Virtual reality (VR) is experiencing rapid growth in China, with a strong presence of startup companies driving innovation in the field. Chinese firms have made significant strides in technical parameters and design concepts, leading globally in areas such as interactive technologies, light field technology, and industrial applications. According to forecasts, the VR market in China is expected to surpass RMB 55 billion by 2020, positioning the country as a key growth center for the global VR industry.
At the first China Virtual Reality Innovation and Entrepreneurship Competition, Zhao Puping, an academician from the Chinese Academy of Engineering and chairman of the Virtual Reality Industry Alliance, emphasized that VR technology initially found its applications in military, aerospace, and manufacturing sectors before expanding into more consumer-oriented fields like medicine, education, tourism, and e-commerce. With continuous advancements in hardware and software, along with improved performance and reduced costs, VR products are becoming increasingly integrated into everyday life.
In 2016, the year was dubbed the “first year of the VR industry†in China. Startups were particularly active, achieving breakthroughs in various technological domains. According to CCID, global VR revenue reached $10 billion in 2017, and by 2020, China’s VR device shipments are expected to reach 8.2 million units, with over 25 million users. The domestic VR hardware market will account for 34.6% of the global scale, further solidifying China’s role in the industry.
Wang Peng, Secretary-General of the Virtual Reality Industry Alliance, highlighted that VR technology is reshaping human perception and is considered a new generation of information technology, often referred to as the “Next Generation Internet.†He noted that VR not only enhances daily life but also offers transformative opportunities across industries, promoting technological upgrades and the emergence of new service sectors.
The government has recognized the strategic importance of VR, as seen in the “Outline of National Innovation-Driven Development Strategy†issued in 2016, which emphasized research and industrial development in this area. More recently, the State issued “Opinions†on promoting the healthy development of the mobile internet, calling for intensified efforts in VR, AI, and AR technologies.
Despite the progress, challenges remain, including a shortage of skilled personnel and limited sustainable innovation. As Zhao Yan pointed out, the industry requires continuous technical support and content creation to thrive. Many startups face difficulties in talent acquisition, capital accumulation, and management, making government guidance and investment support essential.
The first China Virtual Reality Innovation and Entrepreneurship Competition, organized by multiple institutions, aims to promote market-oriented operations, build financing platforms, and identify promising companies and talents. It seeks to bring more innovative projects and enterprises into the VR ecosystem.
Wang Peng also mentioned that professional investment institutions plan to establish a VR industry fund, offering selected companies and teams access to national funding opportunities. This initiative underscores the growing momentum and potential of the VR sector in China.
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