Tuesday, 30 May 2023

China Will Dominate Metaverse Technology in 2023

China continues to make efforts to take the lead in the metaverse business even though there appears to be a decline in interest globally.

China is positioned to exceed the West in terms of metaverse technology, according to recent research produced by consulting firm Globaldata. China will continue to invest in innovations in this area.

The Leader of Metaverse Technology

According to the paper, China’s emphasis on these auxiliary technologies will enable it to develop into a metaverse hub. It contains that the increased focus on VR, AR, AI, and 6G intends to surpass Western technological advancements and establish China as a hub for the metaverse on a worldwide scale.

Furthermore, according to Globaldata, there are indications that China will keep funding research into artificial intelligence and virtual reality in order to advance the country’s economic development.

  • China is positioned to exceed the West in terms of metaverse technology
  • Shanghai and Zhejiang have announced aspirations to become metaverse tech centers.
  • The Chinese metaverse advantages gained by integrating metaverse technology into its operations.

Shanghai and Zhejiang are two Chinese provinces and cities that have already announced aspirations to become metaverse tech centers.

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 can be combined effectively, was just released by the Chinese Ministry of Industry and Technology.

The possibilities the metaverse offers, according to Globaldata, will make it more valuable than previous technologies.

A cool-down period in investments in the metaverse is predicted to occur in 2023 as a result of “cooling interest, economic barriers, and the immaturity of supporting technologies,” even though estimates place the worth of the metaverse sector at $376 billion by 2025.

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