Navigating the Industrial Metaverse: A Blueprint for Future Innovations

I N S I G H TR E P O R TM A R C H2 0 2 4 Contents 3456791112161718202425374042444648515354575765667273747576777879808186ForewordExecutive summaryIntroductionA new era of experience and efficiencyThe metaverse: consumer, enterprise and industrialThe industrial metaverseOpportunities across the industrial value chainTechnologies accelerating a new industrial revolutionCatalysing business growth through the convergence of these emerging technologiesPart 1 Industrial metaverse: why leaders should act now1.1 Start of the next industrial revolution1.2 New industrial world where the metaverse plays a pivotal rolePart 2 Unlocking the value in the industrial metaverse2.1 Shifting gears for growth across the industrial landscape2.2 Talent and learning2.3 Boundless collaboration2.4 Transparency and traceability2.5 Simulation and optimization of the enterprise2.6 Deployed product management (upgrade, service and repair)2.7 Personalized customer interaction and sales channels2.8 Summarizing leading value plays across industry sectorsPart 3 A look into the future of the industrial metaverse3.1 Markets leading the way in industrial and enterprise applications3.2 The role of governments in metaverse growth3.3 Start-ups in the industrial metaverse ecosystem3.4 Investment landscape3.5 Future value horizons in the industrial metaverse3.6The role of emerging technologies in advancing the industrial metaversePart 4 Realizing the full potential of the industrial metaverse4.1 Creating a future-ready workforce4.2 Building towards a more sustainable future4.3 Enhancing safety and security4.4 The road ahead4.5 Leading drivers for growth and adoption of the industrial metaverse4.6 Progressing towards a safer, more sustainable and innovative futureConclusionContributorsEndnotes Disclaimer This document is publishedby the World EconomicForum as a contribution toa project, insight area orinteraction. The findings,interpretations andconclusions expressedherein are a result of acollaborative processfacilitated and endorsed bythe World Economic Forumbut whose results do notnecessarily represent theviews of the World EconomicForum, nor the entirety ofits Members, Partners orother stakeholders. © 2024 World EconomicForum. All rights reserved.No part of this publicationmay be reproduced ortransmitted in any form orby any means, includingphotocopying and recording,or by any informationstorage and retrieval system. Foreword Cathy LiHead, AI, Data and Metaverse,Centre for the Fourth IndustrialRevolution; Member of theExecutive Committee,World Economic Forum David TreatSenior Managing Director,Innovation Incubation GroupLead, Accenture The metaverse aims to be the future of the internet –a spatial, social internet experience that usesexisting and emerging technologies to seamlesslyblend physical and digital worlds. With recentdevelopments in generative artificial intelligence (AI),metaverse creation and growth may expand. Whilemedia announcements about AI and the metaversemay compete for media attention, they are, in fact,partners in this digital evolution. –Privacy and Safety in the Metaverse –Exploring the Industrial Metaverse:A Roadmap to the Future In this report, the economic and social value creationworkstream underscores the imperative for globalcollaboration in forming a shared understanding ofthe industrial metaverse. Building on the foundationsfromExploring the Industrial Metaverse: A Roadmapto the Future, a Cambridge collaboration, andextensive analysis across five primary industries(industrial manufacturing, automotive, cities andurban infrastructure, energy and healthcare), thispublication aims to provide leaders with a strategicguide. It aims to illuminate pathways for creating andrealizing opportunities across the industrial valuechain, identifying the areas most impacted, andestablishing best practices that encourage innovationand growth, while safeguarding privacy and security. In May 2022, the World Economic Forum launchedthe Defining and Building the Metaverse Initiative,which orchestrates an integrated approach to thedevelopment and governance of the metaverse.The initiative is divided into two workstreams:governance, and economic and social valuecreation. It seeks to build a responsible, equitable,inclusive, diverse and accessible metaverse throughdiscussions with a wide array of stakeholders. This report continues the World Economic Forum’sDefining and Building the Metaverse Initiative. Incollaboration with Accenture, previous outputs fromthis initiative include: To build a metaverse that is economically vibrantas well as equitable, accessible and inclusive,attention must be given to human dimensions,equality and sustainability. The report draws oncontributions from a diverse global working groupof over 150 experts across academia, internationalorganizations, civil society, governments, technologyand business sectors. –Demystifying the Consumer Metaverse–Social Implications of the Metaverse–Interoperability i