Last updated on May 17th, 2024
In the ever-shifting landscape of modern business, visionary CEOs are constantly seeking innovative solutions to gain a competitive edge. Among these game-changers is the untapped potential of 3D models and digital twins — transformative assets capable of revolutionizing every facet of an enterprise.
The lifetime value of 3D models across its lifetime for a business is far greater. This investment can enable any buiseness to grow further. But it is important to know how they can leverage the benefits.
3D Model and The Market Opportunity
3D models are the basis for most product design and manufacturing. From cars to shoes, ships to buildings, businesses around the world are leveraging the power of design in three dimensions to quickly and efficiently design and create new products, while also reducing waste through a reduction in samples required to get products to market.
3D models can be utilized within an enterprise organization, across a variety of industries and applications. Whether it’s improving design efficiency, enhancing product visualization, or creating immersive marketing experiences, 3D models are revolutionizing the way businesses operate and engage with their customers.
This is part of a larger trend where 3D, AR, virtual reality (VR), and extended reality (XR) will have a substantial impact on the estimated $8 trillion Metaverse industry over the next two decades.
3D For Design and Manufacturing
In modern manufacturing, 3D begins at the heart of most organizations — the design department. The adoption of 3D methodologies and tools is driving a paradigm shift in how products are conceptualized, developed, and ultimately brought to life.
Software titles such as Revit, AutoCAD, 3DS Max, Maya, Blender, Sketchup, Solidworks ZBrush, Houdini, and Cinema4D empower creators to visualize concepts in a three-dimensional space, fostering a deeper understanding of intricate details and potential challenges. This minimizes errors early in the development cycle, saving both time and resources.
According to a survey by the Aberdeen Group, companies that use 3D x in their product design process have an average design cycle time 38% shorter than companies that do not use 3D modeling.
3D Investment Valuation Across the Enterprises
In order to build a financial model to show the investment and return, it’s important to understand the potential use cases for 3D models.
Cost + Benefit = Value
The cost to create 3D models can vary wildly from a few dollars to a few thousand. Here’s a nice breakdown on how to cost these valuable assets to your business (Note: in today’s market, the rates should be at least doubled if you’re outsourcing this work.)
Assumptions: An ecomm brand with $5 million annual revenue decides to invest 5% marketing budget on 3D adoption. That equals to roughly $250k. Based on industry case studies, the generic sales growth observed due to 3D adoption is around 20%.
This is equal to $1 million extra revenue generating from sales annually. On a 5 year scale $250k investment can yield $5 million excess sales for the enterprise. So the valuation of 3D models for the brand in 5 years is roughly $5.25 million.
This is the power of 3D adoption!
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