HONG KONG, Jan. 19, 2021 /PRNewswire/ -- Recently, IDC released an AR/VR spending guide. In 2020, the Chinese market is expected to reach 6.6 billion US dollars. Moreover, the total spending on AR/VR-related products and services in the Chinese market accounted for more than half of the global market share (approximately 55%).
China's overall market size reached approximately 6.6 billion US dollars by the end of 2020, a year-on-year increase of 72.1% compared to 2019, surpassing the United States and Japan in terms of scale and growth, and ranking first in the world. At the same time, the 5-year (2020-2024) CAGR of the Chinese market will also remain at a level of approximately 47.1%. CAGR is the abbreviation of Compound Annual Growth Rate.
AR is a technology that calculates the position and angle of the camera image in real-time, and adds corresponding images, videos, and 3D models. As AR/VR technology continues to mature, more and more companies enter the AR field, bringing more software and hardware products to AR. Due to technological advancements in hardware products and mobile software products, the AR market will continue to expand. The global VR/AR market is expected to usher in an explosion in the next five years.
After VR, AR has become the most promising emerging industry for technology companies. Facing the future development prospects of the AR market, many technology companies have indicated that they will increase their investment in the AR field.
Facing the frequent deployment and development of various technology companies in the AR field, as a holographic AR company listed on NASDAQ, WIMI Hologram Cloud is also committed to exploring the application fields of holographic AR.
WIMI Hologram Cloud is a holographic cloud comprehensive technical solution provider. Its business covers multiple links of the Hologram AR technology, including Hologram computer visual AI synthesis, Hologram visual presentation, Hologram interactive software development, Hologram AR online and offline advertising, Hologram ARSDK payment, as well as 5G Hologram communication software development. WIMI's commercial application scenarios are mainly concentrated in five professional fields, including home entertainment, light field theater, performing arts system, commercial publishing system, and advertising display system.
WIMI utilizes its strong technical capabilities and infrastructure to provide excellent products and services. WIMI's core business is holographic AR technology for software engineering, media manufacturing services, as well as cloud and big data.
WIMI has established a comprehensive holographic AR content library. The format of holographic AR content covers from 3D models to holographic short videos. As of December 31, 2018, there are a total of 4654 ready-to-use AR holographic content, which can be used for WIMI's holographic AR products and solutions, covering a wide range.
WIMI officially announced the establishment of the "Holographic Academy of Science" this year to accelerate its development in the holographic AR field. WIMI Holographic Academy of Sciences aims to combine WIMI's cutting-edge holographic vision scientific research results with the rich industry experience of other companies, so that scientific research and business can promote and inspire each other, and jointly explore scientific research, technological innovation, institutional business, and industry development.
VR/AR is one of the most anticipated application scenarios in the 5G era. In response to the integration of the development of 5G and augmented reality, China issued the "Notice on Promoting the Accelerated Development of 5G", requiring the further promotion of 5G+VR/AR and other applications to promote new consumption. Driven by policies, it is expected that 5G+AR in China will develop faster, laying an important foundation for the accelerated growth of the augmented reality market.
At present, facing the continuous growth of the AR market, many technology companies are very optimistic about the development prospects of the AR industry. WIMI will also continue to strengthen its R&D efforts in the AR field, actively grasp the period of strategic opportunity for the development of new industries and welcome the arrival of the AR industry outbreak period.
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