China's virtual reality (VR) industry will top $1.51bn in 2018

China’s love affair with immersive technologies looks set to continue, with experts predicting the value of its VR industry could exceed $1.51bn in 2018.

According to organisers of the 2018 Asia VR & AR Fair and Investment Summit, the country’s VR industry will see an annual compound growth rate of over 80 percent within the next five years.

Zhou Gangyi, Director of the Guangzhou VR Industrial Association, predicts that the overall value could achieve 79.02 billion yuan by 2021.

Last month, Beijing’s Palace Museum opened an immersive exhibition “Discovering the Hall of Mental Cultivation: A Digital Experience” that invited users to explore the museum’s collection virtually.

The experience involved a large-scale immersive virtual reality theatre, VIVE headsets, Kinect motion sensors, and interactive touchscreens. Artificial intelligence (AI) and voice and image recognition allowed them to talk to court ministers, view artefacts in 360 degrees, and wander through the emperor’s residence.

The 2018 Asia VR & AR Fair and Investment Summit takes place from 3rd-5th April in Guangzhou, the capital of Guangdong province.

Image courtesy Palace Museum

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