WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later

In a recent article, the World Economic Forum (WEF) made predictions development and application of metaverse tech in several fields. The industrial settings where this technology will be used will have the most effects on the organization in terms of increasing productivity and cutting costs.

WEF Believes Metaverse Tech Will Impact Industry First

The World Economic Forum (WEF) predicts that rather than being embraced by consumers initially. The metaverse will first be used in industrial workplaces. The organisation forecasts that the metaverse will be implemented at an industrial level first, assisting various businesses in designing and monitoring activities more successfully, in an article published on January 13.

Digital twins and extended reality are two metaverse technologies that will be crucial for the sector in this new phase. Implementing digital twins, the digitalization of a collection of real-world components enables evaluating the operation of a component, examining potential assembly-line inefficiencies, or just developing a model without physically building it.

With the help of extended reality, a different technology discussed in the article, designers can combine real-world and digital components and explore how they interact.

Several businesses already use these technologies, such as the automaker Renault, which unveiled its industrial metaverse in November, intending to save $330 million by 2025.

Consumer Metaverse

The consumer metaverse is receiving a lot of attention from businesses like Meta, which have been pouring billions of dollars into the space. Still, the WEF thinks other sectors will be driving innovation.

The article states:

We will develop many technologies for the industrial metaverse that will make their way into the consumer metaverse – from micro-optics and advanced haptic interfaces to AI sensing awareness.

The group thinks that once these two distinct metaverses are constructed, one can enhance the other and vice versa. The suggestion is to instead direct resources into the industrial metaverse, which is currently happening in several industries, rather than the consumer metaverse.

In May 2022, the WEF suggested preserving privacy and safety in metaverse worlds, particularly involving children as part of these environments. This is not the first time the WEF has mentioned the metaverse.

What do you think about the World Economic Forum and its focus on the industrial metaverse? Tell us in the comments section below.

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