US Manufacturing Sector Turns to Industrial Metaverse to Counter Pandemic-Driven Challenges
Summary:
US manufacturing firms are increasingly exploring the industrial metaverse to address complex production challenges, states a report by the World Economic Forum (WEF). The study shows 92% of American manufacturing executives investigating various metaverse applications due to the impact of the COVID-19 pandemic. Although the industrial metaverse shows promise in multiple areas like product design and plant management, the rise of generative AI has caused some companies to hold back on investments. Concerns are also rising about the metaverse's potential negative impact on other industries such as the creative arts sector.
The World Economic Forum (WEF) reports that an increasing number of American manufacturing companies are turning to the industrial metaverse to resolve intricate problems in their production processes. Data published by the WEF on March 12 indicates that 92% of manufacturing executives in the US are examining how the metaverse might be used in their industries. Information gathered from one hundred of the country's largest enterprises in ten sectors show that each executive, on average, is analyzing as many as six possible metaverse applications.
The WEF emphasized that the fallout from the COVID-19 pandemic is a key driver of this trend, necessitating a greater response from the industrial sector. Macro-growth, technology, societal, and business-to-business (B2B) customer trends are compounding and intersecting in the aftermath of the pandemic to pose new challenges and opportunities.
This dynamic has pushed enterprises to seek ways to enhance their production rates while also making their processes more efficient and cost-effective, often through predictive analysis. The WEF mentioned that the industrial metaverse is useful throughout a product's life cycle, including the steps before, during, and after production. It can be used for several activities, such as service and product design, process modeling, plant management and design, product testing, and quality control.
The report pointed out that, while the consumer metaverse is still under development, the industrial metaverse is further along and aligned with actual dilemmas and commercial imperatives, propelled by practical application. The information technology and car manufacturing industries are at the forefront of the industrial metaverse scene.
However, not every enterprise is willing to continue financing the industrial metaverse, mainly due to the growing prominence of generative artificial intelligence. This apprehension stems from the assumption that the emergence of generative AI is causing the metaverse to take a backseat. Nonetheless, the rise of the metaverse has provoked worries about its possible detrimental effects on other sectors, notably the creative industry.
UK researchers stated on March 8 that strategies need to be conceived to manage intellectual property rights in the metaverse, as blockchain's inherent inadaptability hampers the flexible administration and updating of these rights.
Published At
3/16/2024 4:50:47 AM
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