The 2022–2026 action plan intends to progressively integrate virtual reality with industrial applications. The Chinese government begins a virtual reality program.
According to the Chinese daily Global Times, the Ministry of Industry and Information Technology of China and four other government organizations have created a five-year action plan that aims to ship 25 million virtual reality (VR) devices by 2026.
The program is a component of a larger effort to advance China’s industrial and economic growth. The 2022–2026 action plan’s main goal is to better incorporate VR into industrial applications. The plan predicts that the size of China’s virtual reality industry as a whole, including related hardware, software, and applications, will exceed CNY 350 billion ($48.56 billion) by 2026.
The Chinese government anticipates that the strategy will lead to significant advances in important fields, such as three-dimensionality, and it also aims to increase the use of VR technology to advance economic growth across a variety of industries.
The government-backed plan’s main objectives include producing strong outcomes in integrating VR technology with existing applications, consistently enhancing the industry ecosystem, and considerably expanding innovation capability.
By 2026, 10 public service platforms are to be built for the industry, as well as 100 “backbone companies” with significant innovation skills in the VR sector.
The Chinese government begins a virtual reality program
The strategy identifies five essential tasks: fostering the integration of important technologies, enhancing the industrial chain’s capacity for supply, speeding up the creation of new application scenarios, bolstering the development of public service platforms, and building a standardized system.
The plan also suggests three specialized projects with thorough plans for their future advancement: integrating and innovating important initiatives like network transmission technology; enhancing the entire industrial supply chain with clear guidelines for important facilities and technologies; and promoting application scenarios in significant industries.
According to a survey by Founder Securities, the market for VR devices in China is anticipated to reach CNY48 billion and the market for VR content is anticipated to reach CNY83.3 billion by 2025.
According to a recent research by tech consulting company IDC, spending on VR and AR in China is expected to increase to $13.1 billion by 2026 from $2.1 billion in 2017.
According to IDC, the AR and VR market in China is anticipated to grow at a CAGR of 43.8% between 2022 and 2026.