The metaverse, once the stuff of science fiction, is now becoming a reality, with enterprises and industries embracing its transformative potential. A study conducted by Nokia and EY sheds light on the current state of the enterprise and industrial metaverses, highlighting their increasing adoption and the substantial benefits they offer. As early adopters share their experiences, it becomes evident that the metaverse is not just a passing trend but a powerful tool for businesses seeking to enhance efficiency, sustainability, and innovation.
The study, titled “The Metaverse at Work,” surveyed 860 business leaders across the US, Brazil, UK, Germany, Japan, and South Korea, representing key industry sectors such as automotive, industrial goods and manufacturing, transportation, supply chain and logistics, and power and utilities. The findings paint a picture of growing belief in the metaverse’s potential and a strong desire to explore its possibilities.
One of the standout results from the study is the overwhelming optimism surrounding the metaverse. Only 2% of respondents viewed it as a mere buzzword or fad, reaffirming its status as a transformative technology with long-term staying power. In fact, 58% of companies with future metaverse plans have already implemented at least one metaverse-related use case, while an astonishing 94% of those yet to embark on the metaverse journey intend to do so within the next two years.
Furthermore, the study demonstrates that the industrial metaverse, in particular, is poised to deliver significant business value. A remarkable 80% of early adopters who have implemented metaverse use cases anticipate a profound impact on their operations. By blending physical and virtual environments, the metaverse presents innovative opportunities for businesses to accelerate the deployment, adoption, and monetization of Industry 4.0 technologies.
Geographically, the United States, the United Kingdom, and Brazil emerge as leaders in metaverse adoption, with 65%, 64%, and 63% of respondents, respectively, having piloted or fully deployed industrial or enterprise metaverse use cases. However, Asia-Pacific countries, such as Japan and South Korea, are slightly less advanced, with adoption rates at 49%.
When asked about the most transformative use cases, enterprises identified the use of extended reality for workforce training and virtual research and development (R&D) to enhance product design and processes. These applications offer the potential to revolutionize employee onboarding, upskilling, and collaboration, as well as drive innovation in product development.
As businesses delve into metaverse implementations, they recognize the critical need for robust infrastructure and analytical capabilities. Key technical enablers identified by respondents include cloud computing, AI/ML, and network connectivity, including private 5G/6G, fiber broadband, and public 5G/6G. These foundational elements are essential for meeting the demands of metaverse use cases, and organizations are partnering with experts to bridge capability gaps and ensure successful deployments.
Vincent Douin, Executive Director of Business Consulting and Business Transformation at Ernst & Young LLP, emphasizes the tangible benefits already observed from initial metaverse implementations, stating, “The industrial and enterprise metaverses are here, and this study shows the clear appetite for these technologies such as extended reality and digital twins to achieve business goals.”
Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, echoes this sentiment, underscoring the alignment between their vision and the study’s findings. He states, “It is great to see that companies clearly believe in the power of the Metaverse for business value creation in both enterprise and industrial use cases.”
In conclusion, the Nokia and EY study provides compelling evidence that the metaverse is more than a passing trend. Enterprises and industries worldwide are embracing its potential, recognizing its ability to revolutionize operations, enhance collaboration, and drive innovation. With early adopters reporting significant benefits and real business value, the metaverse is poised to reshape the way we work and interact, ushering in a new era of digital transformation and unlocking endless possibilities for business success in the future.
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