Value and Development of the Industrial Metaverse

In 2022, interest in the Metaverse has skyrocketed, with new reports almost every week of another organization investing in Web3 or creating a new NFT product line. The McKinsey report, Value Creation in the Virtual World, highlights that more than $120 billion has been injected into virtual worlds by 2022, more than double the $57 billion total in 2021.Investors can be grouped into three categories: large tech companies, venture capital, and corporations and brands, the report said.

With the popularity of the Metaverse concept, the gap between its virtual and reality has also received more and more attention. In this context, enterprises and scientific research institutions are constantly trying, actively promoting the continuous iteration and updating of basic technologies and key equipment, exploring more application scenarios, and promoting the Metaverse from concept to practical application scenarios. Among them, Metaverse related technologies are in The application in the industrial field has been upgraded intelligently, and the industrial Metaverse has also become a new focus of capital and enterprises.

What is the Industrial Metaverse

The industrial Metaverse is the application of Metaverse-related technologies in the industrial field. It is a digital twin network that connects physical assets and the digital world. Fully deploy the R&D design, manufacturing, marketing and sales, after-sales service and other links and scenarios in the real industrial environment in the virtual space, realize the improvement and optimization of the industry by opening up the virtual space and the real space, and form a new manufacturing and service system. To achieve the effect of reducing costs, improving production efficiency, and efficient synergy, and promoting the high-quality development of the industry.

It enables manufacturers to connect their digital twins with their customers and suppliers so they can work together and gain insights based on real-time data. Industrial virtual worlds provide companies with a way to design and test products, run simulations, and collaborate on R&D in 3D immersive environments using AR and VR technologies. The Industrial Metaverse has also been hailed as a battleground for future industries.

The industrial Metaverse is a new ecosystem where technologies represented by the Internet, artificial intelligence and digital twins are deeply integrated with the real economy, and it is a new value chain of manufacturing and service systems. Industrial IoT solutions will give rise to smart cities and smart construction infrastructure, and the Metaverse will be at the forefront of emerging technologies, proving their value in real-world applications.

Applications of the Industrial Metaverse

Some companies are already using this technology, and with the high digitization of large manufacturing plants, coupled with the gradual improvement of infrastructure such as the Industrial Internet of Things and digital twin technology, the industrial Metaverse is expected to continue to grow. Microsoft offers digital twins in its multiverse technology stack so users can create digital models that simulate real-life objects; Boeing uses digital twins to make engines; and Unilever uses the technology to simulate production lines to reduce waste.

Digital twin technology will evolve towards wider deployment and deeper operations in response to the growth of the Metaverse and the increasing sophistication of digital simulations used to create products. Therefore, the corresponding digital twin technology will also start to appear on the market. In the short to medium term, the use of digital twins may be limited to employee training, remote diagnostics, energy monitoring, and preventive maintenance, while in the long term, the technology will be able to replicate entire factories, and companies are expected to engage in interconnected cross-departmental collaboration frameworks .

The industrial Metaverse as the factory of the future achieves efficient development in various scenarios. One is on-site remote training. The whole point of the industrial Metaverse is to use technology to provide a safe working environment for workers, because safety is a primary concern when dealing with people in a brick-and-mortar factory environment.With this in mind, many industrial companies choose to take a virtual-world and VR-first approach over a real-world-first approach. This modus operandi allows them to perform: multi-user virtual tours and classroom training; on-the-job coaching of heavy equipment; self-service onboarding of employees; and hands-on training in a remote, risk-free environment.

The second is product assembly. The Industrial Metaverse enables the creation of digital twins of industrial environments to monitor complex systems in real-time and interact with them using artificial intelligence, IoT, and virtual reality. These include: gathering information about the state and behavior of monitored machines; transporting heavy equipment or systems such as conveyor belts; capturing data from processes in real-time using sensors and actuators; connecting disparate processes, information flows, and stakeholders.

The third is virtual sales and marketing. This enables them to: sell virtual products alongside physical inventory; open virtual stores to showcase their products; reproduce the fidelity of real-life communication; exchange goods and earn money in a digital environment.

Overall, the industrial Metaverse has the potential to provide manufacturers with real added value in both the digital and physical realms. From improving worker and robot safety to improving predictive maintenance, Metaverse brings many benefits and advantages to the factory floor, including more collaborative product development; supply chain transparency; fast production processes; Production errors; reduced returns and churn.

Multi-party layout and development

Since the beginning of this year, many companies have set foot in and continued to develop the industrial Metaverse.Judson Althoff, Executive Vice President and Chief Business Officer of Microsoft, published the article “From Resilience to Digital Persistence: All walks of life use digital technology to meet the changes of the times” on Microsoft’s official website. , business efficiency and sustainability potential, currently Belgium’s AB Inbev (AB Inbev), Bosch (Bosch), Kawasaki Heavy Industries (Kawasaki Heavy Industries), Hyundai Motor Group (Hyundai Motor Group), Denmark’s Novo Nordisk ( Novo Nordisk) have deployed Microsoft Azure Digital Twins.

In July this year, high-performance cloud computing service provider Rescale announced a partnership with Nvidia to integrate Nvidia GPU Cloud (NGC) into its container library for high-performance computing (HPC) applications, helping enterprises build digital twins and build industrial The basic building blocks of the Metaverse. It is reported that Hankook Tire has already carried out new tire design and development in the industrial Metaverse built by Rescale and NVIDIA, including testing various “digital twin tires” in the virtual world, thereby accelerating product development.

In June, Siemens continued to deepen cooperation with chip design company NVIDIA, combining its Siemens Xcelerator platform with the NVIDIA Omniverse platform to create an industrial Metaverse, reduce the operating costs of factories and buildings, and speed up the design of new products. Xcelerator, a new cloud-based open digital platform from Siemens, aims to grow its digital business by 10 percent annually on top of the 5.6 billion euros ($5.89 billion) in revenue it generates in 2021.

Nokia President and CEO Pecalundmark said at the World Economic Forum that with the development of the “industrial Metaverse”, 6G networks will be available around 2030. Lundmark said that at the moment we are talking about 5G networks, but when quantum computing is commercialized, we will be talking about 6G. By 2030, the smartphone as we know it today will no longer be the most popular terminal device. According to Lundmark, the physical and digital worlds will evolve together, and the end result will be people flip a switch or flip a panel switch in the virtual reality world, and the physical world will change.

In May, Xuelangyun, an industrial Internet platform company, announced the completion of a Series B financing of over 300 million yuan. This round of financing was led by the second phase of the National Research Fund, followed by Poly Capital and Guolian Group Wuxi Intellectual Property Fund, and Fanzhuo Capital served as the investment. Exclusive financial advisor for this round of financing. After this round of financing, Xuelang Cloud will: 1. Strengthen the core technology platform Xuelang OS and build the digital base of the industrial Metaverse; 2. Further deeply integrate the industrial knowledge model to realize the innovation and localization of new industrial software; 3. Continue to carry out strategic integration in ecological construction, and further deepen cooperation with scientific research institutions such as universities. This round of financing is the fourth investment that Xuelangyun has obtained since its establishment. The company has previously completed three rounds of financing from Ginkgo Valley Capital, Chenshan Capital, SDIC Ventures and Matrix Partners.

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