Iron Man has a lot to answer for. Although fictional, Marvel Comics’ famous film franchise – along with sci-fi movies like Ready Player One, The Matrix and Avatar – gave us a glimpse into a future based on the so-called ‘Metaverse’. If you’ve seen the films, you’ll know what we’re talking about.
As a concept, the Metaverse is nothing new. It’s been around for many years and refers to the way in which technology bridges the gap between the real and virtual worlds.
We’ve seen it in the emergence of digital marketplaces and economies such as eBay and cryptocurrency, the creation of virtual workspaces which recreate online versions of physical spaces, and in avatars of real people who can interact in the online world. It’s also been a mainstay of the gaming world for at least a decade.
However, the age of the Industrial Metaverse is now also upon us, with robotics and automation, augmented and virtual reality and virtual simulations of production machinery and processes becoming commonplace in factories across the world.
While the Industrial Metaverse holds plenty of exciting potential for manufacturers and engineers, there are still some doubts about the real-world impacts it can bring about.
So, is the Industrial Metaverse here to stay, or is it just hype? Here are our thoughts.
What is the Metaverse?
The origins of the Metaverse can be traced back as far as 1992, when American author Neal Stephenson first coined the phrase in his novel, Snow Crash. The book is about a computer hacker who can jump between the real Los Angeles and what he termed the ‘Metaverse’ – a virtual world where avatars of real people interact.
Fast forward 30 years, and that fictional vision is fast becoming a reality, thanks to the way technology has evolved in that time. The Oxford English Dictionary defines the Metaverse as a ‘virtual-reality space where users can interact with a computer-generated environment and other users’.
The concept has become firmly embedded in popular culture, thanks to its portrayal in several movies and hundreds of games and online applications. Even social media giant Facebook has got in on the action, rebranding to Meta in 2021 in a bid to align itself with the development of the Metaverse and Facebook’s role within it.
Bloomberg reports that the global Metaverse market could be worth up to £612bn ($800bn) by 2024, as game developers, social media networks and other technology leaders continue to invest in its applications and innovations.
In the industrial arena, companies embracing Metaverse technologies are already starting to reap the commercial rewards. A digital-first approach to manufacturing, driven by ever-changing consumer demand, is driving this shift and changing how things are made. Here’s how…
Production process design
Metaverse technology allows accurate simulation of real-life spaces, equipment and machinery in the virtual world.
This gives manufacturers the ability to simulate their production processes to see where improvements could be made and assess how any changes might impact production.
BMW, for example, has already created a realistic virtual simulation of one of its manufacturing plants, to help it plan its production processes more accurately.
It enables its engineers to replicate the real-world physics of its processes and work out ways they can be streamlined and made safer and more efficient. However, it means these new methods can be rigorously tested in the virtual world before changes are made in the physical world, helping to keep the disruption that physical testing creates to a minimum.
Product design
As well as having a positive impact on production process design, Metaverse technology can also enhance the way products are designed. It’s now easier than ever for anyone with the right software, technology and skills to design, render and simulate accurate virtual 3D prototypes of custom products whenever they want.
Thanks to advances in 3D printing and automated production techniques, these products can be bought to market quicker than ever, significantly reducing R&D time.
The technology used in video game engines and 3D design tools is being repurposed for use in industrial applications, such as architectural plans and virtual reality experiences. It means manufacturers now have access to the technology and expertise that was previously too expensive or niche, and can design and develop their own products in-house without needing external specialists. And because these tools and modern manufacturing equipment are becoming ever-more interconnected, product designs are easier to implement into full production.
Collaboration and supply chain transparency
As Metaverse technology becomes more available, accessible and cost-effective, it will help facilitate better collaboration.
By using the same 3D modelling tools and other technology platforms, manufacturers will be able to collaborate more effectively and make product suggestions to stakeholders, both downstream and upstream.
It will make it easier and quicker to request and implement product or component modifications from suppliers, as well as gain valuable insight into how products are being used by customers and end-users. It will also make it easier to provide greater transparency across the entire supply chain, with the ability to track an order from raw materials right through to the finished product being delivered.
So, does the Industrial Metaverse live up to the hype?
Despite the idea of the Metaverse being around since the early 90s, we’re still in the very early stages of this exciting new frontier.
The Industrial Metaverse is evolving all the time. While many manufacturers have started to embrace a digital-first approach to their operations, there’s still much more to come.
We still don’t have the infrastructure, at a global level, to support widespread adoption, and some of the technologies are still out of reach of many smaller operators due to cost, availability and skills/expertise.
However, the signs are encouraging, and while it’s important not to look too far ahead, all the indications are that the Industrial Metaverse is here to stay and is worthy of the hype it’s been building.
So, if diving into the Industrial Metaverse to stay ahead of your competition is of interest to your business, we’d love to hear from you.
From simple digital modelling of new products to complete virtual automated factory design, Banelec can help. We’re a world leader in creating innovative solutions for some of the biggest manufacturing and engineering brands.
We’ve always got one eye on the future to see how we can utilise emerging technology to help our customers make their processes smarter, safer and more sustainable.
If you’re looking to harness the power of the Industrial Metaverse, get in touch today.