Malaysia Launches Metaverse Hub; Healthcare Market to Reach $47B

Malaysia has officially launched a metaverse-based Intelligence Operations Centre (IOC) in Selangor, marking a significant step in its integration of emerging technologies into the economy. This state-of-the-art facility aims to enhance infrastructure management through immersive digital experiences, leveraging advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), 3D visualization, and data analytics.

The IOC is designed to facilitate various functionalities for users from both the public and private sectors. It utilizes AI for predictive maintenance and trend identification, while IoT devices throughout the infrastructure network provide crucial operational data. Users will have access to an immersive interface that allows them to virtually navigate buildings and project sites, effectively creating digital twins of their real-world counterparts.

Through this innovative platform, users can monitor performance metrics and run simulations of operational strategies. The Malaysian government anticipates that the IOC will be particularly beneficial for decision-makers, granting them access to real-time data from multiple projects. The system is expected to bolster the management of public infrastructure and improve the situational awareness of regulators.

This initiative aligns with Malaysia’s broader ambitions toward smart city development and its commitment to global environmental, social, and governance (ESG) standards. In addition to enhancing infrastructure management, the IOC is set to play a vital role in crisis management. By drawing data from IoT sensors and utilizing AI analysis, the IOC will enable users to anticipate potential risks and respond efficiently to infrastructural issues.

Following its initial success, Malaysian authorities plan to expand the IOC to other states, aiming to demonstrate its value to key industry stakeholders.

Healthcare Metaverse Market Forecast to Reach $47.7 Billion

In related developments, the metaverse’s application in healthcare is projected to experience substantial growth, with a report from Exactitude Consultancy estimating a market capitalization of $47.7 billion by 2034. This figure reflects a significant increase from its current valuation of under $4.2 billion, driven by a compound annual growth rate (CAGR) of 27.1% between 2024 and 2034.

The anticipated growth is attributed to the integration of various technologies, including augmented reality (AR), virtual reality (VR), distributed ledger technology (DLT), AI, and IoT. These technologies create virtual 3D environments enriched with real-world data and clinical systems, facilitating a range of applications from medical training to surgical simulations. The demand for telemedicine and virtual care has surged, particularly since the COVID-19 pandemic, further propelling the sector forward.

Investment from technology giants and the increasing use of DLT and non-fungible tokens (NFTs) for secure data ownership are also key factors driving the metaverse’s growth in healthcare. Although software segments lead over hardware, the high costs associated with VR headsets and other equipment remain a barrier for widespread adoption.

The report indicates that by 2034, outpatients and home care users are expected to represent a significant market share, while hospitals and biotechnology companies will continue to be the largest demographic contributors. Geographically, North America is set to dominate the market with up to 40% of the global share, supported by innovations in AR/VR and the adoption of metaverse-based telemedicine.

Despite this optimistic outlook, the report highlights potential challenges, including regulatory uncertainties, high hardware costs, and a limited talent pool with digital literacy in the healthcare sector.

As the metaverse gains traction, regulatory bodies are increasingly focusing on establishing guidelines for its integration into healthcare. The United Nations has called on national authorities to implement regulations surrounding emerging technologies, such as AI, to protect patient data and minimize errors.

In summary, Malaysia’s introduction of the metaverse-based IOC represents a significant advancement in infrastructure management, while the healthcare sector prepares for a digital transformation with the metaverse projected to reach considerable market heights in the coming years.