South Korean consortiums leading the realization of industrial metaverse.

Consortium achievements illustrate the capability of industrial metaverse in 3 industry whitepapers

SEOUL, SOUTH KOREA - Media OutReach Newswire - 1 October 2024 - Technology is evolving to support modernization and enable innovation in industry. South Korea's National IT Industry Promotion Agency (NIPA) is supporting local technology development, eventually promoting the efforts and success to an international audience.

Though often conflated with gaming and social networking, metaverse is an important tool that can improve operations and is increasingly being leveraged for industrial environments.

In 3 recently released whitepapers, NIPA and Frost & Sullivan detail the cases of successful industrial metaverse implementation in the country. By sharing these cases, NIPA is expressing the capability of domestic technology and promoting Korean expertise internationally.

Junam Lee, Director at NIPA for the Metaverse Convergence team says, "We believe that we have lots of advanced technologies to share and cooperate with nearby countries in terms of geography and culture."

Most organizations cannot easily execute industrial metaverse technology due to budget and customization requirements. These papers identify ways that this innovative technology can be implemented right now.

Supporting flexible manufacturing in the automotive industry
One of the papers published details the benefits of the industrial metaverse and how it has supported the manufacturing industry, specifically automotive. The automotive industry, which is a major part of many Asian economies, is evolving to require flexible manufacturing systems for electric and autonomous vehicles. This paper outlines the path to industrial metaverse realization that enables flexible manufacturing. The consortium led by Shutagen, a technology service company, was able to achieve business and manufacturing agility through industrial metaverse with a deployment at the Hyundai Ulsan plant.

XR devices to enable multiple use cases
Another paper looks at the use of extended reality (XR) devices and how they support the expansion of metaverse use in industry. The consortium project aimed to develop a mass-produced XR device supply chain in Korea to support use domestically and internationally. The consortium, led by P&C Solution, developed XR devices for uses like employee training, assembly line optimization, asset inspection, testing and validation, and more.

Digital twins enabling smart construction
The 3^rd paper explores the construction industry and how metaverse enables digital twins of construction projects, allowing for benefits like real-time visualization, simulation, and collaboration across the entire project lifecycle. Hanmac Engineering, a construction engineering company specialized in smart construction, led the consortium to address the need for digital transformation in the construction industry.

The papers highlight the great potential benefit of implementing industrial metaverse for international companies, and illustrate how advanced South Korea companies can be great partners, regardless of budget or customization requirements. Organizations looking to modernize through new technologies must understand the current uses to leverage the potential of industrial metaverse.

Kenny Yeo, Director from Frost & Sullivan, details, "Though metaverse is still in its nascent stage, these examples have been able to leverage the technology and illustrate the practical and tangible benefits. These projects exemplify the benefits of NIPA's metaverse consortium support."

• Safe and effective improvement in productivity is achieved through the implementation of innovative technology and metaverse.
• Proven capability through specific and varied case studies shows flexibility and achievability for future deployments.
• Replicable outcomes make South Korean partners attractive for international organizations looking to achieve the same results.

Lee explains, "the main benefit of these technologies is the remarkable improvement of productivity and efficiency in the field. The opportunities for application to the industry are immense, and we hope to create opportunities to collaborate with overseas companies."

With a strong belief in the advanced technologies of local companies, NIPA is sharing the capabilities and outcomes of these efforts. To learn more about these consortiums and read the case studies, visit the following links:

- Harnessing the Power of Industrial Metaverse in Modern Vehicle Manufacturing: https://www.nipa.kr/home/2-7-1-1/15650
- Reshaping South Korea XR Tech Landscapes & National Competitiveness: https://www.nipa.kr/home/2-7-1-1/15651
- Metaverse-Powered Transformation in Construction: https://www.nipa.kr/home/2-7-1-1/15652

Hashtag: #NIPA #FrostAndSullivan #Shutagen #P&CSolution #HanmacEngineering #Hyundai #Metaverse #ExtendedReality #SouthKorea


https://www.nipa.kr/eng/index

The issuer is solely responsible for the content of this announcement.

About National IT Industry Promotion Agency (NIPA)

National IT Industry Promotion Agency (NIPA) is a Korean government agency under the Ministry of Science and ICT, pioneering digital innovations in South Korea through supporting the spread of core technologies including AI, metaverse, cloud solutions and digital health. NIPA provides customized supports to fit companies' life cycles from business foundation through to global expansion.

About Frost & Sullivan

For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion.