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| 1 | | According to a study commissioned by Meta Platforms, the metaverse could contribute $760B or 2.4% to U.S. GDP by 2035. Meta and Deloitte released "The Potential Global Economic Impact of the Metaverse" report. More: - Economic gains in defense, medicine, manufacturing, and entertainment (video games, communication) are expected from metaverse technologies.
- Meta has forecasted that the metaverse will eventually replace mobile as the primary computing platform.
- Meta predicts an increased economic opportunity of up to $538.29B in annual GDP by 2035.
- Deloitte estimates that the metaverse could contribute between C$45.3B and C$85.5B to Canada's annual GDP by 2035.
- A global economic impact report commissioned by Meta in 2021 estimated that metaverse adoption would contribute $3.01T by 2031.
Zoom Out: - A KPMG study released earlier this month shows that about 47% of U.K. customers believe metaverse services will be widely adopted in the next 10 years.
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What the numbers say: According to a survey conducted in August 2022 that targeted metaverse enthusiasts in the U.S., most respondents expressed anticipation for engaging in novel experiences within the metaverse. Moreover, more than 50% of the participants were eager to utilize the metaverse to escape their day-to-day reality. Relevance: These study findings reveal that the metaverse already has broad appeal among consumers and marketers. Metaverse enthusiasts in the U.S. are also enthusiastic about virtual shopping, Sitecore said. This past year, we saw the advent of the world’s first Metaverse Fashion Week (MVFW), a wholly virtual event featuring more than 60 luxury and digital brands. Which brands should care: Many fashion brands and retailers are already augmenting the shopping experience by allowing shoppers to virtually try on, customize, and purchase real-world goods from their homes using AR and VR devices. | | | |
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| 3 | | VR has the potential to revolutionize the healthcare industry, showing promise in treating conditions like post-traumatic stress disorder (PTSD) and chronic pain and transforming medical education. The market for health-focused VR is projected to reach $9.5B by 2028, up from $1.8B in 2021. More: - VR therapy has successfully treated PTSD by immersing patients in computer-generated scenes to confront sources of trauma.
- It has also been used to reduce pain and anxiety without medication.
- VR benefits medical professionals, enabling surgeons to find accurate and less invasive pathways for procedures and providing patients with previews of procedures.
- VR has become an important educational tool, allowing nursing students to practice procedures and prepare for high-risk scenarios.
- Surgeons trained with VR have shown significantly fewer errors than traditional training methods.
- To ensure the success of VR in healthcare, addressing cost concerns, establishing privacy protections for user data, and recognizing virtual training for credit toward medical degrees are crucial steps.
- Safeguarding user data and privacy in VR technology should be a priority through collaboration between lawmakers and the industry.
Zoom Out: - The University of Central Florida College of Nursing implemented AR and VR for nurses and nurse practitioners over the past year.
- Research firm Research and Markets projects that the AR and VR market in healthcare could see a 22.5% compound annual growth rate from 2023 to 2027.
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| 4 | | Madison College's Extended Reality (XR) Center offers immersive learning experiences through VR, showcasing the future of higher education. Instructors use VR to modernize teaching methods and provide students with hands-on training in various fields. More: - The XR Center features 12 VR stations that allow students to explore different careers and situations, enhancing their understanding and engagement.
- Virtual reality simulations enable students to gain practical experience in otherwise inaccessible or risky scenarios.
- Madison College collaborates with Arch Virtual, a local VR company, to develop content for multiple programs, including HVAC, healthcare, and veterinary technician courses.
- The virtual campus includes realistic settings such as an operating room, birthing simulator, and pediatric care unit, providing students with lifelike scenarios for practice and skill development.
- By incorporating VR into lectures and labs, instructors can enhance traditional learning environments and create memorable educational experiences.
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| 5 | | Digital twins are becoming increasingly prevalent, with up to 89% of IoT platforms projected to incorporate them by 2025, revolutionizing industrial facilities and processes. The adoption of digital twins in the energy sector enables automation, monitoring, and optimization of energy usage, improving efficiency and driving sustainability. More: - Digital energy differentiates itself from traditional energy through the use of digital technologies for automation, control, and optimization, resulting in improved efficiency and waste reduction.
- Digital twins enable the visualization and analysis of energy performance, allowing facility managers to identify patterns and optimize operations, leading to better energy distribution and carbon management.
- Incorporating digital twins in buildings enhances energy management, such as real-time control and management of HVAC systems, automated power diagnostics, and the ability to measure the impact of actions on energy consumption and carbon footprint.
- Successful implementation of digital twins can significantly reduce energy costs and provide quick returns on investment, with an average payback period of 1-3 years.
- Retrofitting existing buildings through digital simulations and leveraging digital technologies offer cost savings, predictability of energy demands, and the opportunity to achieve net-zero emissions and sustainability goals.
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| 6 | | VR is revolutionizing the pharmaceutical industry by providing learning methods, immersive onboarding experiences, and enhanced collaboration on digital objects and data. Studies demonstrate that learning in VR leads to faster and more efficient knowledge retention, making it valuable for training pharmaceutical professionals. More: - In the pharmaceutical industry, VR enables visual analysis and interpretation of complex data, allowing researchers to identify patterns and anomalies.
- VR also helps attract top talent by showcasing companies' innovation and providing realistic insights into future work environments.
- Geographically dispersed teams can collaborate in virtual workspaces, interact with data sets, and communicate in real time.
- VR creates interactive training environments facilitating engagement with complex biomedical content, allowing trainees to explore virtual labs, practice techniques, and simulate experiments.
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- Sony's PlayStation VR2 headset for the PS5 is now available at retailers after being exclusive to Sony's Direct consumer storefront.
- ARuVR, a pioneer in VR/AR immersive training solutions, announced it would host its annual Learning and Development Summit in London.
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 | Writer | | Vildana is a writer at Inside.com, covering Metaverse and the weekend edition of IDB. You can reach her at vildana@inside.com and follow her on Twitter. | | This newsletter was edited by Aaron Crutchfield | |
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