The metaverse offers opportunity for escapism and empowerment.
Market research published last summer suggests the total AR/VR market will top $700 billion by 2025, suggesting a compound annual growth rate close to 75%. Those are amazing statistics, although we know investment in virtual and augmented reality has surged during the pandemic. Spending on VR has increased, particularly among consumers constrained to stay at home for extended periods. They have time, and they’re bored. But professional applications are also expanding quickly in marketing, retail, healthcare and manufacturing.
As a concept, AR/VR is closely connected with another emerging phenomenon: the metaverse. The distinction between the two is quite blurred. The metaverse is perhaps best envisioned as an alternative reality whose scope extends throughout the entire internet and into the real world. Although there will be elements of virtual reality, and a VR headset will provide one means of entering the metaverse, the big tech giants are thinking much bigger. Facebook’s parent company has even changed its name to Meta, a clear expression of its ambitions.
We can expect this alternative reality to start becoming accessible through gaming and entertainment applications. People will exist and move around as avatars, go to shops, attend concerts. The chance to style our appearance and create our own reality is a fantastic opportunity for escapism. And who could blame anyone seeking an escape from the real real world?
Is it possible to achieve robot ethics when humans providing the framework are inherently flawed?
It has been over 80 years since Jorge Luis Borges published his short story “The Library of Babel,” and now the virtual library is open to visit. Borges described a theoretical library of books that, together, contain all possible combinations of letters in the alphabet, with a few provisos and limited punctuation. The idea was this library would contain every book, every article, song, play, etc., that has been – or ever could be – written, among an overwhelming quantity of apparently meaningless material.
It’s a mind-boggling concept, used to explore ideas of time, meaning, the human condition – behavior, frailties, the shortness of life – and our place in the universe. It’s clear this library was imaginary. Borges never expected it to exist. Now, leveraging the computing power available to us today, the website libraryofbabel.info has brought the literary concept to life as a virtual “universe.”
Seven years from now, the era of artificial general intelligence (AGI) will begin, according to Ray Kurzweil. AIs trained for specific tasks such as image, pattern or speech recognition are already in the world and routinely assisting with demanding tasks in industry, medicine, financial analysis, photography and more. Kurzweil said by 2029 a machine will be able to pass the Turing test, the so-called imitation game, in which a human interrogator questioning a machine and a human should be unable to distinguish between the two based on their responses.
Read more: Man vs. Machine: AI Will Soon Win the Imitation Game
There is a a technological solution for most things these days, and in this case virtual reality (VR) has been put forward to help new employees explore their working environment, find the locations of essential amenities, and experience lifelike introductions to the various activities and departments. The process can be completed quickly and efficiently, without the logistical challenges and delays that occur in the real world. It’s also as cost-effective and easy to onboard a group as it is an individual, and can save section heads and other presenters from repeatedly taking time from their main duties to address the newcomers.
VR is not new, of course. What’s happening is cases for using it in an ever-expanding variety of activities are becoming stronger as computing power and affordability increase. When a viable business case can be perceived, software application developers can get started, and a new market can begin – with all the new opportunities for technical and commercial development that come with it.
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Read more: VR and AR Can Improve Lives as Well as Business Performance
Even our wildest predictions for new technologies like the IIoT could be too modest.
“One day there will be a telephone in every major city in the USA.” This outrageous assertion, attributed to Alexander Graham Bell, illustrates the difficulty we face in trying to grasp the full potential of great opportunities. He also suggested – presumably later – that “the day is coming when telegraph wires will be laid onto houses just like water or gas – and friends converse with each other without leaving home.”
And so it is, I’m sure, with the Internet of Things (IoT). It’s just getting started. Of course, great claims have been made, particularly on the number of devices that will become connected. The IPv6 address space permits more connections than we can practically contemplate. But it’s the types of applications and services, the capabilities we will gain by leveraging data from IoT devices, that will change the way we live and work in ways we cannot conceive right now.
Under the general heading of the IoT, the Industrial IoT (IIoT) has taken on a life of its own as commercial organizations realize the potential benefits. It’s a key element of the fourth industrial revolution, the enabler for physical systems to become cyber physical systems.
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