While the metaverse has been relatively slow to take off, it was discussed at Davos last week, many still look to it as the future of technology—if it can be appropriately harnessed.
- Over the last year, the concept of an industrial metaverse has grown increasingly interesting to those looking to capitalize on the usefulness of the metaverse’s interconnectivity.
- As explained by the World Economic Forum, the industrial metaverse would be “a highly immersive and connected virtual and physical reality enabling never-before-seen levels of connectivity and data analytics.”
- Exactly how this concept would come to life and how it would be used is still up for discussion, but some of the technology for this vision already exists.
- Artificial intelligence, blockchain, cloud and edge computing, and extended reality are all tools already available to build an industrial metaverse.
Why it’s news
Some consider the metaverse to be the next generation of the internet. Through virtual reality technologies, the internet will interact with the physical world.
Some experts predict the metaverse could become an $800 billion market by 2024, Bloomberg reports. Augmented, virtual, and mixed reality will become necessary for full immersion into the metaverse. Digital assets will also have to become more commonplace to accept the metaverse fully.
A settled definition for the metaverse is still in flux, but the move to more virtual reality in business and social engagement could be potentially disruptive to the current way of life. The benefits of the metaverse are numerous, but so are the challenges.
In a World Economic Forum panel discussion last week, Rwandan technology and innovation minister Paula Ingabire talked about the potential benefits of the metaverse within her country. Already, Inagbire says that the Rwandan government is discussing how the metaverse can be useful in multiple industries, including tourism, education, and healthcare.
However, Ingabire emphasized that the government is also working to ensure that proper privacy regulations are in place to protect users of the metaverse.