WEF Predicts Change In Industry Due To Metaverse Tech

An article has been published by the World Economic Forum (WEF) in which it has predicted the evolution of metaverse tech and how different sectors will see its impact.

Industrial environments will see the biggest impact of the metaverse tech implementation where organizations are concerned, as it will reduce expenses and carry out multiple tasks.

Impact on industry


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According to the WEF, the adoption of metaverse tech will first happen in industrial environments as opposed to consumers.

On January 13th, the World Economic Forum published an article, which predicted that the industrial level will see the first implementation of the metaverse technology.

It said that different companies would be able to use it to efficiently accomplish their monitoring and designing tasks.

The new phase will see two metaverse technologies become extremely important for industries, which will be extended reality and digital twins.

The latter involves digitalizing a group of elements that belong to the real world and its implementation will enable testing an element’s functionality.

It could also be used for developing a prototype model without having to do it physically, or for assessing the possible inefficiencies associated with an assembly line.

The technologies

Another technology that was mentioned in the article was extended technology, which designers will use for mixing digital elements with those from the real world.

This will allow them to assess the interactions of the two. Several companies have already adopted these technologies, which include carmaker Renault.

In November 2021, the company launched its industrial metaverse and its implementation will help the company save $330 million by 2025.

Consumer metaverse


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Companies like Meta have been focused on the consumer metaverse and others have also invested billions in this sector.

Nonetheless, the WEF believes that innovation will come from the industries and not the consumer metaverse.

The article said that technologies developed for the industrial metaverse would likely be introduced in the consumer metaverse as well.

These will include AI sensing awareness, advanced haptic interfaces, and micro-optics. According to the organizations, both of the two metaverses will be able to help each other after they are established.

But, it recommends that rather than investing resources into the consumer metaverse, it is better to shift the focus toward the industrial metaverse.

This can already be seen in a number of sectors. This is not the first time that the World Economic Forum (WEF) has talked about the metaverse.

Last year in May, the WEF issued recommendations that were aimed at ensuring privacy and safety where metaverse worlds are concerned.

It specifically referred to ensuring the privacy and safety of children who would also be a part of the metaverse environments.

While 2021 had seen the concept of metaverse flourishes and grow, the same did not happen in 2022. Interest has significantly cooled in the sector, as the broader crypto market saw a downturn.


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Regardless, companies are still continuing to make investments in the metaverse, even if it has slowed down significantly over the last year.


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