As part of efforts to integrate emerging technologies into its economy, Malaysia has unveiled a metaverse-based Intelligence Operations Centre (IOC), introducing a new wave of immersive digital infrastructure management.
Located in Selangor, the new Intelligence Operations Centre combines next-generation technologies to offer various functionalities for platform users. According to a report, the project leans on artificial intelligence (AI), Internet of Things (IoT), 3D visualization, and data analytics, pushing the frontiers of metaverse applications.
The report highlighted that the IOC will utilize AI for predictive maintenance and trend identification capabilities. Meanwhile, IoT devices will be used throughout the infrastructure network, feeding operational data into the IOC.
In terms of use cases, the newly minted IOC provides users with an immersive interface for managing infrastructure, leveraging 3D visualization technology. Users, spanning Malaysia’s public and private sectors, will be able to virtually navigate buildings and project sites that are a digital twin of their real-world equivalents on the IOC.
The IOC will enable users to monitor performance metrics and run simulations of operational strategies, thereby saving time and resources. Authorities say the pivot to a metaverse-based IOC will have its biggest use case from the government, allowing decision-makers access to live data streams from multiple projects.
The IOC will support the coordinated management of public infrastructure while enhancing the situational awareness of regulators. The system is poised to play a pivotal role in Malaysia’s push toward smart city initiatives and its adherence to global environmental, social, and governance (ESG) best practices.
Apart from supporting ESG practices, the metaverse-based IOC has found application in crisis management. Drawing data from its IoT sensors and utilizing AI-based analysis, the IOC will enable users to anticipate potential risks, providing teams with the ability to respond swiftly to cases of infrastructural failures.
Meanwhile, the Malaysian authorities plan to extend the IOC to other states in the country after demonstrating early promise to key industry stakeholders.
Metaverse poised for a comeback
Global interest in the metaverse has waned, although new use cases are reigniting investors’ optimism. This time, proponents of metaverse-based technologies are shifting their attention away from gaming and entertainment to explore other applications.
One report predicts a boom in the manufacturing sector, while others highlight use cases in education and tourism. Flowing from the renewed interest, experts are predicting that the metaverse market will reach a market capitalization of $1.2 trillion by 2033, with several bullish analysts forecasting highs of over $3 trillion.
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Metaverse in healthcare tipped to hit $47 billion in market capitalization by 2034
In other news, the application of the metaverse in the healthcare industry is expected to grow in the coming days, with a new report citing a range of tailwinds behind the projected surge.
Exactitude Consultancy reported that the metaverse in healthcare is expected to reach a market capitalization of $47.7 billion by 2034, up from its current level of under $4.2 billion. The projected numbers from 2024-2034 reflect a compound annual growth rate (CAGR) of 27.1%, driven by a combination of emerging technologies.
The metaverse in the healthcare industry has shown significant promise via the integration of augmented reality (AR), virtual reality (VR), distributed ledger technology (DLT), AI, and IoT technology. The combination of these technologies creates virtual 3D environments complete with real-world data and clinical systems, offering a range of use cases.
The growing utility of metaverse technologies in healthcare is considered a key driver of growth, with use cases in medical training and surgical simulation reaching unprecedented levels. Furthermore, there has been a growing adoption of telemedicine and a rising demand for virtual care since the COVID-19 pandemic.
Other key growth drivers for the emerging sector include increasing investments by technology giants and the rise of DLT and non-fungible tokens (NFTs) for secure data ownership and interoperability between systems.
By component, the software segments hold a clear lead over hardware, underscored by the steep costs associated with VR headsets, sensors, and other haptic devices. The report predicts that by 2034, outpatients and home care users will comprise a significant portion of the market share, while hospitals and biotechnology companies will remain the largest demographic.
In terms of regional distribution, North America is expected to hold up to 40% of the global market share, driven by AR/VR innovation and the strong adoption of metaverse-based telemedicine use cases. Furthermore, the report noted that the Asia-Pacific region will be the fastest-growing, with the Middle East ranking second.
However, achieving a double-digit CAGR is not an easy feat, with the report emphasizing a range of potential headwinds. It mentioned regulatory uncertainties stemming from integrating metaverse technologies into healthcare, the steep cost of hardware, and a shallow digital literacy talent pool among healthcare professionals.
Metaverse resurgence amid rising regulatory activity in healthcare
Several reports have predicted that a metaverse revival is on the horizon after its initial boom and bust at the turn of the decade.
While healthcare utilization is rising, global regulators are stepping in to regulate the industry with new guardrails. The UN has urged national authorities to regulate the integration of emerging technologies, such as AI, in their local healthcare sectors to protect patients’ data and minimize errors.
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Watch: Unravelling the Metaverse at the CES Tech Las Vegas 2022
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Source: https://coingeek.com/malaysia-opens-metaverse-hub-healthcare-to-hit-47b/