BEIJING, Aug. 21 (Xinhua) -- Market value of China's Virtual Reality (VR) industry reached 16 billion yuan in 2017, up 164 percent year on year. It is estimated that the industry's market value is expected to exceed 90 billion yuan by 2020, with compound annual growth rate at 125.3 percent, Wang Peng, vice director with CCID Consulting said on Monday.
The Ministry of Industry and Information Technology will support the core technology and products research of VR industry, to boost the combined development of VR technology and other industries.
As an important force leading a new round of industrial change in the world, VR technology integrates technologies in multiple fields, which will be the next generation universal technology platform and Internet portal.
At present, China's VR market saw a rapid growth and made a breakthrough in core technology and products research. (Edited by Ma Xin, maxin11@xinhua.org)
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