According to a Deloitte report, industrial metaverse and GenAI emerge as trends in 2024

Big Four consulting firm Deloitte said in a recent report that it identified industrial metaverse and spatial computing as one of the top trends in technology for 2024.

The 15th installment of the company’s technology trends report, released Thursday, said it predicted last year that “the metaverse, or immersive internet, will soon evolve into a full-fledged enterprise tool.”

Companies will use Metaverse to leverage virtual and augmented reality (VR/AR) technologies for simulations, the report continued.

I am excited to read what follows. @Deloitte Insights‘S #TechTrend24 report. There’s a lot to learn about. #Industrial Metaverse, #spatial computingand #GenerativeAI. https://t.co/IYfh2LIxAS

— Demond Cureton (@FutureP42264459) December 7, 2023

However, the company did reveal the following about next year’s trends:

“This year we have seen some of these metaverse capabilities evolve in new directions toward the broader realm of spatial computing. Transitioning from a consumer toy to an enterprise tool, spatial technology is gaining traction, especially in industrial applications where companies are focusing on digital twins, spatial simulations, augmented work instructions, and collaborative digital spaces that make factories and businesses safer and more secure. “More efficient”

Industry Metaverse Statistics

According to the study, revenues from the industrial metaverse are expected to reach up to US$100 billion by 2030, “far exceeding the consumer (US$50 billion) and enterprise (US$30 billion) sectors.”

Many early adopters of new technologies and consumers will later see their creations reemerge as enterprise productivity solutions.

For Deloitte, the industrial metaverse included “real-world physics” mixed with spatial data and artificial intelligence (AI) to “replicate real-world processes.” The consulting firm noted that organizations typically adopt a “simulation-first” strategy before building facilities, citing workers in the facility using remote guidance and engineers prototyping products with photorealistic digital twins.

Continue,

“Improved and accessible high-definition 3D assets and hardware for (XR) can pave the way to an operationalized spatial web where a digital layer on top of reality accelerates the way we work across industries. Eventually, these advances could lead to an era of simplified operations where autonomous systems, instantaneous 3D models, and quantum computing are combined with optimized human intervention for applications such as telesurgery. Or imagine having one well-connected employee working throughout the entire factory.”

Deloitte Industry Metaverse Survey

In the report, Deloitte noted that increased investments in new technologies such as “digital twins, 5G deployments, cloud, edge, and AI” have “created significant value and addressed long-standing challenges.”

A recent Deloitte study found that 92% of manufacturing executives have experimented with or implemented at least one metaverse-based use case, with an average of six.

Respondents also said they expect to see 12-14% increases in revenue, throughput, and quality through investments in industrial metaverse use cases “in the future.”

Process simulation and digital twins also topped the most common use cases and were “lifesavers” when operations were “complex, expensive and precise.”

It was mentioned,

“IoT, advanced networking, and simulation can increase the likelihood of successfully building new operations or optimizing existing ones. It is no surprise then that some analysts believe the global market for digital twins could grow from $6.5 billion in 2021 to $125.7 billion in 2030.”

Augmented reality ‘essential’ for digital twins

Augmented reality (AR) has proven essential for interacting with full-fledged digital twins. Due to this, the global AR market was expected to reach $38.6 billion in capital last year, and is expected to grow at a CAGR of 36% by 2030.

Industrial and manufacturing applications accounted for the largest volume of AR, while medical training, simulation and visualization technologies reached a CAGR of 44 by 2023.

“There is also a wealth of consumer applications fueled by the pandemic-induced e-commerce boom, proving that the use cases for digital twins extend beyond the enterprise,” he added.

Web 3.0 and industrial metaverse

The spatial web (Web 3.0) has also removed barriers between digital content and physical objects, the report noted.

Smart glasses also allow real-time 3D (RT3D) content to interact with users in their physical environment through computer vision, geolocation, and biometric commands.

Deloitte explained: “Given the possibilities, the spatial computing market is poised to scale back on previous estimates for the metaverse, with some forecasts estimating it to be over $600 billion by 2032.16”

For consulting, four key areas define the benefits of XR for businesses.

1. Strengthening monitoring, employees using XR devices can observe multiple spaces at once, reducing the number of specialists needed to monitor the facility. Citing Nokia’s eXtended Reality Multimedia solution, which offers 360-degree views, spatial audio and live streaming, users can remotely view physical spaces to enhance “proactive maintenance, security and quality control.”
2. Shorten boarding timeUsing simulations and visual cues, employees can learn important job skills needed for most work situations.
3. Reduce safety risks By anticipating problems ahead of major procedures, medical situations benefit from utilizing 3D models of a patient’s body before performing surgery. Brain surgeons also noted a huge advantage in surgical accuracy.
4. product development, augmented reality solutions boost retailers’ profits. By integrating AR virtual try-ons, at-home try-ons, and other generative AI tools, retailers can quickly and efficiently transform their catalogs into RT3D assets.

Another major highlight is that Apple Vision Pro brings the term “spatial computing” into the mainstream. Other important terms in spatial computing include 6G, Internet of Things (IoT), human augmentation, and brain-computer interface (BCI).

The report concluded:

“The possibilities are exciting, but the company is at a crossroads. If you want to be an early mover, you have to strive to move beyond buzzwords or keep up with innovators. In addition to hiring or training engineers in computer vision, sensor technology, and spatial mapping algorithms, you also need to get ahead of potential risks. Opening the physical world to digital manipulation has implications for privacy concerns (as computer vision expands), cybersecurity concerns (as the physical world becomes hackable), and data protection concerns. Fortunately, advances in digital twin technology and early 3D models provide valuable lessons to take forward.”

XR predictions, observations on the industrial metaverse

The report comes as speakers from across the industry highlighted the upward trends in the industry metaverse in the recent XR Forecast series. This exclusive feature features 10 experts in the immersive sector and their predictions on the industry metaverse, XR, emerging technologies, and other trends in the digital landscape.

XR Today also interviewed key executives shaping the industry metaverse, including: Kevin O’Donovan, Co-Chair of the VRARA Industrial Metaverse and Digital Twin Committee, Jay Latta, Founder and Speaker, The Fusionists, Rika Nakazawa, Vice President, Connected Industries Group and NTT Ltd, Thomas Hainzel, Head of Digital Industries Evolution & Partnerships, Nokia, Dane Johnston, Senior Director, Omniverse Foundation, NVIDIA; Bill Holliday, Brian Holliday, Executive Director, Digital Industries, Siemens; and Paul Doherty, President and CEO, The Digit Group We discuss the trajectory of enterprise-scale spatial computing solutions.

Many presenters noted the limitless potential of the industrial metaverse to streamline processes, enable remote collaboration, assess and mitigate risks and design flaws, and reduce the need for physical resources and travel.

speaking Alex Ruhl, Head of Metaverse, PriceWaterhouseCoopers (PwC)XR Today learned that her consulting expands and guides technology development and direction with a focus on the four key pillars of the enterprise metaverse: employee experience, training, customer expertise, and metaverse adoption.