Zhejiang Will Build $28.7 Billion Metaverse Industry by 2025

China’s coastal province Zhejiang has unveiled a Metaverse development strategy to establish the project’s center. By 2025, the strategy is to build an ecosystem of different businesses using this technology as part of their operations and encourage the development of a $28.7 billion Metaverse sector.

The concept of the metaverse acquired popularity among local Chinese authorities as a viable new business, inspiring Zhejiang to launch a Metaverse development plan.

Zhejiang Welcomes the Metaverse

Chinese province Zhenjiang unveiled its Metaverse development strategy on December 15. It intends to become one of the nation’s major Metaverse hubs. By 2025, a $28.7 billion Metaverse industry is expected to exist thanks to the strategy, which calls for incorporating several current businesses into the project.

The development plan’s initial phase will start in 2023. The program specified the number of crucial goals, including creating a complete business ecosystem and supply chain, supporting innovation, and encouraging the adoption of Metaverse applications in industries like e-commerce and entertainment.

The province aims to prepare “10 industry leaders and 50 firms” to support the plan to accomplish the stated objectives. Implement “their skills in the blockchain, artificial intelligence, mixed reality, augmented reality, and virtual reality industries” after that.

Also, the market supervision bureau, the provincial department of commerce, and the research, and technology department are in the plan structure. On the other hand, the publicity department and the cybersecurity administration are all working together on the development plan.

In this Metaverse drive, the government will use these technologies in industrial design firms, healthcare providers, and even businesses involved in product manufacture.

The strategy reflects the strategies already developed and put forth by other local Chinese governments with a similar interest in the Metaverse as a development tool. Shanghai unveiled its plan in June to develop into a $52 million metaverse hub. Other similar projects are in Hangzhou and Wuhan, the capital of central Hubei province.

China Is the New Metaverse Hub

Since many Chinese businesses have expressed interest in creating related technology, the country is quickly emerging as a metaverse project hub. Local sources stated that the country’s metaverse sector had raised $780 million as of September 5. It is anticipated that this amount will rise to $5.8 trillion by 2030.

The development of technology related to the Metaverse is even of interest to the Chinese government. The Chinese government announced a proposal to study virtual reality (VR) in November to develop the technology to create a more immersive experience. The creation of a virtual social realm that would enable people to interact and converse online is also planned.

Tencent, a giant of Chinese software, has already gotten on the Metaverse roller coaster. It has set up its division specifically to hire around 300 people for various jobs and projects.

This suggests that China will serve as the world’s center for adopting and developing metaverse technologies in the future. The plans of the Chinese province are also a development for the global digital economy.

2023 Will Be a Good Year for Metaverse

The consumer and social sectors have received a lot of attention in the Metaverse. It is predictable that the ideas from the Metaverse will continue to permeate the industry by 2023. For instance, Renault stated in late 2022 that they expected a digital twin across their production line to save them €320 million by 2025. In addition to €260 million in inventory savings, a 60% decrease in vehicle delivery time, and a 50% decrease in carbon footprint across the entire vehicle manufacturing industry.

Exciting, well-known applications of Metaverse will serve as an example for others in various industries. A dynamic collaboration between technology companies building the Metaverse’s capabilities and other sectors seeking to deploy it will provide them access to a market that is predicted to be worth several trillion dollars by 2030.

To promote its conception of the Metaverse, Meta has described some technologies it thinks network operators would have to use. These include decreasing network latency, providing symmetrical bandwidth, and creating a “common framework”. That would allow different vendors, service providers, and network components to share networking measurements.

Conclusion

China is among the top countries that have embraced Metaverse due to its optimistic future in this decade. China will complete the Zhejiang by 2025, a multi-million project that will outshine many projects. With companies investing millions of money in the project, it’s going rapidly and is expected to perform more in the coming year.

However, the excitement that is developing regarding investments related to the Metaverse has drawn criticism from the authorities. The government cautioned about it in an article published on November 10 by the state-run daily Economic Daily. It noted that “the metaverse business seems promising, but it may not match every region. Be cautious of blindly copying it and placing huge bets on it while disconnected from reality.