Author : Mark
Date : Dec 29,2022
The concept focuses on integrating cutting-edge technology like robots and intelligent manufacturing with industrial applications of virtual reality
Chinese businesses concentrate on using the Metaverse for industrial purposes, whereas many Western businesses are eager to build a public Metaverse.
There's no disputing that you've been following the Meta tale, at least to some level, for the past year, whether you're skeptical or excited about the potential of the Metaverse.
You have to agree that it's really fascinating to watch Zuckerberg and company placing all of their eggs in one basket and attempting to build a virtual public platform to fulfill the sci-fi fantasies of the 1990s.
However, the East is taking a different approach while the West focuses on building a public Metaverse.
Companies in China are working to create a digital mirror of the real world's industrial systems, including grids, transportation, and other physical industrial objects and devices.
China's Plan for Smart Manufacturing
A five-year plan outlining the kinds of improvements China plans to make in its industrial sector was only announced last month by the Ministry of Industry and Information Technology.
The concept focuses on integrating cutting-edge technology like robots and intelligent manufacturing with industrial applications of virtual reality.
The Chinese government also wants to establish a setting in which digital factories and machines may communicate with their real-world physical counterparts.
This could lead to the development of a new smart manufacturing paradigm with improved levels of interaction between the virtual and physical worlds.
An industrial metaverse is what?
What therefore is the proper name for this brand-new industrial metaverse? Just picture a system that links equipment and factories of various sizes, enabling them to function more effectively. This Metaverse will make it possible for business to be conducted more effectively and in unison thanks to virtual reality and other cutting-edge technologies.
What problems can the industrial Metaverse solve for China? Increasing manufacturing productivity is the main objective. In such a setting, China's massive industrial sector may be transformed into an efficient beast that delivers greater outcomes at reduced costs.
Chinese Metaverse Industry
By 2026, the Chinese VR market should be worth more than $50 billion if the plan is implemented. When funding begins to come into the industry, China will have more than 100 virtual reality-related businesses.
A remarkable number of private businesses are already developing VR, AR, and related technologies. From large tech juggernauts like Huawei, Tencent, and Baidu to smaller businesses supported by venture capital funds, they span the spectrum.
10,000 small, medium-sized, and large businesses are reportedly actively active in the VR and AR sector. Over 1,000 businesses in China submitted at least one patent application for a metaverse-related invention last year.
Although these enterprises currently have a small impact on the Chinese economy, this is anticipated to change very soon. Smart manufacturing is anticipated to have a global market value of more than $540 billion by 2025, thus it should come as no surprise that the Chinese government is aggressively promoting the development of this incredible technology.
How Will the Chinese Metaverse Fare?
Several state-funded institutes in China are not overly thrilled about the Metaverse, despite the fact that the private sector there is fairly engaged. Some believe that the virtual world poses a national security threat. Due of this, a number of trademark applications pertaining to the Metaverse were denied in 2022 by the national IP agency of China.
Nevertheless, it is very hard to stop due to the enormous number of individuals and companies participating in the developing business. It's also unlikely that the Chinese government will change its mind anytime soon given the potential benefits of developing such a strong platform.