Simran Bagga is Vice President, Omnix International, Omnix Engineering and Foundation Technologies.
2023 is off to a strong start for Metaverse champions, with discussions surrounding whether the main drivers of Metaverse adoption will be the industrial and engineering world, retail brands, non-fungible tokens, travel and tourism, among others. There was a wide range of topics, including: The announcement of ChatGPT, based on Generative AI, and his challenging COP28 review of the global adoption of sustainability measures cast a shadow over the development of the Metaverse in the final quarter of this year.
As we move towards 2024, with continued innovation and affordability in augmented reality headsets, virtual reality headsets, and immersive experiences, it is increasingly recognized that the Metaverse will merge into what is now called the 3D Internet. Masu. Another important development is the integration of the virtual metaverse into the physical real world, adopting and displaying the rules of the physical world.
Just as artificial intelligence is impacting every area of the industrial and human world, it is also being incorporated into the metaverse. And like all digital platforms, Metaverse is expected to play a role in providing solutions and demonstrating and supporting efforts towards low carbon emissions and a circular economy.
The overall Metaverse market is expected to reach $800 billion by 2024, according to Bloomberg Intelligence. In addition, the analysis group's forecasts estimate that the world's metaverse economy will be worth more than $3 trillion within 10 years and contribute 2.8% to global GDP.
Here are some of the new features you can expect in the Industrial Metaverse for 2024.
Metaverse is a virtual platform for large-scale industrial projects, smart cities, urban planning, and simulation. With a focus on reducing carbon emissions, sustainability, and a circular economy, city planners are using digital twins and other embedded intelligent data models to create optimal designs while keeping long-term goals in mind. Visualize energy consumption and production design. Gamification is a newly added feature to increase user engagement and understanding in simulation scenarios.
Applications that require data, such as digital twins that support metaverses, feed data from two sources. Real-time data feeds are provided by the Internet of Things and deployed across engineering, industry, and urban landscapes as part of smart projects, smart cities, and smart building initiatives. For example, historical data related to weather patterns or demographics and other open data sources can help build intelligent support models within the metaverse.
The biggest strength of the 2024 Metaverse will be its ability to integrate all related disciplines and enable real-time collaboration through remote avatars. Sustainability and energy experts can view the model and share their recommendations. Engineers and architects can share design and materials recommendations, and city legislators can see large-scale impacts and plan to support legislation.
End user acceptance
Complex industrial, engineering, and urban projects can be better understood by stakeholders and end users when presented in a metaverse. With the addition of artificial intelligence and large-scale data models that support digital twin simulations, and integration with real-time data feeds, the immersive experiences provided by the Metaverse begin to more closely match real-world situations. This will help improve stakeholder evaluation of the project and ensure successful completion.
AI and machine learning
The integration of artificial intelligence within the 3D Internet is a key driver for creating better and more immersive real-life experiences. The integration of artificial intelligence will facilitate the addition of the following innovative capabilities to the metaverse:
Responsive virtual assistant
These virtual assistants are managed by machine learning. It adapts and learns from user interactions, anticipating user needs and providing personalized recommendations while continuously improving the quality of the experience.
natural language processing
Using natural language processing, virtual avatars become more realistic, enabling context-aware conversations and human-like interactions that become more socially dynamic.
Natural language processing and advanced artificial intelligence models help virtual assistants and avatars become socially aware. You can now detect and interpret your users' emotions using their tone of voice and facial expressions. They are supported by extensive intelligent and learning decision trees, and their behavior is not random.
One of the biggest benefits for Metaverse is its built-in intelligence that recognizes and stores avatar behavior and learns from avatar engagement. Artificial intelligence algorithms understand user behavior and improve personalized experiences within the Metaverse. This can include personalized content in the form of objects, lighting, space, responses, and even game challenge types. This is known as personalized content he curation by intelligent models.
According to Grand View Research, the augmented reality industry was valued at nearly $39 billion in 2022 and is expected to grow at a compound annual growth rate of nearly 40% from 2023 to 2030.
Looking ahead to 2024, game rules will increasingly adapt and integrate the real world into the immersive world of the Metaverse. Businesses must partner with specialized solution providers to stay abreast of these intelligent adaptations as they unfold into 2024.
The better and faster this merging of the physical and virtual worlds takes place, the more successful the Metaverse will be in generating business and commercial benefits.