China Will Become a Metaverse Technology Leader by 2023
March 20, 2023 11:31 AM
According to a survey released by Globaldata, a multinational consultancy and data analysis firm, China will become a leader in metaverse technology by 2023. The company believes that the advancement of other technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will enable China to position itself as a metaverse centre.
While global interest in the metaverse appears to be fading, China remains committed to being the industry's leader. According to a recent research issued by Globaldata, a consulting organization, China is preparing itself to exceed the West in terms of metaverse technology, since the country will continue to invest in this field.
According to the paper, China's emphasis on these accessory technologies will enable it to become a metaverse hub. It reads:
"The rising emphasis on VR, AR, AI, and 6G aims to outperform Western developments and establish China as a worldwide metaverse centre."
Additionally, Globaldata believes that there are evidence that China will continue to invest in virtual reality and artificial intelligence in order to promote the nation's economic development. Numerous Chinese provinces and towns, notably Shanghai and Zhejiang, have already announced plans to become metaverse tech centres.
While the metaverse is typically linked with consumer-oriented software and hardware, the paper suggests that the Chinese metaverse will likely focus on the industry and the benefits that it may reap from incorporating metaverse technology into its processes.
The Chinese Ministry of Industry and Information Technology has published a report on the incorporation of VR and metaverse technology into industrial operations, demonstrating how they can be combined effectively. Globaldata thinks that the metaverse will be valued more than other technologies due to the possibilities it offers. It goes on to explain:
"Chinese investments in metaverse-related technologies will highlight the metaverse's value in comparison to existing one-time experiences such as social media, gaming, or retail."
Despite estimates putting the metaverse sector value at $376 billion by 2025, 2023 is defined as a year in which investments in the metaverse will see a "cooling interest, economic barriers, and the immaturity of enabling technology."