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Press Release07 November 2024Siemens AGMunich
62 percent of companies increase investment in industrial metaverse technologies, according to a new study
The report shows that 81 percent of
companies are already using, testing, or planning to implement industrial
metaverse use cases. Nearly two-thirds of these companies are employing or
testing solutions to enhance product development, operations, workforce
management, and supply chain management. The remaining companies are making
strategic investments in technologies like digital twins, industrial AI or the
Internet of Things (IoT) and planning to implement them in specific industrial
metaverse solutions within the next three years. In 2024, 62 percent of the
globally operating companies increased spending for industrial metaverse
technologies.
“The fundamental technologies that enable
the industrial metaverse are being rapidly developed worldwide. Investments in
digital twins, artificial intelligence and the Internet of Things are
accelerating. Many companies are not only experimenting with these technologies
but are already employing and scaling concrete use cases that demonstrate the
added value of the industrial metaverse. The transformation taking place in
industry has a clear strategic goal: tapping and leveraging smarter and more
efficient solutions across industries,” said Peter Koerte, member of the
Managing Board of Siemens AG, Chief Technology Officer and Chief Strategy
Officer.
“The industrial metaverse is proving to be
more than just a promising concept – it’s emerging as a core driver of the digital
transformation. Companies of all sizes are committing substantial resources and
advancing from testing to implementing integrated solutions that can master
complex challenges on a large scale,” added Brian Partridge, Head of Research
at S&P Global Market Intelligence 451 Research. “This shift from pilot
projects to full application reflects the growing confidence in the metaverse’s
potential to drive efficiency and innovation across various industries.”
Companies employing more than 5,000 people
are showing a significant increase in their investments in this area, with 58 percent
reporting higher spending. The share of those investing more than US$10 million
annually has doubled to 30 percent compared to the previous year. Medium-sized
businesses are increasing their investments at an above-average rate, with 68 percent
reporting higher outlays year-over-year. Companies with fewer than 1,000 employees
are also taking action; 58 percent are increasing their spending on
industrial metaverse technologies. However, they more frequently face
challenges due to limited resources and technical hurdles.
The depth of integration of these new
technologies, however, varies significantly across industries. The highest
share of companies using these technologies are those operating in the fields
of industrial products (38 percentThe growing investments in 2024 across all
regions underscore that the industrial metaverse is becoming a reality.
Companies are increasingly prioritizing technologies that will drive efficiency
as well as sustainable growth in the years to come.nics (26 percent), and food and beverages (26 percent).
Investments in the industrial metaverse are growing
in all key markets. The United States leads with 38.4 percent of companies
actively using industrial metaverse technologies and 35.1 percent currently
in the testing phase. China follows closely, with 37.9 percent of
companies already using solutions and 39.9 percent testing them. Germany
is also strongly engaged here, with 34 percent of companies employing the
technologies and 31.9 percent in the testing phase. Other countries,
including Canada, Australia, the UK and India, are also making progress with
the technologies, with 21 to 27 percent of companies actively using
and 29 to 36 percent testing them.
Despite the broad and accelerating
introduction of these technologies, however, the level of investment varies
across regions. North America leads in the depth of adoption, with 23 percent
of respondents classified as leaders. Europe follows with 19 percent, while
15 percent of companies in the Asia-Pacific region are considered leaders.
The growing investments in 2024 across all
regions underscore that the industrial metaverse is becoming a reality.
Companies are increasingly prioritizing technologies that will drive efficiency
as well as sustainable growth in the years to come.
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Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. Siemens also owns a majority stake in the publicly listed company, Siemens Healthineers, a leading global medical technology provider shaping the future of healthcare.
In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €74.9 billion and net income of €8.5 billion. As of September 30, 2023, the company employed around 305,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.
In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €74.9 billion and net income of €8.5 billion. As of September 30, 2023, the company employed around 305,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.