The Manufacturing Leadership Council, the digital transformation division of the National Association of Manufacturers (NAM), has published a new report that examines the industrial metaverse and its applications in manufacturing.

The industrial metaverse “is the convergence of individual technologies that, when used in combination, can create an immersive three-dimensional virtual or virtual/physical industrial environment.”

The report, “Exploring the Industrial Metaverse,” explores how manufacturers are leveraging their respective industrial metaverse initiatives to create value in the talent, supply chain, customer, and production ecosystems; explores companies’ investment plans; presents various strategies; and examines what might come next.

Among the key findings:

• Most manufacturers are “optimistic” about the potential of the industrial metaverse and are confident about its adoption in the manufacturing industry over the next five years.

   

• Executives expect an average of 12-14 percent improvement in areas including sales, throughput, productivity, and quality by implementing industrial metaverse initiatives, and are planning significant investment and expansion over the next one to three years.

   

• Cybersecurity and data protection are among main concerns, and strategies to mitigate these risks should be in place as industrial metaverse initiatives are implemented.

Access the report via NAM’s news article: “Manufacturers Step into the Industrial Metaverse.”