A report issued by Globaldata, a global data analytics and consulting company, predicts that China will become a leading metaverse technology country by 2023. The firm believes that the development of other technologies such as artificial intelligence (AI), Virtual reality (VR), augmented reality (AR) and 6G will allow China to set itself up as a center of the metaverse.
China will lead the metaverse industry in 2023
While interest in the metaverse seems to be waning globally, China is still pushing to become an industry leader. According to a recent report Prepared by Globaldata, a consulting firm, China is positioning itself to outperform the West when it comes to metaverse technology, as the country will continue to invest in technologies related to this field.
The report claims that the importance China places on these accessory technologies will allow it to become a hub for the metaverse. It states:
The growing emphasis on VR, AR, AI and 6G is aimed at surpassing advances in the West and positioning China as a global hub for the metaverse.
Furthermore, Globaldata believes there are signs that China will continue to invest in virtual reality and artificial intelligence with the aim of boosting the nation’s economic development. Several Chinese provinces and cities have already put forward plans to become metaverse tech hubs, including Shanghai and Zhejiang among them.
Where will the metaverse go?
While the metaverse is commonly associated with consumer-dedicated software and hardware, the report suggests that the Chinese metaverse is likely to be more focused on industry and the benefits it can gain from including metaverse technology in its processes.
China’s Ministry of Industry and IT recently released a report on the application of VR and metaverse technology in industrial processes, showing how they can be combined efficiently. Globaldata predicts that the metaverse will be more appreciated than other technologies because of the possibilities it presents. On this he explains:
Chinese investments in metaverse-related technology will highlight the value of the metaverse compared to existing unique experiences such as social media, gaming, or e-commerce.
However, even with estimates putting the value of the metaverse sector at $376 billion by 2025, 2023 is portrayed as a year in which investments in the metaverse will experience a cooling phase, a product of “cooled interest, economic hurdles and immaturity”. of enabling technologies.
What do you think about the prediction that puts China ahead of the Western world when it comes to metaverse investments? Tell us in the comment section below.
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