• Globaldata predicts that China will become a leader in metaverse tech during 2023.
• China is investing in technologies like AI, VR, AR and 6G to become a global metaverse hub.
• Chinese investments focus on the industry rather than consumer products.
China Set to Become Metaverse Tech Leader
Globaldata, a global consulting and data analysis company, recently issued a report which predicts that China will become a leading country in metaverse tech during 2023. China is positioning itself to outpace advances in the West by investing heavily into other related technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G, with plans to configure itself as a metaverse hub.
Focus on Industrial Applications
The Chinese Ministry of Industry and IT has released reports highlighting the application of VR and metaverse tech into industrial processes, showing how these can be mixed efficiently. As such, Globaldata proposes that the Chinese metaverse is likely to focus more on the industry and the benefits that it can reap from including metaverse tech in its processes. This approach is expected to highlight the value of the metaverse compared to existing one-off experiences such as social media, gaming, or ecommerce.
Growing Interest Despite Cooling Period
Despite estimations that put the sector value of the metaverse at $376 billion by 2025, 2023 is described as a year in which investments in this technology may suffer a cooling period due to waning interest worldwide. Nevertheless, Chinese provinces and cities have already presented plans to become hubs for this technology – Shanghai and Zhejiang among them – indicating continued investment regardless of temporary drops in interest elsewhere.
Implications for Other Countries
The progress made by China towards becoming a leader in this field could have implications for other countries too; those who do not invest sufficiently into related technologies may find themselves falling behind if they choose not to keep up with technological advancements being made elsewhere.
In conclusion then, it appears inevitable that China will soon become an important player within this sector due largely to its commitment towards investing sufficient resources into related technologies like AI, VR/AR and 6G connectivity. As such then it remains imperative for other nations considering their own advancement within this space should remain aware of China’s progress so they do not fall too far behind over time.