Digital twins beyond factories: The Industrial Metaverse propels strategy simulation
In the latest development in the world of business and technology, Arthur D. Little [ADL] has unveiled its highly anticipated Industrial Metaverse report under the Blue Shift banner. The report, “The Industrial Metaverse: Making the Invisible visible to drive sustainable growth”, offers valuable insights into this emerging concept and its potential implications across various industries. ADL predicts that the Industrial Metaverse has the potential to revolutionise decision-making and drive sustainable growth, with astounding market size predictions.
A Catalyst for Sustainable Growth
The Industrial Metaverse, a convergence of cutting-edge technologies like Artificial Intelligence, complex systems simulation, data visualisation, and IoT connectivity, holds the key to unlocking unprecedented growth opportunities. ADL’s report foresees remarkable improvements in critical areas such as supply chain management, resource utilisation, and operational costs, with potential double-digit percentage enhancements. This revolutionary shift has the potential to transform not only businesses but also entire industries, driving growth while effectively managing sustainability impacts.
Transformative Growth Predictions
ADL’s insights project a bright future for the Industrial Metaverse market, with its estimated size expected to soar from US$100-150 billion to an astounding US$400 billion by 2030. The potential for surpassing US$1 trillion indicates the profound impact this technology will have on global businesses, elevating them from traditional operating levels to strategic decision-making through the utilisation of digital twins, AI, connectivity, and collaboration technologies.
Thomas Kuruvilla, Managing Partner of Arthur D. Little Middle East, highlights that businesses in the GCC region are already embracing digitalisation, leveraging the power of advanced technologies. However, the report emphasises that businesses mustn’t overlook the additional potential the Industrial Metaverse offers for informed strategic decision-making, enhancing growth, profitability, safety, and sustainability.
Despite skepticism surrounding the Metaverse concept, ADL’s research indicates that businesses would be mistaken to disregard its transformative potential. Unlike the Consumer Metaverse, which faces challenges with full immersivity and interoperability, the Industrial Metaverse’s progress remains relatively unimpeded.
The strategic advantage of digital twins extends beyond factory steins, empowering executives to simulate entire global enterprises through “what-if” scenarios. By creating interconnected digital twins of industrial systems and supply chains, businesses can navigate the complexities and uncertainties of global markets while efficiently managing sustainability across their operations.
To harness the true potential of the Industrial Metaverse, ADL outlines a clear model for its implementation. The report offers comprehensive insights into key technologies, functionalities, and future applications. Additionally, it provides valuable guidance for companies to overcome challenges, including high upfront investments, cross-functional transformation coordination, data security and management, skill shortages, and the constraints of legacy IT systems.
Companies are urged to review their digitalisation strategies, identify value-added opportunities, conduct piloted, and foster partner ecosystems for successful integration.
As businesses around the world stand at the crossroads of innovation, the industrial Metaverse promises to reshape strategic decision-making, revolutionise operations, and usher in a new era or sustainable growth in the global market. The time to unlock the potential of the Industrial Metaverse is now, as ADL’s report points the way forward for businesses to navigate this transformative landscape with confidence and vision.