On Nov 25, East Lake High-tech Development Zone (Optics Valley of China) in Wuhan, central China’s Hubei province released a report on the development of the zone’s virtual reality (VR) and augmented reality (AR) industry in 2017.
Optics Valley of China has been steadily climbing to the top of the country’s VR/AR industry, trailing close behind the nation’s VR/AR leaders -- Shenzhen, Beijing and Shanghai.
The report shows that the zone’s VR/AR industry is made up of more than 50 companies and over 5,000 employees, with an annual sales revenue of about 650 million yuan ($98.42 million), an increase of 50 percent compared with the same period of last year. Additionally, the production value of extending industries reached around 1.5 billion yuan.
The report also pointed out that with the development of science and technology, VR and AR are gradually being integrated into people's daily life.
At present, China's VR/AR industry is developing rapidly. In 2015, the market value of the VR/AR industry in China was worth 1.54 billion yuan, grew to 6.82 billion yuan in 2016 and more than 55 billion yuan is expected in 2020.
Optics Valley’s successful rise in the VR/AR industry should come at no surprise considering its strong competitive advantages in many areas, including education, training and innovation, and especially VR plus, AR plus and panorama plus fields.
The perks of these advantages are evident with the establishment of a VR/AR industry base in the Optics Valley of China in October. Moreover, this year four companies in the zone obtained an investment of 24.5 million yuan, allowing them to join the zone’s already impressive list of VR/AR companies with national competitiveness, such as Motus Technology and Show Baby Software.
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