Report Says China Will Become a Metaverse Tech Leader During 2023 – Although global interest in the metaverse appears to be decreasing, China is continuing to strive to establish itself as a leader in this industry. Globaldata, a consulting firm, has reported that China is positioning itself to exceed Western countries in terms of metaverse technology by continually investing in related technologies.
The report states the importance that China gives to these accessory technologies will allow it to become a center for the metaverse. It states: “The growing emphasis on VR, AR, AI, and 6G aims to outpace advances in the West and position China as a global hub for the metaverse.” In addition, Globaldata indicates that China shows indications of persistent investment in virtual reality and artificial intelligence in order to stimulate the country’s economic growth.
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Various provinces and cities in China, such as Shanghai and Zhejiang, have already unveiled plans to establish themselves as metaverse tech hubs. Although the metaverse is often linked to software and hardware intended for consumers, the report suggests that the Chinese metaverse will likely prioritize the industrial sector and the advantages that it can derive from incorporating metaverse technology into its operations.
A recent report by the Chinese Ministry of Industry and Information Technology examines the integration of virtual reality and metaverse technology into industrial processes, demonstrating how they can be effectively combined. According to Globaldata, the metaverse is expected to be highly valued compared to other technologies due to its potential opportunities.
On this, it explains: “Chinese investments in metaverse-related technology will highlight the value of the metaverse compared to existing one-off experiences such as social media, gaming, or ecommerce.” Despite projections that place the value of the metaverse industry at $376 billion by 2025, it has been predicted that investments in the metaverse will experience a cooling phase in 2023 due to diminishing interest, economic challenges, and the underdevelopment of enabling technologies.
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