The Hong Kong Polytechnic University (PolyU) and a Hong Kong-headquartered artificial intelligence company have signed a Memorandum of Understanding (MoU) to collaborate on research and development related to metaverse technologies and autonomous driving applications.
The collaboration between the two aims to translate their joint research outcomes into applications to improve people’s daily lives. There are two research focuses under this collaboration: metaverse-related imaging technologies and solutions for different applications such as education, art and tourism; and high-performance collaborative edge computing enabling autonomous driving applications.
PolyU has leveraged its interdisciplinary research and innovation capabilities and teamed up with leading players in the tech industry to meet the needs of scientific advancement and social development. The AI firm is a leading global company with a mission of advancing the interconnection of the physical and digital worlds with artificial intelligence, as well as driving sustainable productivity growth and seamless interactive experiences. With this partnership, PolyU harnesses its academic and research expertise to promote metaverse and AI technologies to bring benefits to business and society.
The President of PolyU stated that the signing of this MoU between PolyU and the AI firm signifies the determination of the two parties to work together to strengthen their research and development capabilities in AI-related technologies. PolyU will continue to leverage its scientific research advantages, actively collaborate with industry, and transform cutting-edge technologies into practical applications in order to promote social advancement and contribute to building Hong Kong into an international innovation and technology hub, he added.
The Executive Chairman of the Board and CEO the AI company stated that as a home-grown AI company in Hong Kong, the firm is committed to nurturing young talents through university collaborations with an innovative spirit. We are excited to join hands with PolyU to expand AI applications and collaboration in intelligent automobile, vehicle-road synergy, the digital world, as well as AI talent recruitment and internships, thus facilitating technology ecosystem development in Hong Kong.
The Colour, Imaging and Metaverse Research Centre of PolyU, led by Dr WEI Minchen Tommy will be responsible for the collaboration. As a pioneer in exploiting the potential of the metaverse for different applications, the Centre was established to conduct high-impact fundamental research and develop system algorithms and solutions.
The partnering firm is a leading AI software company, focused on creating a better AI-empowered future through innovation. Its technologies are applied in many industry verticals including Smart Business, Smart City, Smart Life and Smart Auto.
Recent research found that the global metaverse market size was estimated to be US$38.85 billion in 2021. Projections predict that it will expand at a compound annual growth rate (CAGR) of 39.4% from 2022 to 2030.
A focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR) are some of the major factors that are expected to drive revenue growth. The outbreak of COVID-19, as well as the situation’s subsequent developments and outcomes, have also resulted in the growth of this market.
The metaverse is a term used to describe a highly immersive 3D virtual world experience obtained using a combination of technologies such as AR, VR, and MR. The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things.
