🏭 INDUSTRIAL METAVERSE: Hype or Reality? 🤖
Hi everybody,
This week, I decided to focus my newsletter on Industrial Metaverse applications and solutions, trying to distinguish between Hype and Reality.
{{{ HYPE }}}
While (almost) everyone knows about Meta's $billion investments flop trying to develop the #metaverse, at least considering its more consumer-oriented B2C applications...
Meta is desperately trying to make the metaverse happen: Will web access and avatar legs be enough? | MIT Technology Review | October, 2022
Source: https://bit.ly/3EatvbI
What metaverse? Meta says its single largest investment is now in ‘advancing AI’ | CNN Business | March 15, 2023
"...Many investors had previously griped at the company’s metaverse ambitions and spending. In 2022, Meta lost more than $13.7 billion in its “Reality Labs” unit, which houses its metaverse efforts..."
Ali Mogharabi, Sr. Equity Analyst at Morningstar
Source: https://cnn.it/3n0vOc8
{{{REALITY}}}
...what is worth noting instead, is that companies such as NVIDIA and Siemens Energy (for example), are doubling down the bet, and heavily investing in #industrial #metaverse development, applications and solutions!
Boeing, Shell, GE, Pfizer, and BASF have already started scaling up #industrial #metaverse market-ready and successfully-tested applications, with results - as of today - billionaires!
Almost every application applied in the industrial area, such as:
🔹 Digital Twins #digitaltwins
🔹 Virtual Reality #vr / Augmented Reality #ar / Mixed Reality #mr
🔹Artificial Intelligence #ai / Machine Learning #ml
🔹Computer vision #computervision
🔹etc.
are Industrial IoT / AI / AIoT enabled solutions, deployed in different sectors/verticals, such as #automotive , #manufacturing , #energy , #utilities, etc.
Hope you enjoy it, and see you next week!
Ciao, Fabio
#industrial #iot #industrialiot #iiot #industry40 #casestudies #insights #perspectives #newsletter
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CASE STUDIES
Siemens and NVIDIA to Enable Industrial Metaverse | Via NDIVIA | June 2022 🚀🚀🚀
Siemens and NVIDIA Partner to Enable Live Digital Twins
Partnership to transform the manufacturing industry with immersive experiences across the lifecycle from design through operation.
🔹Siemens and NVIDIA today [June 29, 2022] announced an expansion of their partnership to enable the industrial metaverse and increase use of AI-driven digital twin technology that will help bring industrial automation to the next level.
🔹Siemens and NVIDIA are collaborating to connect the Siemens Xcelerator, the open digital business platform, and NVIDIA Omniverse™, a platform for 3D design and collaboration.
Together, Xcelerator and Omniverse offer a powerful combination of capabilities
🔹The partnership brings together Siemens Xcelerator’s vast industrial ecosystem and NVIDIA Omniverse’s AI-enabled, physically accurate, real time virtual world engine — enabling full-design-fidelity, live digital twins that connect software-defined AI systems from edge to cloud.
Siemens and NVIDIA to enable industrial metaverse
🔹This will enable an industrial metaverse with physics-based digital models from Siemens and real-time AI from NVIDIA in which companies make decisions faster and with increased confidence.
Sources: https://bit.ly/3yQVdYp / https://bit.ly/3mTJcyN
#industrial #iot #iiot #ai #ml #industrial #metaverse #industrialmetaverse #manufacturing #operations #immersive #collaborative #platform #digitaltwins #3ddesign #productlifecycle #realtime #virtualworld #edge #cloud
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𝟒 𝐖𝐚𝐲𝐬 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐚𝐧𝐝 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐂𝐚𝐧 𝐇𝐚𝐫𝐧𝐞𝐬𝐬 𝐭𝐡𝐞 𝐏𝐫𝐨𝐦𝐢𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 [Industrial] 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞 🚀🚀🚀
𝘈𝘮𝘪𝘥𝘴𝘵 𝘢 𝘨𝘭𝘰𝘣𝘢𝘭 𝘪𝘯𝘧𝘭𝘦𝘤𝘵𝘪𝘰𝘯 𝘱𝘰𝘪𝘯𝘵 𝘧𝘰𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘯𝘥 𝘴𝘰𝘤𝘪𝘦𝘵𝘺, 𝘵𝘩𝘦 𝘮𝘦𝘵𝘢𝘷𝘦𝘳𝘴𝘦 𝘪𝘴 𝘣𝘦𝘨𝘪𝘯𝘯𝘪𝘯𝘨 𝘵𝘰 𝘴𝘤𝘢𝘭𝘦 | Via VentureBeat | March 2023
🔹Seven in 10 executives said it would positively impact their organization; four in 10 consider it a breakthrough, as recently shown in an Accenture survey:
Source: https://accntu.re/42msbhc
🔹Industrial and product companies are among those placing big bets, and they have started to pay off.
