Companies Increase Investments in Industrial Metaverse Tech

S&P Global Market Intelligence 451 Research and Siemens published a technology report on the status of the industrial metaverse in 2024. The report is based on a survey of 907 participants across 16 industries and seven countries (Australia, Canada, China, Germany, India, the UK, and the US), as well as on additional qualitative interviews.

The report shows that 81% 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 IoT and planning to implement them in specific industrial metaverse solutions within the next three years. In 2024, 62% 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.

“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% reporting higher spending. The share of those investing more than US$10 million annually has doubled to 30% compared to the previous year. Medium-sized businesses are increasing their investments at an above-average rate, with 68% reporting higher outlays year-over-year. Companies with fewer than 1,000 employees are also taking action; 58% are increasing their spending on industrial metaverse technologies. However, they more frequently face challenges due to limited resources and technical hurdles.

Investments in the industrial metaverse are growing in all key markets. The US leads with 38.4% of companies actively using industrial metaverse technologies and 35.1% currently in the testing phase. China follows closely, with 37.9% of companies already using solutions and 39.9% testing them. Germany is also strongly engaged here, with 34% of companies employing the technologies and 31.9% in the testing phase. Other countries, including Canada, Australia, the UK, and India, are also making progress with the technologies, with 21% to 27% of companies actively using and 29% to 36% 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% of respondents classified as leaders. Europe follows with 19%, while 15% 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.