Metaverse Industry in China Expected To Grow up by about 40% in 2023

The metaverse industry in China is flourishing as it is expected to hike by about 40% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the Chinese metaverse market and its future, the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country.

The report also anticipated that the Chinese metaverse industry would grow up steadily in the coming period to hit a CAGR of 35.8% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in China is predicted to increase from $76,076.8 million in 2022 to reach US$4,57,241.9 million by 2030.

It attributed this growth to the well-established digital infrastructure and the excellence in transforming emerging technologies into applications, citing the quick development of the metaverse industry in the third and fourth quarters of 2022.

It also pointed to investments made by Chinese companies in the virtual space, including NetEase, Alibaba, Tencent, and ByteDance, a matter which could drive innovation and adoption over the short to medium-term.

Earlier, a report published by Globaldata, a data analytics company, expected that China would top the world’s countries in the metaverse industry this year.

Globaldata’s prediction is based on the development of other technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G, which are combined essential for making China a global metaverse hub.

Also, a report, issued in February, by South Korea’s Korean Intellectual Property Office revealed that China is number two globally in terms of metaverse-related patents, following the United States.

As many as 14,291 metaverse-related patents were filed in China from 2011 to 2022, accounting for 30% of the global metaverse-related patents, compared to the US, which recorded 17,293 applications, accounting for 36% of the global patents.