The metaverse technology revolves around making online experiences more immersive and interactive, where humans can exist, work, and meet as digital avatars.
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Metaverse technology is expected to drive upcoming trends in the automotive industry, starting next year in 2023, according to Nvidia. The US multinational firm has claimed that soon, automotive industries will begin to add a metaverse twist to their retail and industrial operations, to increase the element of appeal for the next generation of companies and customers. The metaverse technology revolvers around making online experiences more immersive and interactive, where humans can exist, work, and meet as digital avatars, and companies like Meta, Alphabet, and Microsoft have all made investments in this sector.
“Full-fidelity, real-time car configurators, 3D simulations of vehicles, demonstrations in augmented reality and virtual test drives all help bring the vehicle to the customer,” Nvidia said in an official post.
With the metaverse, automotive players are expected to increase the level of monitoring the vehicle production process. This would enable them to make of implement changes and modifications before it is too late.
On the other hand, giving a metaverse flavour to traditional operations could deepen the relationship between clients and companies from the comfort of their respective homes.
“In addition to gaming, advances in AI and in-vehicle compute are enabling a range of new infotainment technologies, including digital assistants, occupant monitoring, AV visualisation, video conferencing, and more,” the blog further noted.
The market opportunity for the metaverse could reach $800 billion (roughly Rs. 59,58,700 crore) over the next two years, research reports suggest estimate.
The metaverse technology has been garnering recognition and funding from several parts of the world, as well as from many companies.
Earlier in this month, Animoca Brands, the parent body of The Sandbox metaverse said it is planning to unveil a mega-fund of $2 billion (roughly Rs. 16,260 crore), dedicated to the metaverse business.
in February, Seoul's Ministry of Science, ICT, and Future Planning of South Korea allocated KRW 223.7 billion (roughly Rs. 1,400 crore) towards the development of a national metaverse project.
Like Nvidia, other tech companies are also ready to bet big on the technology.
in March, chipmaker Qualcomm set aside a fund of $100 million (roughly Rs. 760 crore), called the Snapdragon Metaverse Fund, hoping to accelerate the development of Extended Reality technology.