siliconindia | | APRIL 20238In 2023, the tech industry is facing economic challenges, but regulations may drive growth by encouraging innovation. To succeed, tech companies should focus on improving supply, updating infrastructure, and seizing growth opportunities. Technology continues to be the driving force behind innovation across business models in various industries; for growth, to stay relevant, and to stand out from the competition, enterprises brainstormed, thought creatively, and embraced innovation to create game-changing value for their customers. As a result, technology is rapidly changing the world in ways we could never have imagined. Although technological advancements have been advancing for some time, COVID-19 has hastened the process even more. Technologies such as augmented and virtual reality are transforming the metaverse from specialized tech to enterprise tool potentially paving the way for new business models.Since the first computer was built, businesses and consumers have enjoyed a progression toward simpler and more intimate interactions with technology. Professors wielding punch cards gradually gave way to business people brandishing PCs and, more recently, mobile and wearable devices. In a sense, the connection to the digital world has been mediated through a series of ever-shrinking rectangular screens. Networking and computational advancements have led users to constantly switch back and forth between their devices and physical reality. Now, as technologists recognize that screens can't keep shrinking forever, the paradigm is shifting again, toward interfaces that take us through the glass and into immersive virtual experiences, including the digital world known as the metaverse.While the term metaverse was coined in 1992, and virtual worlds have been popular in online games over the past two decades, a marked shift has occurred in recent years. The proliferation of affordable augmented and virtual reality (AR/VR) technology and the cultural shift brought on by the COVID-19 pandemic have catalyzed the acceptance and importance of digital worlds as viable places for human connection. In addition, architectural challenges that slowed previous incarnations of immersive spaces, such as Second Life, have since been partially mitigated by the elasticity of cloud computing.Securing a Competitive Edge for the Future: The tech industry has not only survived but also thrived EDITORIAL EXCLUSIVEAN OVERVIEW OF THE TECHNOLOGY LANDSCAPE IN 2023Technologies such as augmented and virtual reality are transforming the metaverse from specialized tech to enterprise tool potentially paving the way for new business models
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