🔹Take Siemens Energy, which reported that, through technological applications for maintenance and inspection, the metaverse reduced downtime by 70% and saved its steam turbine business $1.7 billion.
𝐀 𝐧𝐚𝐭𝐮𝐫𝐚𝐥 𝐞𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐭𝐰𝐢𝐧𝐬
🔹What attracts companies to the metaverse? It’s the immersive environment it provides, where multiple users can interact, and easily accessible information can be layered in for objects, avatars and actions.
🔹The big opportunity for industrial and product companies lies in coupling the collaborative, immersive, visual and intuitive dimensions of the metaverse with digital twins fed by integrated data pools across departments, systems, operations technology and IT.
🔹For example, in Boeing’s factory of the future, immersive 3-D engineering designs will be twinned with robots that speak to each other, while mechanics around the world will be linked by HoloLens headsets.
🔹General Electric (GE), for its part, created a digital twin of its gas turbines using the metaverse to continuously optimize the temperature and send automatic adjustments to the controls. These gas turbines require seasonal adjustment, often a manual process performed by an expert after an outage that may take multiple days.
🔹Shell applies extended reality in its industrial operations to bring off-site expertise closer. Using the company’s Augmented Reality Remote Assist, workers in the field can easily connect with remote experts worldwide for assistance. These experts can essentially see through field workers’ eyes to get a closer look at problems and coach the workers through solutions.
🔹Pfizer, for instance, is creating a $450 million sterile injectables factory with a “virtual factory” component that will help optimize the value chain as well as provide more efficient training to employees. Through the virtual factory floor, Pfizer will be able to monitor its entire supply chain process and optimize it. And the digital twin technology will allow factory workers to do their job without ever stepping into the factory.
🔹BASF Chemical, for instance, uses simulation software in which trainees can click on any piece of equipment in any workflow to get insight into how each piece fits into the process. This has made training faster, more interactive, and self-directed. Since its implementation, BASF has reported a marked significant increase in worker competency and productivity.
Source: https://bit.ly/3TdtFpv
#industrial #iot #iiot #ai #ml #industrial #metaverse #industrialmetaverse #digitaltwins #augmentedreality #ar #virtualfactory #immersive #collaborative
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Renault 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐈𝐭𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞, 𝐀𝐢𝐦𝐬 𝐭𝐨 𝐒𝐚𝐯𝐞 $𝟑𝟑𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟐𝟓 | Via Bitcoin.com | November 2022 🚀🚀🚀
Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world.
🔹According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of its activities.
🔹 Automobile company Renault has announced that it is already running an industrial metaverse of its activities, fueled by a series of processes that allow the company to monitor data from all of its production lines.
🔹 This industrial world includes the interconnection of production lines, monitoring the totality of the supply chain, and almost all of the supply flows.
