China goes for VR VR investments will double in 2021
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China goes for VR: VR investments will double in 2021 and will continue to grow rapidly

According to China’s Ministry of Industry and Information Technology (MIIT), funding for virtual reality technology in the country more than doubled in 2021 despite the COVID-19 pandemic. Official Beijing is stepping up support for this area of ​​the IT industry.

    Image source: Sara Kurig/unsplash.com

Image source: Sara Kurig/unsplash.com

According to MIIT, fundraising and investments in China’s VR sector are experiencing a new phase of explosive growth, according to the annual conference virtual reality in Nanchang. While investments in the industry have not been announced, a separate report by Chinese research firm Tuoluo Research indicates that M&A volume in China’s AR/VR industry reached $871 million in the first half of 2022 alone, an increase of 67% compared to the previous year.

The new government comments follow the release of the first VR Industry Action Plan by MIIT and four other agencies.

By 2026, China aims to increase its VR industry six-fold year-on-year to about 350 billion yuan (about 49 billion U.S. dollars), with the number of devices sold surpassing 25 million units. In addition, there are plans to create 100 innovative and influential “core” VR companies. In an article discussing the plan, the China Academy of Information and Telecommunications Technology (CAICT), affiliated with MIIT, said it was actually created in response to the industry’s growing popularity in the US and South Korea.

VR technologies have been gaining popularity over the past year, along with the growing demand for advanced technological concepts like the Metaverse. The support of AR and VR is considered crucial for the development of the virtual world, which could be the next incarnation of the internet.

TikTok owner ByteDance, which bought VR startup Pico last year, recently unveiled the Pico 4 VR device to positive reviews in China, where Meta’s rival Quest 2* Not available.

* It is included in the list of public associations and religious organizations for which the court made a final decision to liquidate or ban activities on the grounds provided for in Federal Law No. 114-FZ of July 25. 2002 “On Countering Extremist Activities”.

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Johnson Smith

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