They said the industrial metaverse, which refers to the digital world that mirrors the physical world, leveraging technologies, has found the right pricing to generate good returns on investment (RoI) with supporting technologies that scale.
“The industrial metaverse has gone through its waves,” said Sreenivasa Chakravarti, vice president of IoT and digital engineering. TCS“As always (with any new technology), there is a hype when it peaks, then it slows down, and then it gains momentum again. Today, because the industrial metaverse is in some ways a combination of machine vision, extended reality, and digital twins, fortunately, all of these are largely maturing.”
He further added, “So, we are seeing a much more positive application of the metaverse (in industries). In the recent past, we have seen some pilot projects done by different companies. Today, we are seeing a large-scale implementation of the metaverse.”
Chakravarti said that the convergence and maturation of technologies such as AI, IoT, cloud and extended reality have provided the industry with the right pricing. Since all these technologies are very data-heavy and require real-time analytics, the industrial metaverse got a boost from the supporting technologies, he said, adding, “We will see a fairly significant acceleration in the industrial metaverse in the coming years.”
“We have to allow new technologies to take hold and find their footing,” he said. “Sometimes we get too excited about a new technology and it has a tough time. But they have very powerful capabilities that will find their place.”
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Pareekh Jain, CEO of engineering insights platform EIIRTrend, said that while the metaverse on the consumer side did not take off due to the macroeconomic slowdown, especially in the telecom sector, on the industrial side, it is taking off now. “Industrial companies are eager to experiment with the metaverse as the supporting technologies are more mature now,” he said. “The industrial metaverse is the evolution of industrial IoT, simulation, digital twin, digital thread, analytics, cloud, connectivity, along with GenAI. Companies are hoping that they can get a better ROI now on their past digital investments with the advent of the industrial metaverse and GenAI.”
Another reason for the rise in metaverse adoption, according to experts, is the shortening of the innovation cycle to between six months and a year.
Speaking at the IET Future Technology Congress, Ramakrishna Srinivasa, Vice President, DCX – India, Capgemini, said, “For the industrial metaverse to play a bigger role, you need to have the right sensors, edge computing, having the complete IoT ecosystem, data and analytics, and augmented reality – all these five or six things have come together to bring the industrial metaverse to life.”
All of these technologies are becoming a reality, after being just a fad for more than a decade, Srinivasa said. “When 5G came a decade ago, there were questions about it. Today, everyone is using 5G. All of these things have come to scale,” he said.
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