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Why Are Brands Suddenly Buzzing About Metaverse?!

Krishna Jadhav

Why are brands suddenly buzzing about Metaverse?!

In the goodreads of Krishna Jadhav on metaverseand market trends, According to investor Matthew Ball, the Metaverse does not exist today, although there are "proto-metaverses" that are incompatible (Henz, 2022). Software for Creating Low-Code Applications: Many companies have benefited from a reliable internet connection, particularly during lockdowns (Figure 1). Mobile applications are significant assets that every organisation may have.

(Source: Dwivedi et al., 2022)
Virtual Presence
One definition of the Metaverse is a massively scaled and interoperable network of real-time rendered 3D virtual worlds that may be experienced synchronously and permanently by a virtually limitless number of users with a personal feeling of presence and with continuity of data (Sun et al., 2022). According to experts, this sensation of presence in cyberspace may be the secret to luring and keeping people. Since this is where most of the innovative flare is anticipated (Figure 2), Businesses will continue to develop and iterate to achieve this ambition (Fernández Fernández, 2022).

(Source: Dwivedi et al., 2022)

Cybernetics, which encompasses everything from basic joysticks, headphones, and google glass to more complex features that blur the lines between human sensory-motor technology and network things and animals, is another significant force behind Metaverse interactions (Sheridan, 2022). Crypto big Grayscale projects a $1 trillion business opportunity for the Metaverse encompassing e-commerce, hardware, digital events, and advertising (Pieters, 2022). In 2025, the gaming industry will generate $400 billion in revenue due to interest.

(Source: Dwivedi et al., 2022)
VR and AR Extended Reality (XR)
XR devices like cameras, loudspeakers, and sensors are used to create a simulated world while enabling you to engage with reality. The increasing acceptance of virtual reality (XR) is one factor which will continue to influence the Metaverse (Figure 3).


So, Krihsn Jadhav mentions, The Metaverse is a simulated digital environment that incorporates augmented reality (AR), virtual reality (VR), blockchain, and social media principles to build areas for rich user interaction that resemble the actual world. In conclusion, future research will likely involve connections between the brain and computers. The greatest approach to translating an idea from our thoughts into machines and then receiving the results back is still through the development of cybernetics, which allows for speedy prototyping driven by cybernetics or an improvement over low-code platforms. The divide between the physical and digital worlds is being closed by various enterprises.
Want to learn about the current Metaverse challenges? What are issues you need to be aware of? Proceed to the next Article for more information.

