Nokia and EY’s Study Explored The Current State of Metaverse Adoption and Its Expected Growth
The concept of the Metaverse, a fusion of the digital and physical worlds, has gained significant attention in recent years. In collaboration with EY, Nokia recently conducted a study to explore the current state and potential of the Metaverse in enterprise and industrial applications. The study surveyed 860 business leaders across six countries, providing valuable insights into metaverse technologies’ benefits, adoption rates, and future expectations.
The study reveals that companies that have already implemented metaverse use cases are experiencing tangible benefits, surpassing the expectations of those in the planning phase. Notably, respondents reported capital expenditure reduction (15%), sustainability improvements (10%), and safety enhancements (9%) as the most significant advantages, clearly demonstrating that the Metaverse is more than just a buzzword; it has the potential to revolutionize business operations.
Rapid Adoption and Positive Outlook
The findings suggest that businesses are embracing the Metaverse and believe in its long-term potential. A mere 2% of respondents view the Metaverse as a passing trend, while 58% of companies with future metaverse plans have already deployed or piloted at least one metaverse-related use case. Additionally – and impressively – an overwhelming 94% of businesses that still need to embark on their metaverse journey plan to do so within the next two years.
Industrial Metaverse Driving Business Value
The industrial Metaverse, focusing on physical-digital fusion and human augmentation in industrial applications, is proving particularly impactful. On average, 80% of companies implementing metaverse use cases believe they will have a significant or transformational impact on their business operations.
Respondents recognize the Metaverse’s potential to accelerate the deployment, adoption, and monetization of Industry 4.0, enabling innovative capabilities and enhancing product design and processes.
Geographical Adoption and Expectations
The study highlights varying levels of metaverse adoption across countries. Currently, the United States (65%), the United Kingdom (64%), and Brazil (63%) lead the way in deploying or piloting industrial or enterprise metaverse use cases. Germany and Asia Pacific countries, such as Japan (49%) and South Korea (49%), are slightly less advanced in their adoption.
Transformative Use Cases and Technical Enablers
Enterprises identify extended reality for training and virtual research and development (R&D) as the most promising use cases for transformative value. They recognize the importance of robust infrastructure and analytical capabilities in successful metaverse deployments. Key technical enablers such as cloud computing (72%), AI/ML (70%), and network connectivity (68-70%) are viewed as crucial foundations to meet the demands of metaverse use cases. To bridge technical expertise gaps, companies are partnering with external organizations.
The Vision of Nokia and EY
Vincent Douin, Executive Director at EY, emphasizes that organizations are moving beyond planning stages and witnessing tangible benefits from metaverse implementations. At the same time, Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, affirms that the findings align with their vision of the industrial Metaverse as an extension of Industry 4.0.
Nokia’s extensive research positions them to support companies already equipped with mission-critical communications networks for Industry 4.0, enabling them to harness the benefits of the Metaverse.
About Nokia
As a B2B technology innovation leader, we are pioneering networks that sense, think, and act by leveraging our work across mobile, fixed, and cloud networks. In addition, we create value with intellectual property and long-term research led by the award-winning Nokia Bell Labs.
Service providers, enterprises, and partners worldwide trust Nokia to deliver secure, reliable, and sustainable networks today – and work with us to create the digital services and applications of the future.
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