While many companies in the West are rushing to create a public metaverse, their Chinese counterparts are focusing on its industrial applications.
Whether you’re skeptical or enthusiastic about the metaverse’s potential, there’s no denying that we’ve been following it to at least some degree since last year.
you have to admit it’s very exciting to watch Work with Zuckerberg to put all your eggs in one basketseeks to create a virtual publishing platform for realizing 90s sci-fi dreams.
However, while the West is focused on creating a public metaverse, the East is doing something else.
In China, companies are focused on creating virtual worlds in which real machines and factories, grids and transportation, and other industrial objects and systems are digitally mirrored.
China’s smart manufacturing plan
Just last month, the Ministry of Industry and Information Technology of China 5-year plan announced It details the types of innovations they plan to make in the industrial sector.
The plan will focus on integrating virtual reality technology with industrial applications such as robotics, intelligent manufacturing, and other cutting-edge technologies.
Additionally, the Chinese government aims to create an environment where virtual machines and factories are connected with their physical counterparts that exist in the real world.
This could create new smart manufacturing modes with enhanced levels of interaction between the virtual and real worlds.
So what exactly can we call this new industrial metaverse? Imagine a platform that allows machines and factories of all sizes to connect and operate more efficiently. This metaverse will enable more efficient and collaborative ways of doing business through virtual reality and other advanced technologies.
How can the industrial metaverse help China? Improving manufacturing efficiency is the primary goal. Such an environment will allow China to turn its huge industrial sector into a more efficient beast that costs less and produces better results.
If the plan comes to fruition, China’s VR industry should grow to over $50 billion by 2026. By the time money starts pouring into the sector, China will have more than 100 of her companies in the virtual reality business.
As for the private sector, a staggering number of companies are already working on related technologies such as VR and AR. They range from tech giants such as Huawei, Tencent, and Baidu to small start-ups backed by venture capital funds.
It is estimated that 10,000 small, medium and large companies are already working in the VR and AR industry. last year, 1,000+ organizations in China has filed at least one patent for a metaverse-related invention.
At the moment, the impact of these companies on the Chinese economy is minimal, but that is expected to change soon. The global market size for smart manufacturing is expected to exceed $540 billion by 2025, so it’s no wonder the Chinese government is actively supporting the development of this amazing technology. .
China’s private sector is fairly active, but some state-run agencies are less enthusiastic about the Metaverse.the virtual world Nation-wide security riskTherefore, China’s National Intellectual Property Regulatory Authority Blocked many metaverse-related trademark requests 2022.
Still, the sheer number of people and organizations involved in emerging industries makes it almost impossible to stop. And given the potential payoffs of creating such a powerful platform, it’s unlikely that the Chinese government will make a U-turn any time soon.
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