The IT and digital transformation industry is witnessing exponential growth in the use of cutting-edge digital technologies including AI, virtual reality, augmented reality, 5G, blockchain, cybersecurity and IoT. Each technology is maturing while overcoming challenges ranging from blockchain’s energy consumption to VR’s propensity for inducing nausea.
The government of India has been focusing heavily on developing India into a $1 trillion digital economy by 2025. The government’s focus on developing digital governance services and Smart Cities by adapting new age technologies like automation, AI, cybersecurity, blockchain and IoT has contributed to the growth of the Indian IT industry.
AI market will grow to a $190 billion industry by 2025 with global spending on cognitive and AI systems reaching over $57 billion in 2022. With AI spreading its wings across sectors, new jobs will be created in development, programming, testing, support and maintenance, to name a few.
Secondly, Machine Learning, the subset of AI, is also being deployed in all kinds of industries, creating a huge demand for skilled professionals. The adoption of cloud computing is still growing, as more and more businesses migrate to a cloud solution. But it’s no longer the emerging technology trend, rather Edge is.
Edge computing is designed to help solve some of those problems as a way to bypass the latency caused by cloud computing and getting data to a data center for processing. Edge computing can act like mini datacenters. Edge computing will increase as use of the Internet of Things devices increases.
The technology world is gearing up for a probable convergence of all of them to power the Metaverse. They will likely converge in readiness over the next several years, underpinned by the now ubiquitous cloud computing for elasticity and scale. And in that convergence, the sum will be far greater than the parts.
The catalyst for this convergence will be the metaverse — a connected network of always-on 3D virtual worlds. The metaverse concept has wide-sweeping potential. On one level, it could be a 3D social media channel with messaging targeted perfectly to every user by AI. That’s the Meta vision. It also has the potential to be an all-encompassing platform for information, entertainment, and work.
There will be multiple metaverses, at least initially, with some tailored to specific interests such as gaming or sports. The key distinction between current technology and the metaverse is the immersive possibilities the metaverse offers, it is why Meta, Microsoft, Nvidia, and others are investing so heavily in it. It may also become the next version of the Internet. Finally, In the metaverse, our digital presence will increasingly supplement our real one.
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