“China Metaverse Market Intelligence and Future Growth Dynamics Database – 100+ KPIs Covering Market Size by Sectors X Use Cases X Technology, Business and Consumer Spending, NFT Spending – Q1 2023” report added of ResearchAndMarkets.com visit.
China’s metaverse industry is expected to grow by 39.5% on an annual basis, reaching USD 1,061,102.8 million in 2023.
The metaverse industry is expected to grow steadily over the forecast period, registering a CAGR of 35.8% from 2023 to 2030. The country’s Metaverse spending will grow from $76,076.8 million in 2022 to $45,741.9 million by 2030.
The rapid growth of China’s metaverse industry is driven in part by the nascent layout of digital infrastructure and the ability to translate new technologies into applications. The metaverse industry is expected to experience significant growth in China in the third and fourth quarters of 2022.
The growth of the potential metaverse market has also attracted the attention of major Chinese technology companies. Companies like Tencent, NetEase, Alibaba and ByteDance are all investing in the space to develop and manufacture the equipment and software that will shape the future of the domestic metaverse industry. Increased investment in the metaverse sector is expected to drive innovation and adoption in the short to medium term.
E-commerce marketplace adopts Metaverse to offer shoppers an immersive shopping experience during Singles Day event
China has one of the world’s largest e-commerce markets. Both companies turned to offering the Metaverse in China amid increasing competition and the need to create a more immersive shopping experience.
In November 2022, JD.com announced that it is using new technologies such as the Metaverse to create immersive experiences while also driving its Single Day luxury shopping event. The company introduced his 3D visualization feature on his website, allowing shoppers to view their products in a whole new way.
In September 2022, Alibaba will launch a luxury shopping experience for its customers on the Metaverse. Launched on the Tmall Luxury Pavilion platform, his Metaverse shopping experience will host an AR fashion show of select brands. Additionally, users can try on products in an immersive world. During the Singles Day event, Alibaba partnered with virtual influencers to promote various branded products on its Tmall platform.
As Chinese shoppers seek innovative shopping experiences, publishers expect more e-commerce players to innovate and launch new shopping experiences.
Government investment accelerates the development of China’s metaverse industry
In China, several provinces have announced comprehensive development plans amid the growing potential of emerging technologies. As part of this initiative, government investment in this sector is expected to increase significantly.
At least six provincial governments and local authorities in 10 cities across China have announced comprehensive development plans. Guangzhou, Wuhan, Hangzhou, and eastern Shandong provinces have announced plans to provide grants for new research projects and platforms related to the Metaverse. These subsidies range from RMB 2 million to RMB 200 million.
In September 2022, the central province of Henan also joined the Chinese Metaverse bandwagon. The ministry plans to build his 30 billion yuan metaverse industry. In June 2022, the Shanghai government announced his 10 billion yuan fund for the development of the metaverse industry. By 2025, Shanghai aims to build his 350 billion yuan metaverse industry in the city.
Given the growing hype about the metaverse, more states are expected to announce their own metaverse industry development plans and subsidies to support domestic metaverse companies. Local governments, government agencies and Chinese universities are investing heavily in this field.
These institutions are opening new virtual departments to lead the next phase of innovation in China’s metaverse sector.
Metaverse Marketplace Raises Funding Round from Leading Chinese Tech Company
As interest in the Metaverse space grows, the China-based Metaverse Marketplace has raised a funding round from a major domestic technology giant to further accelerate its growth and global expansion.
In November 2022, Yahoo, a metaverse platform for virtual user-generated content, announced it had raised US$40 million in a Series A+ funding round. The funding round is led by Temasek and Alibaba, two of his leading tech giants in the country. Since its inception in 2020, the company has raised nearly US$100 million of his funding.
Early stage investors include Xiaomi, GL Ventures, 5Y Capital and Blibili. By October 2022, the company developed a product that he had over 100,000 users. The company’s products have already been introduced to the global market, and the company hopes to use the funding to further accelerate its growth and expansion in the global market.
As China’s metaverse ecosystem continues to grow and develop, publishers expect metaverse startups to attract investment from major Chinese companies and venture capital firms in the short to medium term.
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China Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
China’s Metaverse – Trend Analysis of Corporate Spending by Sector, 2021-2030
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retail business
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Technology and telecom industry
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financial services industry
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Construction industry
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Travel and hospitality industry
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media and entertainment industry
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training and education industry
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real estate business
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health and wellness industry
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other
Chinese Firms Spending on the Metaverse by Use Case/Application, 2021-2030
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Retail (Marketing & Advertising, Commerce, Operations & Training)
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Technology and Telecommunications (Marketing and Advertising, Commerce, Operations and Training)
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Financial Services (Marketing & Advertising, Commerce, Operations & Training)
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Manufacturing (Marketing & Advertising, Commerce, Operations & Training)
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Travel & Hospitality (Marketing & Advertising, Commerce, Operations & Training)
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Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
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Training & Education (Marketing & Advertising, Commerce, Operations & Training)
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Real Estate (Marketing & Advertising, Commerce, Operations & Training)
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Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
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Other (Marketing & Advertising, Commerce, Operations & Training)
China NFT Spending by Sector Value Trend Analysis, 2021-2030
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retail business
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Technology and telecom industry
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financial services industry
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Construction industry
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Travel and hospitality industry
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media and entertainment industry
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training and education industry
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real estate business
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health and wellness industry
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Other industries
Chinese corporate spending in the metaverse by technology
China is spending on the metaverse by platform
Metaverse Spending (Total Merchandise Value) by Chinese Ecommerce Sector, 2021-2030
China’s NFT Market Size and Future Growth Dynamics by Key Performance Indicators
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NFT – Trend Analysis of Net Sales Spend, 2021-2030
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NFT – Net Sales Trend Analysis, 2021-2030
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NFT – Average Value Trend Analysis per Deal, 2021-2030
China NFT Market Size and Forecast by Key Assets, 2021-2030
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NFT Collectibles and Art Trend Analysis, 2021-2030
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NFT Real Estate Trend Analysis, 2021-2030
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NFT Sports Trend Analysis, 2021-2030
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NFT Gaming Trend Analysis, 2021-2030
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NFT Utility Trend Analysis, 2021-2030
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NFT Fashion & Luxury Trends Analysis, 2021-2030
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Other Real Estate Trends Analysis, 2021-2030
Chinese Consumer Spending on the Metaverse by Device from 2021 to 2030
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desktop
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mobile
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digital gadget
Chinese Consumer Spending on the Metaverse by Hardware Device, 2021-2030
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AR (Augmented Reality)
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VR (virtual reality)
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MR (Mixed Reality)
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