DUBLIN–(BUSINESS WIRE)–The “China Metaverse Market Intelligence and Future Growth Dynamics Databook – 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend – Q1 2023” report has been added to ResearchAndMarkets.com’s offering.
Metaverse industry in China is expected to grow by 39.5% on an annual basis to reach US$1,06,102.8 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 35.8% during 2023-2030. The Metaverse Spend Value in the country will increase from US$76,076.8 million in 2022 to reach US$4,57,241.9 million by 2030.
The rapid development in the Chinese metaverse industry is partly fueled by the early layout of digital infrastructure and the adeptness of translating emerging technologies into applications. The metaverse industry has experienced significant growth in China during Q3 and Q4 of 2022.
The potential metaverse market growth has also caught the eye of leading tech giants in China. Firms such as Tencent, NetEase, Alibaba, and ByteDance are all investing in the space to develop and build devices and software that can shape the future of the metaverse industry in the country. Increased investment in the metaverse sector is expected to drive innovation and adoption over the short to medium-term.
E-commerce marketplaces are embracing the metaverse to create an immersive shopping experience for shoppers during the Single’s Day event
China has one of the largest e-commerce markets in the world. Amid the increasing competition and the need to create more immersive shopping experiences, both firms have turned to metaverse offerings in China.
In November 2022, JD.com announced that the firm is utilizing emerging technologies such as metaverse to create immersive experiences, while also boosting the Single’s Day luxury shopping event. The firm launched 3D visualization features on its website, thereby allowing shoppers to view products in a completely new way.
In September 2022, Alibaba launched a luxury shopping experience for its customers in the metaverse. The metaverse shopping experience, launched on the Tmall Luxury Pavillion platform, hosts an AR fashion show from select brands. Moreover, users can also try on the products in the immersive world. During the Single’s Day event, Alibaba also partnered with a virtual influencer to promote products from various brands on the Tmall platform.
With Chinese shoppers demanding innovative shopping experiences, the publisher expects more e-commerce players to innovate and launch immersive shopping experiences.
Investment from the government will drive the growth of the metaverse industry in China
In China, many provinces have announced a metaverse development plan, amid the growing prospects of the emerging technology. As part of the initiative, government investment in the sector is expected to increase significantly.
At least six provincial governments, along with local authorities in 10 cities in China, have issued their metaverse development plans. Guangzhou, Wuhan, and Hangzhou, along with the eastern province of Shandong, have announced plans to offer subsidies for emerging research projects and platforms-related to metaverse. These subsidies range from 2 million yuan to 200 million yuan.
In September 2022, the central province of Henan also joined the metaverse bandwagon in China. The province is planning to build a 30-billion-yuan metaverse industry. In June 2022, the Shanghai government announced a 10-billion-yuan fund for the development of the metaverse industry. By 2025, Shanghai aims to build a 350-billion-yuan metaverse industry in the city.
In the wake of the increasing hype around the metaverse, more provinces are expected to announce their metaverse industry development plan and subsidies to support domestic metaverse firms. Alongside the local authorities and government institutions, Chinese universities are also investing heavily in the sector.
These institutions are opening new virtual departments to lead the next iteration of technological innovation in the Chinese metaverse sector.
Metaverse marketplaces are raising funding rounds from leading tech giants in China
Amid the growing interest in the metaverse space, China-based metaverse marketplaces are raising funding rounds from leading technology giants in the country to further accelerate their growth and global expansion.
In November 2022, Yahaha, a virtual user-generated content metaverse platform, announced that the firm had raised US$40 million in a Series A+ funding round. This funding round led by Temasek and Alibaba, two of the leading tech giants in the country. Since its inception in 2020, the firm had garnered nearly US$100 million in financing.
Some of the early-stage investors include Xiaomi, GL Ventures, 5Y Capital, and Blibili. As of October 2022, the product developed by the firm had attracted more than 100,000 users. While its product is already introduced to the global market, the firm is looking to use the funding to further accelerate its growth and expansion in the global market.
As the Chinese metaverse ecosystem continues to develop and grow, the publisher expects metaverse-related startups to further attract investment from leading corporations and venture capital firms in China from the short to medium-term perspective.
Scope
China Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
China Metaverse – Business Spend by Sector Value Trend Analysis, 2021-2030
China Business Spend on Metaverse by Use Case / Application, 2021-2030
China NFT Spend by Sector Value Trend Analysis, 2021-2030
China Business Spend on Metaverse by Technology
China Spend on Metaverse by Platform
China Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
China NFT Market Size and Future Growth Dynamics by Key Performance Indicators
China NFT Market Size and Forecast by Key Assets, 2021-2030
China Consumer Spend on Metaverse by Device, 2021-2030
China Consumer Spend on Metaverse by Hardware Devices, 2021-2030
For more information about this report visit https://www.researchandmarkets.com/r/l9npoh
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