Jose Vicente de los Mozos, EVP, Renault Group and head of country Iberia, stated: "𝘌𝘷𝘦𝘳𝘺 𝘥𝘢𝘺, 𝘣𝘪𝘭𝘭𝘪𝘰𝘯𝘴 𝘰𝘧 𝘱𝘪𝘦𝘤𝘦𝘴 𝘰𝘧 𝘥𝘢𝘵𝘢 𝘢𝘳𝘦 𝘤𝘰𝘭𝘭𝘦𝘤𝘵𝘦𝘥 𝘸𝘪𝘵𝘩𝘪𝘯 𝘎𝘳𝘰𝘶𝘱𝘦 𝘙𝘦𝘯𝘢𝘶𝘭𝘵’𝘴 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘢𝘭 𝘴𝘪𝘵𝘦𝘴. 𝘛𝘩𝘦 𝘮𝘦𝘵𝘢𝘷𝘦𝘳𝘴𝘦 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘳𝘦𝘢𝘭-𝘵𝘪𝘮𝘦 𝘮𝘰𝘯𝘪𝘵𝘰𝘳𝘪𝘯𝘨 𝘵𝘩𝘢𝘵 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦𝘴 𝘵𝘩𝘦 𝘢𝘨𝘪𝘭𝘪𝘵𝘺 𝘢𝘯𝘥 𝘢𝘥𝘢𝘱𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘢𝘭 𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴, 𝘢𝘴 𝘸𝘦𝘭𝘭 𝘢𝘴 𝘵𝘩𝘦 𝘲𝘶𝘢𝘭𝘪𝘵𝘺 𝘰𝘧 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘴𝘶𝘱𝘱𝘭𝘺 𝘤𝘩𝘢𝘪𝘯."
Source: https://bit.ly/3ArwdYZ
#industrial #iot #iiot #ai #ml #industrial #metaverse #industrialmetaverse #renault #productionlines #digitaltwin #supplychain #realtimemonitoring #agility #adaptability #operations #production #quality
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INSIGHTS & PERSPECTIVES
The Industrial Metaverse: A Game Changer for Business | Via Wipro | March 14, 2023 🚀🚀🚀
A survey by Wipro finds that while the benefits of the metaverse are clearly understood by business leaders, the realities of deploying the technology are still proving a challenge.
Impact of the metaverse
🔹There is a lot of media buzz about the Metaverse. The dominant themes center around the social media and gaming-focused consumer.
🔹But recently, Wipro found that business leaders are laying the foundations for a much deeper, business-centric Metaverse that helps them re-imagine core internal processes and teamwork, and pioneer new products, services and business models
Global Leaders Weigh in on the Metaverse
🔹To understand the potential of the emergent Metaverse — its applications, challenges, risks and opportunities — in October and November 2022, Wipro commissioned a survey of 550 business and technology executives (CXOs) across the US, UK, and Germany,
🔹Overall, two-thirds of senior business leaders (63 per cent) agree the metaverse would revolutionize many parts of their businesses by creating a more immersive experience, driving innovation, and accelerating time to market.
🔹Respondent companies include many industries — retail and consumer goods, financial services, media and entertainment, manufacturing, telecoms, sports and gaming. All survey participants had a significant role in or knowledge of their company’s decision-making approach to the Metaverse.
A resounding message from the survey is that despite recent technology-sector turbulence and market skepticism, the Metaverse is here to stay.
🔹And getting there will include investment in complementary technologies like cloud, AI, the Internet of things (IoT), AR/VR, 3D and blockchain.
🔹Among those technologies, AR/VR, 3D, and blockchain are the top three emerging technologies incorporated into Metaverse applications.
Key findings
🔹The metaverse will have a transformative impact on business, with early adopters set to reap the biggest rewards
🔹Firms in the US are the quickest adopters of Metaverse technology
🔹Metaverse implementation is highlighting several challenges, such as cybersecurity, compliance, and hiring
🔹Metaverse leaders are using it to reach new customers.
Four-fifths of all respondents (78 per cent) also said the metaverse would enable them to build new business models, and 56 per cent of those surveyed see a key benefit as being the potential for increased customer satisfaction and retention over the next two years.
“The metaverse and augmented experience will bring new and creative ways to grow businesses.”
