Global consulting and data analysis company, Globaldata, has released a report predicting that China will emerge as a leading country in the metaverse industry in 2023.
Despite a waning interest in the metaverse globally, #China is continuing to invest in related technologies, such as virtual reality, augmented reality, artificial intelligence, and 6G, positioning itself to surpass the West in the industry.
The report highlights China's emphasis on these #technologies as a key factor in establishing the country as a metaverse hub, with several Chinese provinces and cities already presenting plans to become metaverse tech hubs.
While the metaverse is often associated with consumer-oriented software and hardware, Globaldata suggests that China's focus may be more on industry and the potential benefits of integrating #Metaverse tech into industrial processes.
The report also suggests that 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 predictions that the metaverse sector value will reach $376 billion by 2025, the report notes that 2023 may see a cool-down phase in investments due to cooling interest, #economic obstacles, and the immaturity of enabling technologies.