81% of industrial companies boost spending on the metaverse
11 November 2024 
More than three quarters (81%) of industrial companies around the world are using, testing or planning to implement industrial metaverse technologies, according to a major new survey which quizzed more than 900 people in seven countries, working in 16 different industries. The survey – conducted jointly by S&P Global Market Intelligence 451 Research and Siemens – found that almost two-thirds of these companies are using or testing metaverse technologies to enhance their product development, operations, workforce management, or supply chain management. The others are making strategic investments in technologies such as digital twins, industrial AI and the Internet of Things (IoT), with plans to implement them within three years.
In 2024, 62% of companies that operate globally increased their spending on industrial metaverse technologies, with 30% of companies saying they are already investing more than $10m a year.
The take-up of these technologies varies across industries, with 38% of those involved in industrial products using them, compared to 26% each in electronics, and food & beverages.
The two-part report examines the industrial metaverse from both business and technological perspectives.
More than two-thirds (68%) of mid-sized businesses are increasing their investments in this area, while 58% of larger companies (those employing more than 5,000 people) report year-on-year increases in spending. Some 58% of companies with fewer than 1,000 employees are boosting their spending on industrial metaverse technologies. However, they are more likely to face challenges due to limited resources and technical hurdles.
“The industrial metaverse is proving to be more than just a promising concept – it’s emerging as a core driver of the digital transformation,” says Brian Partridge, head of research at S&P Global Market Intelligence 451 Research. “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. 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.”
Geographically, the US is the front-runner with 38.4% of companies saying they are actively using industrial metaverse technologies, and 35.1% reporting that they are in the testing phase. China follows closely, with 37.9% of companies already using metaverse technologies, and 39.9% testing them. In Germany, 34% of companies are employing the technologies, while in Canada, Australia, the UK and India, 21–27% of companies are using the technologies, and 29–36% are testing them.
“The fundamental technologies that enable the industrial metaverse are being rapidly developed worldwide,” comments Siemens’ chief technology officer and chief strategy officer, Peter Koerte. “Investments in digital twins, AI and the IoT 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.”
