China's virtual reality market will exceed RMB 55 billion by 2020
A few days ago, the China Electronic Information Industry Development Research Institute released a report highlighting that VR device shipments in China are expected to reach 8.2 million units in 2020. The virtual reality market is projected to surpass 55 billion yuan, with certain technologies and applications already reaching world-leading levels. This marks a significant step forward for the industry.
As software and hardware technologies continue to advance, the performance of VR products has improved significantly while costs have dropped, making them more accessible to the general public. During the launch event of the China Virtual Reality Innovation and Entrepreneurship Competition in Beijing on the 26th, held alongside the China Institute of Electronic Information Industry Development, Academician Zhao Yuping from the Chinese Academy of Engineering emphasized that the VR industry is entering a period of rapid growth. With its vast market and strong innovation system, China is well-positioned to become a global hub for VR development.
However, despite this progress, the Chinese VR industry still faces several challenges. It is largely driven by start-ups, and there are issues such as low industrial maturity, a lack of core technologies, an incomplete application ecosystem, and a shortage of skilled professionals. Addressing these problems requires collaboration across the entire industry to build a stronger, more competitive environment.
To encourage innovation and develop talent, the China Electronic Information Industry Development Research Institute, the Virtual Reality Industry Alliance, and Guoke Innovation & Venture Capital Co., Ltd. officially launched the first China Virtual Reality Innovation and Entrepreneurship Competition on the 26th. The competition aims to support small and medium-sized enterprises and entrepreneurial teams involved in R&D, production, and sales along the industrial chain. It will identify top talents and promising projects, and provide funding to promote technological advancements and real-world applications.
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