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Metaverse with AI & IOT can accelerate economic growth

For years now, virtual worlds have existed online, but at present, users can’t travel from one place to another while retaining their identities and assets. With the further advancement of technologies like AI, Metaverse, IOT, AR, VR, and 5G, people can move in a virtual space, hang out with friends, visit places, attend meetings & events, buy goods and services, etc. in the metaverse. Yes, your holograph is your clone that is borderless!

To put it simply, the metaverse can be defined as a shared digital world where real or physical, virtual and augmented reality converge. This convergence of physical, augmented, and virtual reality was not only popularised in the 1992 sci-fi novel Snow Crash by Neal Stephenson, but is currently an emerging topic in today’s headlines.

The inevitable metaverse will eventually solve the problem of disparate online worlds, turning them into a single, seamless entity. It has even been called Web 3.0 by experts, the next phase of the internet.

Recently, in 2021, to exhibit its new vision to the metaverse, Facebook renamed itself as Meta. Lately, (word repeated) CEOs of tech companies publicly discussed their individual roles in building the Metaverse in 2021. Microsoft, Match Group, among many others, are some of the faces behind the development of metaverse technology.

Digital Twins: AI and IOT are inseparable.

The Internet of Things would have been hard to imagine ten years ago, but the concept has been improved by new AI technology. In visual-based space, there has been a boom of new 3D spaces with stereoscopic imaging and AI combined with animation features.

The digital twin market is expected to be worth $29 billion by the year 2025, a 61% growth rate over 5 years. Grand View Research reports that the size of the digital twin market will reach $86.09 billion by 2028 due to strong demand in the semiconductor, intelligence sensor, and compiler markets.

As we enter the digital twin era in manufacturing and consumer technology, more manufacturers are turning to companies that can help them approach problems with faster diagnostic tools, predictive maintenance, and efficiency.

To further their impact in Industry 4.0, companies are increasingly relying on machine learning (ML) to bolster their customer engagement strategies, with many ML companies reporting an upswing in interest since the beginning of 2017.

Due to issues of scalability, it’s no longer enough to think about the IoT and sensor data because of how we can meaningfully utilise the real-time data to power our lives. By using smart technologies, executives and managers can increase their company’s productivity and efficiency by up to 47%! 

AI and IOT after the entry of Metaverse

With the recent entry of Metaverse, the doors of incredible  possibilities are now open and along with digital twins, the potential for economic acceleration increased.

An avatar of a real object can sync data from the metaverse where live events are being hosted. Once inside the metaverse, you can simulate how that object will behave under various current conditions.

To put it simply, while simulating an avatar or 3D model in the metaverse along with AI and IOT, you can not only recreate it with live data, but feed it into the rest of the rendered world such that it operates exactly like it would in real life according to the same conditions.

Governments and organisations globally are planning various strategies and rolling out several plans for individuals and startups to work on this.

The discussion over the possibility of a single metaverse spans many industries, affecting business, industry, trade, and society. Although the current conversation mainly involves games, entertainment, and social interaction discussions, it can have much more dramatic impacts in other areas.

Marketing and communications professionals need to be aware of the potential benefits online marketing landscape of the metaverse will offer. Social media has already made promoting your business internationally possible, and the new limitless world of AI-based chatbots and 3D chat platforms may provide an interactive experience that’s more engaging than ever for users!

At the moment, there is no such shared metaverse. But with the rising demand, companies such as Facebook and BigTech are taking a lead in creating a shared virtual reality world, betting on its market appeal and potential to be a lucrative venture. Horizon (currently in beta), and Live Maps, the virtual reality platform by Facebook (now Meta), have a lot of implications for AI, IOT, AR, and VR.

In such a scenario, you can imagine a situation where the way “we buy or sell a product or service” will change completely in combination with digital twins in a metaverse environment. Our digital avatars will roam around the digital environment (metaverse) and interact with the digital avatars of shopkeepers or consumers and even execute their tasks. 

For the sustainable development of the metaverse, active participation and long-term involvement are required by tech enthusiasts and community members. It requires collaboration that is beyond borders and nationalities to create an economic system where everyone’s ideas and labour are met as regions work as a whole to provide as many benefits as possible to those involved.

Conclusion

With the transgressive future of the metaverse trending, original development was aiming to create a diverse and sophisticated economic system. Transborder and transregional economic systems were the original intent.

The future entails an inclusive economic value system, supported by AI, IOT, AR, VR, and Metaverse. It unites all people and provides for everyone equally. A developed metaverse system allows us to use a consensus-based value system which provides equitable economic potential for everyone.

The possibilities of a metaverse with IOT and AI are endless. Because other simulations can be carried out in the same way that humans normally cannot, unlimited amounts of data could be collected to solve world conflicts and create a better global governance system. The greater our understanding of one another, the more inclusive our world will eventually become.

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