TALKING

The global Metaverse market size was valued at more than US $ 100 billion in 2022 and is projected to grow to US $ 1,528 billion by 2029 .

By displaying information in this visual way , it ensures that machinery and workers can always work at their best . Managers can become more proactive in managing their physical capital , as they become able to assess in real-time what machines are working , where problems might be starting and where parts need to be replaced or reassigned – creating a more efficient system overall .

Next steps for businesses

For example , employees in the Metaverse can experiment with digital twins , a virtual representation of an object or system , and apply that knowledge in the physical world . Spaces can be set up on a real scale in the Metaverse before it takes place in the physical world so that staff can familiarise themselves . This makes training sessions more in-depth and interactive and means sessions can be ‘ replayed ’ on demand for workers who couldn ’ t make the original time .

The Metaverse also sets itself apart from other online learning platforms by incorporating social interaction , meaning employees can learn from one another and remote instructors can guide new hires in supercharged employee onboarding programmes .

New levels of maintenance

Businesses can face huge costs if machinery fails , from stalled production to the cost of sending specialised engineers to identify and fix the problem . However , using real-time maintenance monitoring , this can be avoided . By pairing IoT devices and creating digital twins , it becomes possible for workers to instantly see the state of machinery and whether components are beginning to fail . When this information is paired with Augmented Reality , engineers can diagnose issues and show workers on the ground how they can fix them , saving valuable time and money for the company .

With so many ways that a business can utilise the Metaverse , it can be difficult to know where to start . The Metaverse is evolving rapidly and businesses need to take a pragmatic approach to the unregulated world of the Metaverse to ultimately be successful .

Businesses should start by identifying internal problems that could be solved , or experiences that could be improved in their existing ecosystems and platforms , and then how they could be improved with solutions from the Metaverse . This will avoid investing in costly , inefficient and non-cohesive individual solutions . Businesses should also think about scalability and how each Metaverse component is going to work with other applications to create the best experience .

Arguably , the most important step for businesses looking to make use of the Metaverse is to put privacy , security and ethics at the forefront of their attention . The Metaverse is still developing and regulation is still to come , meaning it ’ s important for businesses to make sure they ’ re preparing for all potential issues that could arise as the Metaverse continues to develop and is readily adopted by more consumers .

Businesses that seize the benefits that the Metaverse offers today will create a more efficient and engaging business . Ultimately this will keep them ahead of their competitors in the long run . p

40 INTELLIGENTCIO EUROPE www . intelligentcio . com