The Metaverse in Asia Pacific
Each week, Weber Shandwick’s APAC Intelligence Bulletin shares the key developments shaping business sectors and markets throughout the Asia Pacific region.
- Investment in metaverse solutions continues to grow throughout Asia
- A wide variety of sectors believe the metaverse could resolve problems like the current talent crunch and hybrid office needs
- Recent growth in Asia Pacific is particularly focused around the education and automotive sectors
- However, a lack of more widespread interest and understanding of the metaverse may compromise growth
One of China’s leading conglomerates has newly announced a deal with the world’s largest mobile network to expand services in the metaverse. A recent report has estimated India’s metaverse sector will be worth US$679 billion by 2030. In South Korea, a startup has established a 30-storey tower in the metaverse to lease virtual office space to domestic and international companies.
Many sectors hope the metaverse can help resolve obstacles facing their respective industries. 54% of Singapore businesses surveyed are planning to digitise in the coming year to reduce business costs. A survey of Australian banks found 91% believed the metaverse would be instrumental in reducing their carbon footprint, with 55% already investing in the technology.
A local court in the Chinese city of Xiamen recently held two hearings in the metaverse for university students studying law, with authorities saying the approach will help foster transparency and efficiency in China’s judicial system. Six provincial governments and ten local city authorities in China have recently announced new investments in the metaverse.
Education has been a particular focus for recent investments. Five government schools in the Indian city of Chennai have launched a metaverse programme for teachers and students. Universities in India and China have recently launched new metaverse initiatives, with one Chinese university rebranding one department as The Metaverse Engineering Department.
Recent investments have also focused heavily on Asia’s automotive sectors. The world’s ninth largest automotive manufacturer has announced a new Korea-led partnership with a Hong Kong SAR-based metaverse platform. A South Korean automotive multinational recently launched its latest product line in India with a metaverse gaming platform. Automotive brands in the Philippines are working to leverage the metaverse for factories.
However, consumer attitudes and investor attitudes may differ. A consumer survey from earlier this year found 35% of respondents hadn’t heard of the metaverse. More recently, research found that two-thirds of Australians weren’t familiar with the metaverse.
This briefing was prepared by Weber Shandwick’s Insight & Intelligence team in Singapore.
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