Rapid improvements in technology have substantially affected the momentum of Augmented Reality around the world, China especially so.
A few years ago, the mainstream public wasn’t aware of AR, although basic forms of the technology had been around since the early 90s. That changed when in summer 2016, the world was swept away by Pokémon Go. While everyone was busy catching Pokémon, companies began to implement AR in more interactive and business-specific areas.
China is without a doubt at the front of technology innovation and AR is not an exception. This is largely because the government is supporting AR growth. According to a report by International Data Corporation, China will multiply its market spending by a factor of ten by 2023. This year, their expenditure is estimated at $6.5 billion for both AR and VR, whereas by 2023 it is expected to exceed $65.2 billion.
China already had become the world’s dominant player in the AR market. According to a report by the IDC, between 2018 and 2023, the annual growth rate (CAGR) of MR spending will reach 84.6%. This is higher than 78% of CAGR of the global market.
After China, the US will be the second biggest market for AR and the sum of both countries investment will account for ¾ of global spending in 2023, with Europe lagging behind.
Taking all this into consideration, the choice for us as a company was clear: we had to invest time and effort in the rapidly expanding and innovative market of China. We have opened a Chinese subsidiary in Chongqing, which we can use as a base for further expansion in the region.
Recently, we were proud to be part of the Venture Leaders program in China, which gave us the opportunity to participate in a variety of exciting events. We were also nominated as the best Swiss start-up during CES Asia 2019 and attended the Forbes China Innovation Summit 2019 in Chengdu.