Reference List

Dwivedi, Y. K., Hughes, L., Baabdullah, A. M., Ribeiro-Navarrete, S., Giannakis, M., Al-Debei, M. M., ... and Wamba, S. F. (2022). Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management66, 102542.
Henz, P. (2022). The societal impact of the metaverse. Discover Artificial Intelligence2(1), 1-7.
Sun, J., Gan, W., Chao, H. C., and Yu, P. S. (2022). Metaverse: Survey, Applications, Security, and Opportunities. arXiv preprint arXiv:2210.07990.
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Next The future of reality and the metaverse of madness
What comes to your mind first when we talk about the metaverse or a virtual reality with avatars? Obviously, science fiction movies like Ready Player One, the Matrix (to some extent), Gamer, Wall-E, to name a few, are the ones that top the list. Then, games like Second Life, Fortnite and Age of Conan follow. These are all fictional and a part of the entertainment world we’re talking about. However, looking at the current pandemic scenarios, the future isn’t far where we use the metaverse in our daily routine. If this statistic is anywhere close to becoming a reality, we should all get familiarized with the concept of a metaverse and its impact. What is the metaverse? Meta, meaning beyond and verse, meaning universe – when we combine them, we get the metaverse. It is an immersive digital environment that allows people to socialize as avatars. It is device-independent and is not owned by a single vendor as it is more of a technological concept rather than a product. Think of it as a next version of the Internet where rather than just looking at it, people live in it, not literally though. The metaverse is a shared virtual world, where lands, buildings, avatars and other physical entities can be bought and sold often using cryptocurrency. To better understand the metaverse, there are a couple of aspects that needs to be explained too by Softweb Solutions: Virtual economy – often referred to as synthetic economy is an economy that exists in a virtual world where users can create, buy or sell virtual goods using crypto currency. NFTs – nonfungible tokens (NFTs) are exclusive blockchain-based digital assets like digital art or music and often consist of tokenized physical assets like houses or cars. It seems fascinating, but is it really? Let’s dig deeper into it and find out. Recent popularity of the metaverse This rise in the popularity of the metaverse can offer so many opportunities for technology companies to create interoperable metaverses. In a more idealistic vision of the metaverse, this will not only allow users to create their avatars and interact with one another, but will also allow companies to create digital assets and sell them in the virtual world. It will be like the ‘Inception’ of the metaverse. In the current world, most platforms that leverage the metaverse provide virtual identities, avatars and goods that are tied to a specific platform. However, in a futuristic scenario, the metaverse might allow you to create a persona that you can take everywhere and link with other platforms. There might also be a possibility of several metaverses to be linked, just like many social media platforms currently are. To think further, as of today, it isn’t possible for an avatar in Second Life to interact with an avatar in The Fortnite. Although, the possibility of this happening is not inconsiderable. After Facebook announced its rebrand to Meta in October 2021, the term spiked 25x in popularity. Remember when Facebook was just a website/app used to connect with people at different locations? Well, now it seems like this was ages ago. Just as Facebook incorporated several features including e-commerce, Facebook is no longer viewed as just a social media app. Facebook’s vision is way beyond in creating a virtual world where users can simply swipe through digital wardrobe to buy and sell virtual clothes. Facebook really wants to promote selling virtual assets, and that’s where Meta comes into the picture. Although, to create a metaverse, there are several aspects to be considered, including technologies, infrastructure, budget and security, to mention a few. Technologies that make the metaverse The metaverse is a complex virtual environment that relies on several distinct layers. Not only hardware but software and infrastructure play an important role too. It comprises of the following elements: Infrastructure – Connectivity technologies like 5G, Wi-Fi, cloud and GPUs Hardware – VR headsets, AR glasses and mobile devices Spatial computing – 3D visualization and modelling frameworks Creator economy – Designing tools, digital assets and e-commerce establishments Software – Blockchain, artificial intelligence, edge computing, mixed reality (MR) mobile applications, etc. Immersive 3D environments require a lot of computing power to generate quality results. Also, security is another major concern associated with the adoption of the metaverse. Hence, there are various factors that companies should consider before jumping head-first into investing in the metaverse. While this all might sound theoretical, a few of the leading organizations have already moved ahead and have adopted the metaverse into their business. Real-life uses of the metaverse The surging fame of the metaverse has prompted many companies to venture into creating their own virtual worlds along with their own digital properties and assets. There are several companies from the following sectors that are already investing in the technology: E-commerce Walmart is in talks to be venturing into the metaverse with plans to create its own cryptocurrency and collections of NFTs. Gaming Companies like Epic, Funcom, Linden Lab, Sky Mavis who have successfully launched avatar-based online gaming are looking to explore the metaverse in detail to increase the fun element in their games. Conferences/meetings/concerts Metaverse Studio offers AR classrooms that allow educators and students to create and participate in project-based learning with virtual environment. In September 2021, millions of people watched the singer Ariana Grande virtually perform in Fortnite. Not to mention, Facebook, that recently rebranded itself as Meta, is providing a virtual space for social gathering. AltSpace is another such example that provides a virtual conferencing platform that works with various platforms including Apple OS and Windows. Real estate Companies like Decentraland and The Sandbox provides users a virtual space to buy and sell land, estates, properties and wearable for their avatars. A patch of virtual real estate in Decentraland sold for $2.4 million worth of crypto while a plot of virtual land in The Sandbox fetched a hefty price of $4.3 million. The metaverse no longer seems to be in its infancy stage. Although it requires in-depth knowledge about the hardware and software involved, it seems that companies are looking to adopt the technology to stay ahead of the competition. This article originally appeared in Softweb Solutions
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The data collected can be used to improve traffic flow, enhance safety, and reduce congestion. Applications of Video Analytics for Transportation 2.1 Traffic Management Video analytics can be used to optimize traffic flow on roads and highways. It can monitor traffic congestion, identify bottlenecks, and provide real-time information to traffic managers. The technology can also be used to detect incidents such as accidents, breakdowns, and debris on the road. It can alert traffic managers in real-time so that they can take immediate action. 2.2 Passenger Safety and Security Video analytics can be used to enhance passenger safety and security in transportation systems. It can monitor passenger behavior, detect suspicious activities, and alert security personnel in real-time. The technology can also be used to detect unattended baggage and prevent potential security threats. 2.3 Asset Management Video analytics can be used to monitor and manage assets in transportation systems such as trains, buses, and airplanes. It can monitor the condition of the assets, detect faults, and predict maintenance requirements. The technology can also be used to track the location of assets and ensure that they are operating efficiently. 