SINGAPORE , Oct. 28, 2022 /PRNewswire/ — SenseTime today joined hands with Tech4SDG to release the White Paper "Metaverse: The New Economic Road in Asia Pacific" at SWITCH (Singapore Week of Innovation and Technology) x WAIC (World Artificial Intelligence Conference) 2022 held in Singapore. The White Paper addresses how artificial intelligence (AI) technology can boost new economic growth momentum globally and in Asia Pacific while also building an innovative and sustainable ecosystem in the emerging metaverse era. It further demonstrates how SenseTime empowers the construction and development of the metaverse with algorithms and computing power infrastructures.

The White Paper, published by SenseTime’s Intelligence Industry Research Institute, points out that Asia-Pacific (APAC) countries, which account for 60% of the world’s population, are paying more attention to industrial development planning related to the metaverse. According to estimates by McKinsey & Company, by 2025, metaverse-related investments will reach USD 4.165 billion in APAC, accounting for 22.5% of total global investments. The Analysis Group forecasts that in the next ten years, metaverse technology will contribute USD3 trillion to global GDP, one third of which will come from APAC. In other words, as discussed in the White Paper, every dollar invested in the metaverse industry will generate a 3-fold economic growth of $3.16 for APAC in the next ten years.

Key Infrastructure Preparedness Ensures the Metaverse’s Sustainable Development

The metaverse’s development centres on the infrastructure of intelligent engine, as well as the algorithms and computing power infrastructures. These infrastructures are the keys to making the metaverse "immersive, low friction and anywhere" along with generating rich and diverse digital content and immersive experiences that ultimately create economic values in both consumption and production sectors. As a leading AI software company, SenseTime lowers the threshold of entering the metaverse for people everywhere through the SenseMARS Mixed Reality Platform.  SenseMARS’ ease of use accelerates the development of the metaverse through AI, XR and other technical capabilities. The White Paper showcased applications that delivered exciting immersive experiences through virtuality-reality integration and that these experiences are the first steps to opening the gate of exploration in innovative metaverse scenarios in APAC and worldwide.

• Immersive AR tour: SenseTime transformed the 5-month Riyadh Season into a fest of mixed reality, providing AI business intelligence combined with local attractions for this large-scale carnival to create an immersive experience for tourists. Through AI + AR technologies, visitors enjoyed vivid AR views in a convergence of the virtual and physical worlds.
• Digital human: SenseTime’s Digital Human "Xiaotang" acts as a shopping guide in Guangzhou AEON Mall, helping customers with inquiry services, navigation, shopping guides and other services.
• Avatars: In order to meet user’s needs for creating virtual avatars, SenseTime has introduced AI technologies into Snow’s avatar application Zepeto. By taking photos to identify facial characteristics and applying AI or augmented reality (AR) technology, users can quickly create a virtual avatar that mirrors the users.
• AR-based Digital Content: SenseTime cooperated with Dunhuang Culture to jointly launch the digital collectible for Dunhuang Nine-colored Deer. The exhibit showed the touching legend of the Nine-colored Deer through integrating physical and virtual reality, endowing this traditional treasure with vibrant contemporary vitality.

The White Paper summarized that the development of metaverse requires a progressive process in order to move towards the ultimate goal of completely breaking the boundaries between reality and virtuality thereby allowing people to freely access and traverse the various scenarios in the metaverse. As we are entering the early stage of metaverse development, key factors such as technological advancement, ethical governance, privacy and data protection, integration of real and virtual economic systems, and organizational models of industry resources play vital roles. With continuous research and applications in exploring the metaverse, SenseTime is committed to supporting the industry to unleash the potential of innovative AI technology and further expand metaverse scenarios.

To learn more about metaverse opportunities in APAC and download the White Paper:  "Metaverse: The New Economic Road in Asia Pacific"

About SenseTime

SenseTime is a leading AI software company founded in Hong Kong in 2014, focused on creating a better AI-empowered future through innovation. Upholding a vision of advancing the interconnection of the physical and digital worlds with AI, driving sustainable productivity growth and seamless interactive experiences, SenseTime is committed to advancing the state of the art in AI research, developing scalable and affordable AI software platforms that benefit businesses, people and society, and attracting and nurturing top talents, shaping the future together.

With our roots in the academic world, we invest in our original and cutting-edge research that allows us to offer and continuously improve industry-leading, full-stack AI capabilities, covering key fields across perception intelligence, decision intelligence, AI-enabled content generation and AI-enabled content enhancement, as well as key capabilities in AI chips, sensors and computing infrastructure. Our proprietary AI infrastructure, SenseCore, allows us to develop powerful and efficient AI software platforms that are scalable and adaptable for a wide range of applications.

Today, our technologies are trusted by customers and partners in many industry verticals including Smart Business, Smart City, Smart Life and Smart Auto.

SenseTime Group Inc. (stock code: 0020.HK) has successfully listed on the Main Board of the Stock Exchange of Hong Kong Limited (HKEX). We have offices in markets including Hong Kong, Mainland China, Taiwan, Macau, Japan, Singapore, Saudi Arabia, the United Arab Emirates, Malaysia and South Korea, etc., as well as presences in Thailand, Indonesia and the Philippines. For more information, please visit SenseTime’s website as well as its LinkedIn, Twitter, Facebook and YouTube pages.