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Interest in industrial metaverse growing, says report

The industrial metaverse has been gaining prominence among businesses and the growing interest is evident from discussions by companies in filing documents. 

Companies across various industries are exploring its potential to optimize business processes, enhance efficiency, lower costs, and promote sustainability.

Notable collaborations, like those between Siemens and Nvidia, highlight the industrial metaverse’s growing impact and transformative potential, reveals Company Filing Analytics Database GlobalData, a leading data and analytics company.

Misa Singh, business fundamentals analyst at GlobalData, says: “Companies recognize the potential of the industrial metaverse.

“When we deep dive into the filing documents, it is evident that some companies are already at the center of this work while others have defined roadmaps. Meanwhile, some tech giants are working in collaboration with others.”

For instance, Siemens, in collaboration with Nvidia, has been working on industrial metaverse.

Siemens discussed integrating industrial metaverse and digital twin technologies from physical factories and products across entire lifecycles to optimize CO2 emissions, production design, increase production efficiency, and reduce along with consumption of energy, water, and raw materials.

Nvidia announced new GPUs based on the Nvidia RTX Ada Lovelace architecture and announced Nvidia Omniverse Cloud, a fully managed service running in Microsoft Azure, for the development and deployment of industrial metaverse applications.

Hexagon AB mentioned Microsoft as its open-platform cloud partner and technology partner for the industrial metaverse. The company believes that Microsoft enhances its AI product offering with large language model productization and document management.

The Stockholm-headquartered company also mentioned using Nvidia-assisted multiple software platforms to create an interconnected industrial metaverse.

Renault, in one of its 2024 filing docs, revealed that the industrial metaverse reduced production costs per vehicle by 30 percent for thermal vehicles and 50 percent for electric vehicles between now and 2027.

The automobile manufacturer also believes that the industrial metaverse will play a key role in transformation and enable the group to accelerate its competitive advantage, reinvent vehicle production, and announce the arrival of new models in its plants.

Telia Co AB mentioned a pilot project between Valmet Automotive and Telia around the industrial metaverse, which was performed at Valmet Automotive’s car plant in Uusikaupunki.

Using lidar technology, a virtual world of the plant’s Innovation Center was created, enabling experts from different parts of the world to collaborate via VR glasses in real-time.

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