Pioneering the Next Frontier in Industrial Automation with Industrial Metaverse
Published on : Monday 07-08-2023
Exploring transformative potential of the industrial metaverse to enhance productivity, efficiency, and safety in industrial operations.
The advancement in technology is unpredictable as new discoveries are taking place with each passing day. One such technological advancement is the ‘Industrial Metaverse’. Combining the digital and physical world, industrial metaverse replicates real-world systems, providing immersive, interactive, real-time, and persistent experiences.
If you are one of those who are looking to revolutionise their industrial processes and take their business to a new horizon, you are at the right place. Read on to unlock the path to transformation with the industrial metaverse. Many businesses are considering industrial metaverse a game-changing technology as it has the potential to revolutionise industrial operations. So, if you are an industry professional, business owner, or entrepreneur, this article is for you.
Industrial metaverse uses technologies such as artificial intelligence, digital twins, extended reality, cloud, and blockchain along with edge computing to develop a powerful interface between the physical and digital worlds. Influenced by technological advancements, industrial digital transformation, and the demand for improved operational effectiveness, the adoption of the industrial metaverse continues to grow. According to MarketsAndMarkets, the global metaverse market is predicted to reach USD426.9 billion by the end of 2027 from USD61.8 billion by 2022. The market is growing at a CAGR of 47.2% during the forecast period.
Why is there hype around the industrial metaverse?
Since industrial metaverse leverages AI, virtual reality (VR), augmented reality (AR), and other revolutionary technologies, it is being utilised in a wide range of industries. The applications of industrial metaverse can be found in manufacturing, energy, logistics, construction, and transportation. Industrial metaverse provides leaders in these industries with the opportunity to enhance productivity, collaboration, efficiency, and decision-making in industrial operations.
“The real world is very messy, noisy, and sometimes hard to really understand. The idea of the industrial metaverse is to create a cleaner connection between the real world and the virtual world because the virtual world is so much easier and cheaper to work with,” says Danny Lange, Senior Vice President of Artificial Intelligence at Unity Technologies.
In the last couple of years, the concept of the industrial metaverse has gained significant popularity. It is currently being explored and used by various companies across sectors thanks to its wide range of benefits for industries and businesses. Some of the key reasons for the hype around the industrial metaverse are as follows:
1. Innovation and competitive edge
2. Transformation of industrial operations
3. Digital transformation and Industry 4.0
4. Collaboration and remote work
5. Cost savings, and
6. Immersive training simulation and skill development.
How can industrial metaverse impact business and society?
The impact of industrial metaverse on business and society will be largely influenced by its adoption. By harnessing the power of the industrial metaverse, businesses can improve efficiency and productivity, optimise resource uses, reduce waste, and eliminate the need for physical prototypes. They can also bring competitiveness and sustainability to the market while contributing to the well-being of society as a whole.
Industrial metaverse has the potential to change how we experience the physical environment and how we live, work, manufacture goods, and travel. It can also help us in solving real-world problems while making the world more sustainable. With the industrial metaverse, companies can experience substantial cross-industry collaborations on standards and infrastructure.
As the industrial metaverse can facilitate collaborative design and planning, predictive maintenance, and help professionals in data-driven decision-making in industrial operations, it is worth considering how this technology will impact businesses and society at large.
How is the industrial metaverse playing a key role in real-world scenarios?
The industrial metaverse embeds various new and emerging technologies within industrial scenarios to drive digital transformation in business processes. To better understand how impactful the industrial metaverse is, we have discussed below some of the popular case studies.
Kawasaki
The leading manufacturer of motorbikes, heavy equipment, aerospace and defense equipment, and engines, Kawasaki recently unveiled the “Kawasaki DX” project. The project utilises Microsoft’s Industrial Metaverse technology to deploy a real-time, digital approach to robot care and maintenance. With this technology, Kawasaki aims to create a new virtual environment called the Kawasaki Digital Platform for the robotics business that can be leveraged collaboratively by customers and partners alike.
BMW
The luxury vehicle company, BMW uses the digital twin technology to improve the operations and efficiencies of its factories. With this technology, the company’s global teams can collaborate in real time, in one virtual space, allowing them to design and plan the factories in 3D and see all the changes and updates immediately in Omniverse.
