The rapid growth of China into an economic powerhouse has changed the landscape for many businesses over the past few years, particularly in the entertainment and technology sectors. The importance of the Chinese market for virtual reality (VR) and associated products and technologies has only grown, and ABI Research forecasts that trend will continue.
The report by ABI Research indicates that the Chinese VR market will reach over 20.5 million VR head-mounted display (HMD) units sold by 2022, a growth driven by entertainment, retail and the ready availability of low-cost VR hardware.
With an increasing number of Chinese firms entering the technology and internet sector, areas such as streaming video have become increasingly competitive. Companies such as iQIY, Tencent and Youku are using their VR-based services to keep one step ahead of the competition, such as iQIY’s videogaming and VR video service, Tencent’s 360-degree concert live streams and Youku’s VR content library.
Also influencing the development of the VR consumer market in China is the development of VR-based online shopping apps that allow users to more carefully try out items such as clothing or furniture before making a purchase. In addition, a number of Chinese schools are considering implementing VR technologies for both academic and extracurricular use.
“China’s huge e-commerce market also creates a large opportunity for VR in the Retail & Marketing segment. Online shopping is a preferred way of shopping for Chinese tech savvy millennials,” says Khin Sandi Lynn, Industry Analyst at ABI Research.
“The Chinese VR market is mainly driven by consumer applications at present with limited applications available for segments such as healthcare, manufacturing or utilities & energy. Development of high quality hardware and software is required for the high-accuracy and content-specific needs of these markets,” Lynn concludes.
The full report from ABI Research is titled VR in China: Platforms and Content. Further information can be found on the ABI Research official website.
For other news on industry trends and new reports on in immersive technology sector, keep watching VRFocus.