Source: https://bit.ly/42gQDQW / https://bit.ly/3YUFT7K
#industrial #iot #iiot #ai #ml #industrial #metaverse #industrialmetaverse #gamechanger #business #immersive #innovation #timetomarket #cloud #digitaltwins #augmentedreality #mixedreality #virtualreality #ar #mr #vr #3d #blockchain
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Industry IoT Consortium: 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞 𝐈𝐬 𝐎𝐧𝐞 𝐎𝐟 𝐓𝐡𝐞 𝐌𝐨𝐬𝐭 𝐏𝐫𝐨𝐦𝐢𝐬𝐢𝐧𝐠 𝐌𝐚𝐜𝐡𝐢𝐧𝐞 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐔𝐬𝐞 𝐂𝐚𝐬𝐞𝐬 🚀🚀🚀
𝘐𝘯 𝘢 𝘤𝘰𝘯𝘷𝘦𝘳𝘨𝘦𝘯𝘤𝘦 𝘰𝘧 𝘢𝘳𝘵𝘪𝘧𝘪𝘤𝘪𝘢𝘭 𝘪𝘯𝘵𝘦𝘭𝘭𝘪𝘨𝘦𝘯𝘤𝘦 𝘢𝘯𝘥 𝘣𝘭𝘰𝘤𝘬𝘤𝘩𝘢𝘪𝘯 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘺, 𝘵𝘩𝘦 𝘮𝘢𝘤𝘩𝘪𝘯𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘺 𝘤𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘵𝘳𝘪𝘣𝘶𝘵𝘦 𝘶𝘱 𝘵𝘰 $15 𝘵𝘳𝘪𝘭𝘭𝘪𝘰𝘯 𝘵𝘰 𝘵𝘩𝘦 𝘨𝘭𝘰𝘣𝘢𝘭 𝘦𝘤𝘰𝘯𝘰𝘮𝘺 𝘣𝘺 2030, 𝘢 𝘗𝘸𝘊 𝘳𝘦𝘱𝘰𝘳𝘵 𝘴𝘢𝘪𝘥. | Via CryptoSlate | January 2023
INDUSTRIAL METAVERSE
“𝘐𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘢𝘭 𝘔𝘦𝘵𝘢𝘷𝘦𝘳𝘴𝘦 𝘪𝘴 𝘢𝘯 𝘦𝘮𝘦𝘳𝘨𝘪𝘯𝘨 𝘵𝘳𝘦𝘯𝘥 𝘵𝘩𝘢𝘵 𝘵𝘢𝘳𝘨𝘦𝘵𝘴 𝘤𝘰𝘮𝘣𝘪𝘯𝘪𝘯𝘨 𝘪𝘮𝘮𝘦𝘳𝘴𝘪𝘷𝘦𝘯𝘦𝘴𝘴, 𝘳𝘦𝘢𝘭-𝘵𝘪𝘮𝘦 𝘥𝘢𝘵𝘢 𝘢𝘯𝘥 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘵𝘸𝘪𝘯𝘴 𝘵𝘰 𝘤𝘳𝘦𝘢𝘵𝘦 𝘯𝘦𝘸 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘮𝘰𝘥𝘦𝘭𝘴 𝘢𝘯𝘥 𝘢𝘤𝘤𝘦𝘭𝘦𝘳𝘢𝘵𝘦 𝘥𝘪𝘨𝘪𝘵𝘢𝘭𝘪𝘻𝘢𝘵𝘪𝘰𝘯,"
wrote IoTeX - Connect Smart Devices to Smart Contracts’s Dr. Xinxin Fan, Ph.D., CISSP and Siemens co-authors Steeve B. and Saurabh Narayan Singh.
🔹One of the puzzle pieces of Industrial Metaverse will be connecting the edge devices and trusted data flow with the digital twins to create near real-time simulation and prediction for real-world situations.
🔹To enable ecosystem-based participation and growth of the Industrial Metaverse, it will be important to incentivize network participants.
🔹This incentivization could be for data sharing, verifying the origin or authenticity of components, designs and assets, or creating new ones within the metaverse.
🔹Enabling edge devices to directly participate in the incentivization mechanism would create further autonomy and highly efficient digitalization use cases.
Source: https://bit.ly/3lhKCCM
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🔹Enabled by private 5G deployments, and leveraging DT/ML technology, actual and forecasted investments in the Industrial Metaverse are soaring, while consumer ones are still lagging behind.
🔹Two leading tech firms co-authored an Industry IoT Consortium article introducing the machine economy, a new IoT digital transformation frontier that, according to PwC, will contribute to 70% of the global Gross Domestic Product in the next seven years.