2.4 Passenger Experience Video analytics can be used to enhance the passenger experience in transportation systems. It can provide real-time information on wait times, delays, and cancellations. The technology can also be used to monitor passenger behavior and preferences and provide personalized services. Key Technologies Used in Video Analytics for Transportation 3.1 Computer Vision Computer vision is a key technology used in video management software. It involves the use of algorithms to process video data and extract meaningful information. Computer vision can be used to detect and track objects, identify patterns, and predict behavior. 3.2 Artificial Intelligence Artificial intelligence (AI) is another key technology used in video analytics for transportation. AI algorithms can be used to analyze video data and predict outcomes. It can also be used to automate decision-making processes and provide real-time insights. 3.3 Big Data Analytics Big data analytics is a technology used to process large volumes of data. It can be used in video analytics for transportation to process video data and derive meaningful insights. Big data analytics can be used to identify patterns and trends, and predict outcomes. Challenges in Video Analytics for Transportation Despite the numerous advantages of video analytics in transportation, there are also several challenges associated with its implementation. Below are some of the common challenges that organizations face when implementing video analytics in transportation: Data privacy concerns: As mentioned earlier, video analytics relies on the use of video footage. However, this raises concerns about data privacy, as the footage may contain personal or sensitive information. Therefore, it is crucial for transportation organizations to implement appropriate data protection measures to ensure the privacy and security of the data. Limited bandwidth: Video analytics requires a significant amount of bandwidth to transfer data from the cameras to the servers where the analytics are performed. In cases where there is limited bandwidth, it may lead to delays in processing, which can impact the effectiveness of the analytics. Lack of standards: There are currently no industry-wide standards for video analytics in transportation. This lack of standardization can result in interoperability issues, making it difficult to integrate different types of cameras and analytics solutions. Environmental factors: Weather conditions, lighting, and other environmental factors can affect the quality of video footage, making it difficult for video analytics to accurately detect and identify objects. Cost: Implementing video analytics in transportation can be costly, as it requires the installation of cameras and analytics software, as well as the hiring of trained professionals to manage and monitor the system. Integration with existing systems: Integrating video analytics with existing transportation systems, such as traffic management systems, can be challenging, as it requires significant resources and expertise to ensure that the systems work seamlessly together. Limited accuracy: Video analytics is not 100% accurate, and there is a risk of false alarms or missed events. It is therefore important for organizations to have appropriate processes in place to validate and verify alerts generated by the system. Regulatory compliance: The use of video analytics in transportation may be subject to regulatory compliance requirements, such as data protection laws and privacy regulations. Organizations need to ensure that their video analytics systems comply with these regulations to avoid legal and financial penalties. Overall, despite the challenges associated with video analytics in transportation, its potential benefits are significant. By addressing these challenges and implementing appropriate measures, transportation organizations can improve their operations, enhance public safety, and increase efficiency. Solutions to Overcome Challenges in Video Analytics for Transportation While there are several challenges in implementing video analytics for transportation, there are also many solutions available to overcome them. In this section, we will discuss some of the solutions to overcome the challenges mentioned in the previous section: High Costs: One of the most significant challenges in implementing video analytics for transportation is the high cost of installing the necessary hardware and software. However, there are ways to reduce costs, such as using cloud-based solutions that eliminate the need for on-premise infrastructure. Additionally, some software development companies offer cost-effective solutions for video analytics that can be customized according to the transportation company's needs. Data Management: With the increasing volume of data generated by video analytics, data management becomes a significant challenge. To overcome this challenge, transportation companies can implement data management strategies such as cloud storage, data compression, and data visualization. Furthermore, they can also leverage artificial intelligence and machine learning algorithms to analyze the data and extract actionable insights from it. Privacy Concerns: One of the biggest concerns with video analytics for transportation is the violation of privacy rights. To address this, transportation companies can implement privacy policies and regulations that outline the collection, storage, and use of data. They can also implement anonymization techniques to ensure that the data collected is not personally identifiable. Reliability: The reliability of video analytics systems is essential for their effectiveness. Transportation companies can ensure reliability by using high-quality cameras, implementing redundant systems, and performing regular maintenance and upgrades. Integration: Integrating video analytics with existing transportation systems can be challenging. However, companies can overcome this challenge by choosing software development companies that specialize in integration and customization of video analytics solutions. They can also ensure compatibility with existing systems by choosing solutions that offer open APIs and flexible integration options. User-Friendly Interface: Transportation employees who use video analytics systems may not have technical expertise, and therefore, a user-friendly interface is crucial. Software development companies can design user-friendly interfaces that simplify data interpretation and enable users to access and use the data easily. Training and Support: Training and support are essential to ensure the effective implementation and use of video analytics systems. Transportation companies can work with software development companies that provide training and support services to ensure that employees are adequately trained and equipped to use the systems effectively. By implementing these solutions, transportation companies can overcome the challenges of video analytics and realize the benefits of these systems, including improved safety, reduced costs, and enhanced efficiency. Conclusion Video analytics is revolutionizing transportation safety by enabling real-time monitoring and analysis of traffic and transportation infrastructure. From traffic security system to management, video analytics offers several applications in transportation. However, implementing video analytics for transportation comes with several challenges that need to be addressed to ensure their effectiveness. Transportation companies can overcome these challenges by working with software development companies that specialize in video analytics and customization. By leveraging cloud-based solutions, implementing data management strategies, ensuring privacy and reliability, and integrating systems, transportation companies can realize the benefits of video analytics and enhance their operations. At CronJ, we offer customized video analytics solutions for transportation companies to enhance their safety and efficiency. Our team of experienced developers specializes in video analytics and customization, ensuring that our clients receive cost-effective, reliable, and user-friendly solutions tailored to their needs. References: