Hong Kong, March 03, 2021 (GLOBE NEWSWIRE) -- Recently, IDC released the "IDC Global Augmented Reality and Virtual Reality Spending Guide." IDC predicts that the scale of global spending on the AR/VR market will reach $12.07 billion in 2020, a year-on-year increase of 43.8%.
In the long run, IDC is optimistic about the global market. The total global expenditure scale will reach a compound annual growth rate (CAGR) of 54.0% during the five-year forecast period of 2020-2024, showing a good development trend.
In 2020, 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%), which is significantlyhigher than before the epidemic. China's overall market size will reach approximately $6.6 billion 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%.
Since last year, giants including Microsoft, Apple, and Google have competed to pay more attention to VR/AR market. Apple, Google, Facebook, and Amazon have entered the AR field, and this wave of AR wave started by technology giants has no suspense.
The continued popularity of AR technology is also reflected in the stock market. Recently, the Nasdaq index has continued to rise to new highs, and popular Chinese concept stocks have also generally risen. China is less affected by the epidemic, and it is expected that high-quality Chinese concept stocks still have some upside potential. WIMI, as the world's first holographic AR stock, has the potential of becoming high-quality Chinese concept stocks. However, due to its listing at a low index, its value is seriously underestimated, which has attracted the attention of many well-known bank and brokerage institutions, including Bank of America.
If the rise of the Internet in the last century was the development era of the world's golden age, then the rise of the current new technology holographic AR is equivalent to it, and it is closer to people's lives than VR.
From the 18th century to the 20th century, people ushered in two industrial revolutions, which brought different developments to the world. In the 1960s, in the American Internet market, people began to live in a digital way. The industrial age has moved towards the data age. As for the 21st century, it is the stage for millennials. They grew up during the advent of the Internet, showing their enthusiasm for new technologies, and our lives have just experienced the era of big data and cloud computing, facing the world with over 100 million young users, holographic AR will become the next big chance for getting rich and starting a business.
In the future, when the holographictouch interactive technology is officially launched, everyone seems to have a"Dimension Door" that can immediately lead to the destination where they want to be. People only need to use the equipment indoors to enter new scenes, and the new scenes can be areas in the real world or virtual game worlds. People can enter the scenes with their respective "clone" holographic projection images and possess the "teleport" skill. You can also change the costume and hairstyle of the character in the image. The digital display panel can be released in the air with a wave of the palm, and the finger can slide and click anywhere on the panel. People can extract the physical camera from the interface for shooting, or search and reads information on the panel. These features will directly replace the functions of the mobile phone.
In addition, the images of people in the new scene can talk to each other, share the same screen in different places, and shake hands and hugs with tactile equipment. People seem to be living in two worlds. In 2020, Jack Ma and Musk have used holographic projection technology to appear on the same stage at the "Cloud Exhibition" of the World Artificial Intelligence Conference. The concept of "holographic" has great imaginations, and its core competitiveness and substitution power will be obvious to all in the future.
In recent years, as VR and AR technologies have become more widely used in various consumer scenarios, many leading Internet manufacturers and retailers have taken part in these aspects. Nowadays, 5G and cloud computing provide a powerful infrastructure for the VR and AR industries, which determines that its landing process in the commercial field will accelerate.But for any new technology to achieve large-scale implementation, it needs to dig deep into the industry and find accurate application scenarios.
As an ecological service provider for 5G applications, WIMI Hologram Cloud focuses on computer vision holographic cloud services. Moreover, 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 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.
The characteristics of 5G, such as high transmission and low latency, can enrich XR application scenarios. The large bandwidth characteristics of 5G networks can meet the development needs of XR. 5G overlay edge computing can bring low latency and transfer the computing power required for local rendering to cloud processing.
As a leading company in the industry, WIMI leverages its in-depth understanding of industry development to explore the needs of the industry and consumers, together with its own advantages in technology and data, which has laid an inevitable foundation for its breakthrough in the field of new technology research and development.
The gradual maturity of new technologies such as 5G, display, AI, as well as the enrichment and quality of content-side works will drive the entire AR/VR industry to the starting point of a real application explosion. AR/VR will gradually become deterministicindustrial opportunities in the next three years.
For most players participating in this industry, more opportunities lie in the content sideof downstream, which are related to the innovation of AR and VR content and model. Whether it is a high-definition video, an immersive game, sports fitness, education, shopping, or others, the content side is in the ascendant, the industry has just started, and there are still no giants with obvious advantages. The diversification of application scenarios tests the quality of content and the effect of innovation. This new industry has the same opportunities for a large number of startups and industry leaders.
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