Tech & AI LIVE New York: The Hype Cycle of Technology
At Tech & AI LIVE New York Domhnaill Hernon, Global Lead at EY’s Metaverse Lab, discussed the reality behind the hype cycle of emerging technology, offering insights into how businesses can navigate trends and make informed investment decisions.
Demystifying the hype cycle
Domhnaill began by explaining the hype cycle concept, a model attributed to Gartner that outlines the journey of new technologies from initial excitement to real-world application.
He described its stages, from the ‘peak of inflated expectations’ through the ‘trough of disillusionment’ and ultimately to the ‘plateau of productivity’, where meaningful adoption occurs.
"Every emerging technology follows this cycle," Domhnaill stated.
The metaverse: Dead or evolving?
Addressing the metaverse, Domhnaill noted that while media narratives claim it is ‘dead’, it is simply moving through the trough of disillusionment. He positioned the metaverse as the next evolution of the internet, making digital interactions more immersive and spatial.
He broke the metaverse down into three distinct categories:
- Consumer metaverse – Primarily seen in gaming, where younger generations are already engaging with 3D digital spaces.
- Industrial metaverse – Used for digital twins in factories and manufacturing, improving efficiency and operations.
- Enterprise metaverse – Envisioned as the future of work, where collaboration and training occur in immersive environments.
"99.99% of metaverse experiences today run on existing internet infrastructure," he clarified, dispelling the confusion between the metaverse and Web3.
How businesses should approach emerging technology
Domhnaill offered practical advice for organisations looking to navigate the hype cycle effectively. He stressed the importance of experimentation, urging businesses to build low-cost, low-risk proof-of-concept projects to gain internal knowledge before committing to large-scale investment.
"Jumping in at the deep end without understanding the technology can lead to costly mistakes," he warned.
By gradually developing internal expertise, companies can position themselves to make well-informed decisions when the right time comes.
He also underscored the significance of data strategies. Whether using generative AI or traditional AI, access to high-quality data is critical to success.
“Your data infrastructure will determine the effectiveness of these technologies,” he noted.
Key takeaways
Domhnaill reinforced that businesses should not be swayed by hype or media narratives. Instead, they should assess emerging technologies based on their organisation’s needs and strategic goals.
"The hype cycle is a useful framework, but it’s just that—a framework," he concluded.
"Look past the extremes of hype and negativity and make decisions that align with your business priorities."
With these insights, Domhnaill provided a clear roadmap for companies looking to stay ahead in the evolving tech landscape—balancing curiosity with strategic caution.
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