According to a forecast published by Globaldata, a worldwide consultancy and data analysis firm, China will overtake the United States as the top nation in terms of metaverse technology by 2023. The company thinks that China will be able to set itself up as a metaverse center because to the advancement of other technologies including artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G.
China continues to make efforts to take the lead in the metaverse business even if there appears to be a decline in interest globally. China is positioned to exceed the West in terms of metaverse technology, according to a new research produced by consulting firm Globaldata. China will continue to invest in innovations in this area.
According to the paper, China's emphasis on these auxiliary technologies will enable it to develop into a metaverse hub. It reads:
"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."
Additionally, according to Globaldata, there are indications that China will keep funding research into artificial intelligence and virtual reality in order to further the country's economic development. Shanghai and Zhejiang are two Chinese provinces and cities that have already announced aspirations to become metaverse innovation centres.
While consumer-oriented software and hardware are typically linked with the metaverse, the paper suggests that the Chinese metaverse is more likely to concentrate on the industry and the advantages that may be gained by integrating metaverse technology into its operations.
A paper on the integration of VR and metaverse technology into industrial processes, demonstrating how these may be combined effectively, was just issued by the Chinese Ministry of Industry and Technology. The possibilities the metaverse offers, according to Globaldata, will make it more valuable than previous technologies. 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."
A cool-down period in investments in the metaverse is predicted to occur in 2023 as a result of “cooling interest, economic obstacles, and the immaturity of enabling technologies,” even though estimates place the worth of the metaverse industry at $376 billion by 2025.