🔹The Research conducted by IoTeX - Connect Smart Devices to Smart Contracts and Siemens explores why IoT and distributed ledger technology, such as blockchain , will enable machine economy growth and unlock new opportunities for IoT manufacturers and end-users.
🔹The report also describes some of the disruptive business models that the industry is witnessing and highlights implementation examples.
🔹It quotes a Next Big Thing AG study that defines the machine economy as a network of smart, connected, and economically independent devices and machines acting as autonomous market participants, executing economic transactions and other activities with little to no human intervention.
Sorce: https://bit.ly/3RmU83i
#industrial #iot #iiot #ai #ml #industrial #metaverse #industrialmetaverse #machineeconomy #distributedledgertechnology #dlt #blockchain #edgecomputing #digitaltwins #private5g #industryiotconsortium #iic
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𝐂𝐇𝐀𝐑𝐓𝐈𝐍𝐆 𝐃𝐈𝐒𝐑𝐔𝐏𝐓𝐈𝐎𝐍 - 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝐟𝐨𝐫 𝟐𝟎𝟐𝟑 𝐚𝐧𝐝 𝐛𝐞𝐲𝐨𝐧𝐝 🚀🚀🚀
[𝑰𝒏𝒅𝒖𝒔𝒕𝒓𝒊𝒂𝒍] 𝑴𝒆𝒕𝒂𝒗𝒆𝒓𝒔𝒆 & 𝑫𝒊𝒈𝒊𝒕𝒂𝒍 𝑬𝒙𝒑𝒆𝒓𝒊𝒆𝒏𝒄𝒆𝒔 | Via The Wall Street Journal & Global X ETFs | December 2022
🔹Technology-enabled disruption is in full force across the global economy. COVID-19 accelerated the pace of adoption of digital products and services, forever changing entertainment, commerce, payments, and other key consumer activities.
🔹With active participation growing, society’s demand for and expectations of platforms and hardware are shifting.
🔹As consumer needs evolve, shaped by new generations, these demands will have lasting implications for subsectors and categories.
𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞 𝐔𝐭𝐢𝐥𝐢𝐭𝐲 𝐄𝐱𝐭𝐞𝐧𝐝𝐬 𝐁𝐞𝐲𝐨𝐧𝐝 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐌𝐞𝐝𝐢𝐚
🔹The evolution of enabling technologies will take the Metaverse beyond the Early Adoption phases and help it disrupt historically laggard markets and industries.
Mixed Reality Use Cases Across Industries
𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 & 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠
🔹Guided training and remote support
🔹Real-time factory diagnostics
𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠
🔹3D visualization and CAD
🔹Teamwork and collaboration
𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧
🔹Immersive, interactive learning
🔹Any subject, anywhere
𝐑𝐞𝐭𝐚𝐢𝐥
🔹Try before you buy: clothes, furniture
🔹Personalized products and coupons
𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞
🔹More efficient patient care
🔹Surgical training and visualization
Source: https://prn.to/3Jdbtru
#industrial #iot #iiot #ai #ml #industrial #metaverse #industrialmetaverse #virtualfactory #immersive #collaborative #digitaltwins #augmentedreality #mixedreality #virtualreality #ar #mr #vr
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Bio: Fabio Bottacci is a relationship builder, creative problem solver and strategic thinker. Senior industrial executive, he acquired a solid background in large multinational organizations across Brazil, US, and Western Europe. He is known for his ability to deliver results despite ambiguity and obstacles, to build bridges between people and to manage conflict and negotiations.
He began his career at Accenture Italia, strategy practice, while attending MBA courses. He then moved to Brazil, where he consistently proved, during more than 20 years of professional experience, strong client's network, industry knowledge and business development expertise in the oil and gas, automotive and energy/utilities verticals.
Since 2015, he has been the founder & CEO of VINCI Digital - Industrial IoT Strategic Advisory, being recognized internationally as a thought leader by well-known organization, such as the World Economic Forum, IoT Solution World Congress, BNDES, etc., and helping startups, SME, and big corporations to thrive within the actual digital transformation environment, by developing new business models, and delivering actual results/ROI in months, not years.