China Poised to Lead Metaverse Tech in 2023
• Globaldata predicts that China will become a leading country in metaverse tech during 2023.
• The report emphasizes the importance of technologies like AI, VR, AR and 6G in allowing China to become a hub for the metaverse.
• Chinese investments in the metaverse are expected to highlight its value compared to existing one-off experiences such as social media, gaming, or ecommerce.
China Becoming Leader in Metaverse Tech
A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse hub.
Chinese Provinces Investing in Metaverse Tech
Several Chinese provinces and cities have already presented plans to become metaverse tech hubs, including Shanghai and Zhejiang among them. Furthermore, Globaldata believes that there are signs that indicate that China will continue to invest in virtual reality and artificial intelligence with the objective of promoting the economic development of the nation.
Metaverse Focus on Industry Benefits
While the metaverse is commonly associated with software and hardware dedicated to consumers, the report proposes the Chinese metaverse is likely to focus more on industry benefits from including metaverse tech into its processes. The Chinese Ministry of Industry and IT recently released a report on how VR and metaverses can be applied efficiently into industrial processes. This shows how these technologies can be mixed efficiently for greater economic benefit for China.
Value of The Metaverse
Globaldata predicts that due to its possibilities, interest in the metaiverse will be more appreciated than other technologies available at this time. On this it explains: “Chinese investments in metaverses related technology will highlight value of the metaverse compared to existing one-off experiences such as social media, gaming or ecommerce”
The report indicates that despite estimations putting sector values at $376 billion by 2025 there is still going to be a cooling phase evident during 2023 when it comes down investment within this field due to waning interest worldwide but not amongst Chinese companies looking for new opportunities with these technologies available!