Nokia and EY have just published a study, The Metaverse at Work, on the industrial metaverse and what it is expected to deliver on. The study surveyed 860 business leaders from the US, Brazil, UK, Germany, Japan and South Korea. 

Technology in the Metaverse

EY uses data, technology and a diverse global team to create long-term value for clients, across assurance, consulting, law, strategy, tax and transactions. 

Nokia uses its expertise in mathematics, physics, computing and engineering to solve problems for clients. The company aims to pursue responsible, sustainable technology solutions. Nokia believes that the best research is done collaboratively, which is where EY comes in. 

Results from the collaborative study show that companies who have already deployed industrial metaverse use cases, are seeing more reported benefits than those still in the planning phase, most notably in:

• Capital expenditure reduction 15%
• Sustainability 10%
• Safety improvement 9%

When using metaverse use cases, businesses appreciated the need for sufficient  infrastructure and robust analytical capabilities. Respondents said they placed greatest importance on the technical enablers, which are essential in meeting the demands of such use cases:

• Cloud computing 72%
• AI/ML 70%
• Network connectivity 68-70%

Using Metaverse technology to achieve business goals

Thierry Klein, President of Bell Labs Solutions Research at Nokia Bell Labs, shared his thoughts.

“This first-of-its-kind study highlights that network connectivity, cloud computing and AI/ML are crucial technologies for meeting the demands of Industry 4.0. The enterprise and industrial metaverses will require mission critical communications, flexible edge computing platforms and advanced analytical capabilities to provide immersive, interactive and contextually optimised end-user experiences. The report aligns strongly with our vision for Industry 4.0 and the research by Nokia Bell Labs on networks, software, AI and automation technologies. Given the level of complexity and breadth of the solutions required to successfully deploy metaverse use cases, we are seeing that many enterprises continue to rely on partners to deliver the needed technical capabilities. Collaboration and ecosystem partnerships are vital to unlock the full potential of the industrial metaverse.”

“The industrial and enterprise metaverses are here, this study shows the clear appetite for these technologies such as extended reality and digital twins to achieve business goals,” said Vincent Douin, Executive Director, Business Consulting and Business Transformation at EY. “We are already seeing many organisations going above and beyond the planning stages and recognising tangible benefits from their initial implementations.”