The metaverse at work - New study with partnership with EY around industrial and enterprise metaverses.
♟What is the metaverse, and is it just hype?
The metaverse at work is based on an online survey conducted by EY, in partnership with Nokia, of 860 business leaders in the US, Brazil, the UK, Germany, Japan, and South Korea across four key industries: automotive, industrial goods and manufacturing, transportation, supply chain and logistics, and power and utilities.
To support EY findings, EY additionally conducted 22 in-depth interviews in March 2023 with topic area experts and industry leaders in metaverse across the four industries listed, plus interviews with leaders in public safety and defense.
📚 In South Korea generally there are demonstrated efforts at a public and private level to bring emerging technologies to businesses and consumers. Specifically in power and utilities, Daesung Private Equity, a subsidiary of the energy conglomerate Daesung Group formed an $83 million metaverse fund, based on the expectation that the technology will be an “industry-wide gamer changer.
♟♟Top use cases
Overall the majority of those who have already implemented metaverse use cases believe they will have a significant or transformational impact on the way they do business.
📚 For the power and utility businesses, the survey identifies three industrial use cases considered to have the most potential opportunity for impact.
🟥Field XR (extended reality, in essence encapsulating augmented reality and virtual reality), with the use of XR technology to augment the capabilities of technicians working within facilities and on equipment and machinery in open and remote locations was seen as the highest impact application.
🟥Virtual grid optimisation, with the opportunity to better plan and track the grid in a high fidelity, virtual setting was second.
🟥Virtual R&D, prototyping and testing with the ability to enhance virtual design and engineering tools using metaverse technology was then third, despite it being the most deployed to date in the power and utilities industry.
📚An example quoted is companies like Gamesa, which are using the technology to significantly improve the accuracy and speed of programmes used in designing renewable energy capture devices.
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