A report published by Globaldata, a global consulting and data analytics firm, predicts that China will become a leading metaverse technology country during 2023. The firm believes that developments in other technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will help to configure China as a hub for the metaverse.
In 2023, China will lead the metaverse industry
While global interest in the metaverse appears to be waning, China is still pushing to become a leader in the industry. According to a recentreportprepared by consulting firm Globaldata, China has positioned itself to surpass the West when it comes to metaverse technology and will continue to invest in technologies related to this field.
The report states that China can become a center of the metaverse by placing importance on these ancillary technologies. It stated.
By emphasizing VR, AR, AI, and 6G, the report aims to surpass Western progress and position China as a global hub of the metaverse.
In addition, Globaldata sees signs that China will continue to invest in virtual reality and artificial intelligence with the goal of promoting national economic development. Several provinces and cities in China have already presented plans to become hubs for metaverse technology, including Shanghai and Zhejiang.
Where is the metaverse going?
While metaverse is typically associated with consumer-specific software and hardware, the report suggests that China’s metaverse is more likely to focus on industries and the benefits they can reap from including metaverse technology in their processes.
China’s Ministry of Industry and IT recently released a report on the application of VR and metaverse technologies to industrial processes, showing how efficiently they can be mixed Globaldata predicts that the metaverse will be valued above other technologies due to the potential it offers Globaldata predicts that the metaverse will be valued above other technologies because of the possibilities it offers. This is explained as follows.
Chinese investment in metaverse-related technologies will emphasize the value of the metaverse compared to existing one-time experiences such as social media, gaming, and e-commerce.
However, even with estimates of the value of the metaverse sector at $376 billion in 2025, 2023 is described as the year in which investment in the metaverse will cool down due to “cooling interest, economic obstacles, and immature enabling technologies.”
What do you think about the prediction that places China above Western countries when it comes to metaverse investment? Let us know in the comments section below.
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