Airbus
Another company unlocking new opportunities with the industrial metaverse is Airbus. The company uses the Unity game engine to develop a realistic 3D environment for planning, training, and simulation purposes. In 2019, Airbus announced a partnership with a virtual reality headset manufacturer, Varjo, to create new technologies for training and assembly operations.
Other companies that are making the most out of the industrial metaverse include General Electric (GE), Honeywell, Siemens, Lockheed Martin, and Raytheon, among others.
When it comes to investing time and money in the industrial metaverse, there are many companies that are betting on it. Siemens is one of those companies that have announced plans to invest €2 billion in Germany for industrial metaverse. With this investment strategy, the company has planned to establish a new Technology Campus in Erlangen, a city in Germany, which will boost innovation, growth, and resilience across all regions. As per Siemens, the new campus will emerge as a global development and manufacturing hub and nucleus for technology activities for the industrial metaverse.
In India, the adoption of the industrial metaverse is taking a steep rise since its development and there are numerous leading Indian brands that are actively utilising this technology. Some of the leading companies include Tata Consultancy Services (TCS), Larsen & Toubro (L&T), Wipro, Reliance Industries Limited, Bharat Heavy Electricals Limited (BHEL), and Tech Mahindra.
Indian startups in the world of industrial metaverse
In India, the startup ecosystem is dynamic and thriving. There are numerous startups offering the industrial metaverse for innovative solutions. Some of the startups offering advanced industrial metaverse solutions are mentioned below.
GridRaster: The developer of the virtual environment close to real-world settings, GridRaster provides virtual reality (VR) and augmented reality (AR) solutions for a variety of industries. It helps manufacturing and industrial automation companies with real-time collaboration, immersive training, and remote assistance with the help of AR and VR technologies.
XR Labs: A technology startup XR Labs specialises in extended reality (XR) solutions, the blend of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). The company’s solutions are used in industrial applications, including maintenance support, training simulations, and remote collaboration.
TransfinityVR: TransfinityVR develops virtual reality (VR) solutions for industrial training and simulations. The company helps industries with industrial processes, machinery operation, and safety protocols by providing VR-based training modules.
Other Indian startups actively involved in providing industrial metaverse solutions are NotchTech, Nexreality, Gamentio, Imaginate, Whodat, Simulanis, Merxius, ImaginXP, and Absenti. The upsurge in industrial metaverse companies will continue to happen with the increase in spending by industries in simulations and virtual solutions for industrial settings.
Accelerating innovation in industrial metaverse with 5G
As the industrial metaverse relies significantly on the seamless integration of immersive technologies, the 5G technology has a crucial role to play in this integration. 5G, the fifth generation of wireless cellular technology, is defined as the latest communication technology that goes beyond its predecessors by offering unprecedented speed in data transfer, ultra-low latency, and the ability to connect various devices simultaneously. Several key ways where 5G can impact the industrial application of the metaverse are mentioned below:
Enhanced Connectivity: The 5G technology offers higher data transfer speeds, with lower latency, and advanced network capacity. It facilitates real-time and high-bandwidth communication between sensors, devices, and digital environments in the industrial metaverse. It also enables seamless data transmission and fast response times while supporting bandwidth-intensive applications such as immersive virtual reality experiences.
Edge Computing and Processing: The 5G connectivity can be utilised in edge computing infrastructure. It can bring computational power closer to the edge of the network. This significantly enables faster processing and data analysis within the industrial metaverse. By combining with 5G, edge computing can minimise latency and enable real-time data processing and decision-making critical for time-sensitive applications in industrial settings.
Real-Time Remote Monitoring and Control: 5G has the potential for real-time remote monitoring and control of industrial processes, machinery, and equipment in the industrial metaverse. It helps operators and engineers by enabling them to access and control industrial assets remotely while monitoring performance and performing diagnostics, regardless of their physical location.
Other innovative factors of the role of 5G in the industrial metaverse are IoT Integration, remote collaboration and communication, mobile and wearable devices, and scalability and flexibility. The 5G technology provides the necessary infrastructure and support to improve efficiency, productivity, and innovation in industrial settings.
