The metaverse is expected to gain momentum in the mass market in 5-10 years, while various emerging technologies require regulation in a responsible manner without undermining the innovative power of technology, according global tech powerhouses Meta and Amazon Web Services (AWS).
"The metaverse is about bringing a much more heightened sense of presence to our online communications," said Simon Milner, vice-president for public policy of Meta, the parent of Facebook.
"It's about moving away from flat screens to be in a more immersive environment -- whether using a device, one of our platforms or other people's apps or technologies."
He was speaking at the Innovation Next Frontier forum at the Apec CEO Summit 2022, held in Bangkok.
"It will take 5-10 years before it can be mass marketed, but we can already see glimmers, both in terms of headsets and in the use of augmented reality (AR)," said Mr Milner.
Recently Meta worked with Tourism Authority of Thailand to launch "Rediscover Thailand", which features AR experiences of the country's tourist attractions. Many AR creators were engaged in the project.
"Thailand is among the top countries for AR developers and creators globally," he said.
Regarding challenges to regulate emerging technologies, Mr Milner said companies need to be consulted. Regulations are meant to protect the consumer interest, security and privacy, as well as promote innovation, he said.
In Asia, policymakers and stakeholders are coming together to find workable solutions, said Mr Milner.
Speaking at the same forum, Michael Punke, vice-president for global public policy at AWS, said cloud technology is offering a foundation for innovation to take off.
"Artificial intelligence, the Internet of Things, machine learning, 5G -- these are all technologies that can exist because of the cloud as a foundation," said Mr Punke.
Both Mr Milner and Mr Punke agreed government faces a challenge in regulating technology in a responsible manner that balances public protection with allowing innovation. They also agreed technology can do a lot to promote gender diversity, as many AR and virtual reality (VR) creators and developers are female.
