Siemens and S&P Global research highlights the growth of the industrial metaverse Research from Siemens and S&P Global shows 30% of firms now spending over $10m on digital twin technology, with manufacturing leading adoption The industrial metaverse – a network of virtual replicas that mirror physical factories, supply chains and product development processes – has moved beyond experimental phases into practical implementation, according to new research that tracks global adoption of the technology. Unlike consumer-focused virtual worlds, the industrial metaverse uses digital twins – detailed virtual models of physical objects and processes – in combination with real-time sensor data and AI to optimise manufacturing processes, predict maintenance needs and simulate new product designs before physical production begins. The fundamental technologies that enable the industrial metaverse are being rapidly developed worldwide Peter Koerte, Chief Technology Officer and Chief Strategy Officer, Siemens AG These systems can reduce costs by identifying inefficiencies in production lines, preventing equipment failures and reducing waste in product development cycles. For example, a manufacturer can test different factory floor configurations virtually before making physical changes, or simulate how a new product will perform under various conditions without building physical prototypes. Now, a study of 907 businesses across […]
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