Why should entrepreneurs care about the industrial metaverse?
The industrial metaverse is designed to create a digital environment where engineers and other stakeholders can easily collaborate in real time, regardless of their physical location. It has the potential to create an impact in reshaping the future of manufacturing, engineering, and other industrial settings. As the industrial metaverse presents significant opportunities for businesses, entrepreneurs need to prepare for it. There are several reasons why businesses and entrepreneurs should pay attention to the industrial metaverse. Some of the reasons are mentioned below:
Innovation and Competitive Edge: The industrial metaverse can provide businesses and entrepreneurs with a competitive advantage by enabling them to adopt cutting-edge technologies and innovative approaches to industrial operations.
Improved Efficiency and Productivity: By embracing the industrial metaverse, entrepreneurs can enhance the productivity and efficiency of their industrial processes and make their businesses stand out in the competition.
Cost Savings: With the industrial metaverse, entrepreneurs can potentially minimise costs related to physical infrastructure, equipment, and travel.
Enhanced Collaboration and Remote Work: As the industrial metaverse enables a virtual environment for geographically dispersed teams to seamlessly collaborate, entrepreneurs can leverage such virtual environments to bring experts together and foster collaboration, knowledge sharing, and innovation.
Real-time Data Insights: Using the industrial metaverse provides entrepreneurs with real-time data visualisation, insights, and analytics, enabling them to make data-driven decisions.
Training and Skill Development: By embracing the industrial metaverse, entrepreneurs can create immersive training experiences for employees. This allows for a learning environment and practice in a safe, virtual setting.
Other reasons such as sustainable practices and new business models and revenue streams make the industrial metaverse more crucial for entrepreneurs. With this rapidly evolving technology, entrepreneurs can unlock new possibilities for their business growth. It is also essential for them to stay informed of the latest developments in this space and explore how such technologies can help them meet their business objectives.
What more needs to be done in advancing the industrial metaverse?
The industrial metaverse continues to advance and evolve with new advancements and research in this field. However, to unlock the full potential of this revolutionary technology in transforming industrial processes, there are several key actions required to be taken.
Research and Development: This may include enhancing immersive technologies and hardware and software capabilities, exploring new interaction paradigms, and addressing technical challenges to build more seamless and realistic experiences.
Collaboration and Partnerships: Technology partnership among tech providers, researchers, industry players, and policymakers is crucial. This can help establish standards, deal with interoperability challenges, and utilise collective expertise.
Investment and Funding: This is very necessary to support the development and advancement of the industrial metaverse. It may involve investments and funding in R&D, infrastructure, and talent acquisition and training.
Addressing Privacy and Security: Concerns around privacy and security must be addressed to create trust and confidence when it comes to the use of the industrial metaverse.
Regulatory Frameworks and Policies: Regulatory frameworks and policies are indispensable aspects in the development and advancement of the industrial metaverse. This may encompass data privacy, safety standards, and intellectual property rights.
Other measures and actions that can be taken to advance the industrial metaverse are continued innovation and exploration, user experience and adoption, demonstrating value and return on investment, and talent development and skills training.
Conclusion
In the modern ever-evolving landscape of interconnected physical and digital environments, the industrial metaverse becomes a strategic imperative for businesses seeking to remain competitive. From the seamless integration and collaboration of teams to cost-effectiveness, design and prototyping, and training and simulation, industrial automation will play a significant role in industrial processes.
As new advancements and developments will be uncovered within the industrial metaverse, we at Industrial Automation believe the adoption of this emerging technology will rise across industrial settings. Companies will rely more on this technology to redefine their processes.
References:
1. https://www.technologyreview.com/2022/12/05/1063828/the-industrial-metaverse-a-game-changer-for-operational-technology/
2. https://www.siemens.com/global/en/company/insights/the-emergent-industrial-metaverse.html
3. https://www.ptc.com/en/blogs/corporate/what-is-industrial-metaverse
4. https://kawasakirobotics.com/news/kawasaki-dx-strategy-unveiled-at-microsoft-build-conference/
5. https://www.fortunebusinessinsights.com/blog/top-metaverse-companies-10720
