets Research, the global metaverse market is expected to grow from $83.9 billion in 2023 to $1,303.4 billion by 2030. Within that industrial metaverse will be the strongest performer.
The Indian industry is well placed to make the most of industrial metaverse as the foundation is already in place. High-speed connectivity with 5G is being rolled out. The next phase of 6G networks is also getting ready. Many companies are already using various elements of the industrial metaverse, such as VR, digital twin, and blockchain. As it matures, industrial metaverse could accelerate India’s manufacturing capabilities.