• The metaverse is a virtual world where users share experiences and interact in real time within simulated scenarios.
• In the long term, it could revolutionize how humans socialize, work, and consume media.
• China’s investment in metaverse-related tech will outpace the West’s efforts.

Waning consumer interest in the metaverse and a push for innovation of Chinese metaverse technology are among the predictions for 2023 made by leading data and analytics company GlobalData in its latest thematic report, Tech, Media, & Telecom Predictions 2023.

As 2022 comes to a close, William Tyson, Associate Analyst in the Thematic Intelligence team at GlobalData, predicts what lies ahead in 2023:

The metaverse will fail to live up to the hype in 2023

The metaverse will experience a winter in 2023. The immaturity of enabling technologies like virtual reality (VR) and artificial intelligence (AI), as well as cooling consumer interest, will prevent the metaverse from being adopted widely in the next year.

Tyson comments: “The absence of a single vision for the metaverse means that its future is malleable and uncertain. Its extraordinary long-term potential is widely recognized, which is why Big Tech is continuing to funnel billions into its creation— despite the absence of short-term return on investment. The technology will experience a cold period, but this provides an opportunity for underlying technologies to develop.”

China’s metaverse investments will outpace the West

China will continue to invest in the underlying metaverse technologies, despite strict regulation in 2023. However, Chinese companies will have to follow the government’s vision of what the metaverse should look like.

Tyson continues: “Central planning in China will aid the development of the metaverse as companies aim to undercut the capabilities of the West. Chinese companies will benefit from preferential policies and subsidies in their attempts to innovate. This is a luxury that Western governments would find difficult to justify at this early stage of the metaverse and in the current macroeconomic climate.”

Information based on GlobalData’s latest thematic report: Tech, Media, & Telecom Predictions 2023.

WEBINAR ‘TMT Predictions 2023’ 19^th January 2022:
The most successful companies in 2023 will be those that closely monitor how themes in the technology, media, and telecoms (TMT) industry play out. The 2023 TMT Predictions webinar will help you to understand which themes will be the most impactful for businesses over the next year. GlobalData’s Thematic Intelligence team will provide data-driven insights into what to expect next year, helping you to stay ahead of the competition and identify the technologies that could grow your business.

To book your place please click this link: TMT Predictions 2023.