McKinsey has estimated that metaverse economic activity could hit $5 trillion as soon as 2030. If fully adopted, the metaverse has the potential to transform the way people design and make.
In both architecture and product design, the creative process in the metaverse will be collaborative, interactive, and immersive so that designers and engineers can iterate on projects seamlessly in a virtual space. Whether making a consumer product, an entire factory, or an infrastructure system, stakeholders can participate in immersive design reviews in XR. On a construction site, for example, workers using mixed reality could virtually walk through and examine the digital twin as it’s being built.
The developing world of spatial computing, which includes metaverse capabilities but casts a wider net, also has enormous implications for industrial applications. Spatial computing has the potential to essentially break down the boundaries between digital assets and the physical world, through the pervasive use of technologies such as AR smart glasses, the Industrial Internet of Things (IIOT), edge computing, 5G connectivity, AI, and cloud connectivity. With spatial computing and XR, great leaps could be made in monitoring facility performance, onboarding employees faster through simulations, and making work environments safer for workers and better prepared for risk avoidance.
The metaverse will also have collaborative effects on media and entertainment production at the same time as new permutations of entertainment inside the metaverse are being developed. The lines between interactive gaming and passive entertainment could blur. Viewers, for example, could watch a movie as if they’re actually in the fictional world of the film and even influence the unfolding of the story. AI in the metaverse could make storytelling and gaming more personalized, with the participant having more and more say in the appearance and activities of the virtual world. The media and entertainment industry will also create the metaverse environments for real-time, large-scale participatory gatherings where people can shop; hold their own virtual events; and virtually visit foreign cities, historical sites, museums, and other destinations.