China’s metaverse market is anticipated to reach a value of US$12.6 billion in 2023, with a projected compound annual growth rate of 31.93% from 2023 to 2030 (data from China Briefing). The concept of the metaverse, previously confined to the realms of science fiction, has now become a crucial part of China’s economic vision. Traditionally reliant on the manufacturing and export sectors, China perceives the metaverse as a medium for economic diversification, reducing dependence on traditional sectors and creating new opportunities for economic growth.
In the pursuit of economic diversification through the metaverse, China is also focusing on job creation and skills development. The metaverse industry in China is expected to generate numerous new jobs, involving various roles such as software developers, content creators, hardware manufacturers, innovators, entrepreneurs, and virtual architects. This demonstrates the potential of the metaverse in transforming the employment landscape and providing access to new opportunities in various fields.
With its ambitious vision, China is striving to develop a metaverse focusing on the B2B and industrial sectors, aiming to become a global leader in industrial metaverse applications. However, to realize this vision and export metaverse technology as a global standard, China must overcome various challenges, including issues related to data protection and privacy, which will be key to China’s success in leading the industrial metaverse revolution.
Source: Modern Diplomacy