Will the Metaverse Power the Next Industrial Revolution?

Subh Rath

January 19, 2023

The next step in the development of virtual reality, the industrial metaverse, could completely alter the way we interact with the actual world. It’s a combination of AR and a collaborative online space for business and industrial purposes.

More importantly, its emphasis on work rather than play will open up exciting opportunities for new forms of collaboration and the development of ground-breaking goods and services.

Consumer-driven metaverses like video games and social media platforms get all the glory these days, while the industrial metaverse has greater potential in terms of utility and economic value. It has the potential to become one of the most crucial pillars of our economy in the next years because of its ability to promote efficiency while enabling creativity at scale.

What’s More To The Industrial Metaverse? 

Free and open, Industry 4.0, also known as the Industrial Metaverse, is a framework for developing intelligent devices that can work together in real-time. It paves the way for these gadgets to interact with one another and share information and resources. By doing so, we can create a world in which all systems are in perfect harmony.

The International Innovation Council (IIC) claims that with the advent of Industry 4.0, manufacturers will be able to automate procedures, improve product quality, reduce costs, and increase output. The ensuing streamlined information flow will help companies better serve their customers, increase productivity, and reduce costs across the board from product design to delivery.

Industry 4.0 operates in a virtual world, or “metaverse,” where machines may be controlled and monitored from anywhere on the planet. Since the metaverse is an expansion of the IoT, which links everything to the internet via smart gadgets, it paves the way for a new paradigm in the way data moves between humans, machines, and inanimate objects.

One common application of the Metaverse is the creation of “digital twins,” or virtual versions of physical objects. Some companies are already making use of this technology, and it is expected that the $540 billion in revenue forecast for the industrial metaverse in 2025 will be realized as companies increasingly use Industry 4.0 technologies.

Are you excited to witness this industrial revolution?