Metaverse technology that creates hyper-realistic virtual ecosystems is attracting the attention of U.S. manufacturing. A recent report released by the World Economic Forum (WEF) revealed this detail. The report states that virtual universes are poised to power the coming phase of the industrial revolution. Compatible with cryptocurrencies and NFTs, Metaverse technology can provide people with virtual destinations that they can visit as avatars without ever leaving the comfort of their homes.

Last week, the World Economic Forum released Report It’s titled “Navigating the Industrial Virtual Universe: A Blueprint for Future Innovation.” An estimated 92% of U.S. manufacturing companies are exploring ways to add virtual worlds to their existing business operations, the report said.

“The global market for industrial virtual worlds is expected to reach $100 billion (approximately Rs. 8,29,018 crore) by 2030, and the market is leading operational changes by seamlessly integrating transformative technologies into the industrial value chain,” the report said. “The Metaverse will drive the next phase of the industrial revolution through the convergence of digital twins – the core building blocks of the Industrial Metaverse – and the three rapidly growing fields of spatial computing, artificial intelligence (AI), Web3 and blockchain. “

The World Economic Forum surveyed 100 companies across 10 industries to compile the report, and the findings indicate that virtual universe use cases will explode in the future in defense, aerospace, energy, software and automotive.

In the post-coronavirus era, several industries are exploring ways to expand their operations to make up for the losses incurred during the prolonged lockdown period from 2020 to 2022. This is one of the reasons why building a business in a virtual ecosystem is becoming a trend. Businessmen and manufacturers.

Setting up digital offices and company locations in the virtual world is more cost-effective than maintaining physical spaces. The Metaverse ecosystem enables industry players to connect with a larger global audience and buyers, increasing the trend of creating digital representations of physical objects.

“Industries are using these technologies, such as the Metaverse, to unlock value and discuss the fundamentals of collaboration, responsibility, and economic sustainability in the next generation of the internet,” the report added.

The World Economic Forum predicts that Metaverse technology could fine-tune cross-industry collaboration. In addition, the report also pointed out that as more and more industry players adopt this technology, the enterprising spirit of Metaverse will bring new experiences, new working methods and a new generation of operations to employees.

“While real-world applications of the consumer Metaverse are still in development, the Industrial Metaverse is ahead of the adoption curve, aligned with real problems and business needs, and driven by implementation on the ground,” the World Economic Forum said.

This is the second important report by WEF in the past year showing the bright future of the virtual universe. The World Economic Forum stated in a report released in January 2023 that the Metaverse will enter the industrial ecosystem before consumers. Along with the World Economic Forum, Indian industry association NASSCOM also predicted an upward curve for Metaverse’s future development trajectory. In January last year, NASSCOM had said that the technology was seeing widespread early adoption.

Japan is stepping up its efforts to contribute to the development of Web3 technologies such as Metaverse, while China has established a special committee, including Huawei and Tencent, to formulate research and development standards around Metaverse uses.

In India, Dilip Chenoy, chairman of the Bharat Web3 Association, also recently expressed his appreciation for brands such as Nykaa and Reliance for adding metaverse-based elements to their businesses.

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