According to the publisher, the Metaverse industry in China is expected to grow by 42.7% on an annual basis to reach US$53,590.1 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$37,542.5 million in 2022 to reach US$457,241.9 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.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in China along with market trends covering over 100 KPIs. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.
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$37,542.5 million in 2022 to reach US$457,241.9 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. For instance,- 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.
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. For instance,- 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.
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. For instance,- In November 2022, Yamaha, 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.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in China along with market trends covering over 100 KPIs. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.
- Business spend: Market estimates and forecasts to assess opportunities by business spend on metaverse by sector, application/use cases, technology, and platform.
- Consumer spend: Breaks down consumer spend on metaverse by key component segments such as append on e-commerce, NFT purchase, by devices, and hardware devices to provide detailed assessment across the metaverse industry.
- NFT industry segments: Provides value, volume, and average value per transaction across 7 key assets in the NFT market. This includes collectibles and art, real estate, sports, utility, gaming, fashion and luxury, and others.
Scope
This report provides a detailed data-driven analysis of metaverse industry, covering a range of segments and highlighting growth areas across verticals. With over 100 KPIs at the country level, this report provides a comprehensive understanding of metaverse market dynamics. In addition, it provides a comprehensive understanding of NFT market dynamics and future forecasts.China Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
- Total Spend Value Trend Analysis
- Business Spend Value Trend Analysis
- Consumer Spend Value Trend Analysis
China Metaverse - Business Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other
China Business Spend on Metaverse by Use Case/Application, 2021-2030
- Retail (Marketing & Advertising, Commerce, Operations & Training)
- Technology & Telecommunications (Marketing & Advertising, Commerce, Operations & Training)
- Financial Services (Marketing & Advertising, Commerce, Operations & Training)
- Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
- Travel and Hospitality (Marketing & Advertising, Commerce, Operations & Training)
- Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
- Training & Education (Marketing & Advertising, Commerce, Operations & Training)
- Real Estate (Marketing & Advertising, Commerce, Operations & Training)
- Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
- Other (Marketing & Advertising, Commerce, Operations & Training)
China NFT Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other Industry
China Business Spend on Metaverse by Technology
- By Technology
- Retail Industry
- Technology & Telecommunications
- Financial Services
- Manufacturing Industry
- Travel and Hospitality
- Media & Entertainment
- Training & Education
- Real Estate
- Health & Wellness
- Other
China Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
China Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
- Retail Shopping
- Travel and Hospitality
- Online Food Service
- Media & Entertainment
- Health & Wellness
- Technology Products & Services
- Other Industries
China NFT Market Size and Future Growth Dynamics by Key Performance Indicators
NFT -Total Sales Spend Value Trend Analysis, 2021-2030
NFT - Total Sales Spend Volume Trend Analysis, 2021-2030
NFT - Average Value Per Transaction Trend Analysis, 2021-2030
China NFT Market Size and Forecast by Key Assets, 2021-2030
NFT Collectibles and Art Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Real Estate Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Sports Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Gaming Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Utility Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Fashion and Luxury Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
Other Assets Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
China Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
China Consumer Spend on Metaverse by Hardware Devices, 2021-2030
- AR (Augmented Reality)
- VR (Virtual Reality)
- MR (Mixed Reality)
Reasons to buy
- In-depth Understanding of Metaverse Market Dynamics: Understand market opportunities and key trends along with forecast (2021-2030). Understand market dynamics through essential KPIs such as business and consumer spend.
- Vertical Insights and Use Cases: Get market dynamics through business spend by sector across the retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness.
- Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate a strategy; assess market-specific key trends, drivers, and risks in the metaverse and NFT market to help stakeholders build profitable strategies.
- Get Insights into NFT Market Size and Forecast by Key Assets: Collectibles and art, real estate, gaming, sports, utility, fashion & others.
- Consumer Spend on Metaverse: Get a market evaluation based on in-depth information obtained from metaverse spend on e-commerce, NFT purchase, and device & hardware devices.
Table of Contents
1. About this Report
2. China Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
3. China Metaverse - Business Spend by Sector Value Trend Analysis, 2021 - 2030
4. China Total Business Spend on Metaverse by Use Case / Application, 2021 - 2030
5. China Business NFT Spend by Sector Trend Analysis, 2021 - 2030
6. China Total Business Spend on Metaverse by Technology, 2021 - 2030
7. China Business Spend on Metaverse by Platforms, 2021 - 2030
8. China Ecommerce Spend on Metaverse by Sector, 2021 - 2030
9. China NFT Market Size and Future Growth Dynamics by Key Performance Indicators
10. China NFT Market Size and Forecast by Key Assets
11. China Consumer Spend on Metaverse by Device Trend Analysis, 2021-2030
12. China Consumer Spend on Metaverse by Hardware Devices
13. Further Reading
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 183 |
| Published | January 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 53590.1 Million |
| Forecasted Market Value ( USD | $ 457241.9 Million |
| Compound Annual Growth Rate | 35.8% |
| Regions Covered | China |
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