(Yicai Global) Sept. 27 -- China's virtual reality (VR) equipment shipments will reach 8.2 million by 2020 and the market size will exceed CNY55 billion (USD8.3 billion), with the technology and applications in certain fields to reach the world's cutting-edge level, predicts China Center for Information Industry Development (CCID Group), which owns investment consulting and data management company, CCID Consulting Co. [HKG:8235].

The first China Virtual Reality Innovation & Entrepreneurship Competition was hosted by the CCID and the Industry of Virtual Reality Alliance in Beijing yesterday. Currently, the virtual reality industry is ushering in a rapid development period. Possessing a huge market, China is well positioned to become a global growth center in this field, said Zhao Qinping of Chinese Academy of Engineering at the gathering. 

The Competition will select talents and outstanding projects from small- and medium-sized enterprises and startup teams engaged in the research and development, production, sales and other segments of the virtual reality industry chain. It will also introduce capital to support innovation and entrepreneurship, promoting the application of technology.

However, the virtual reality industry in China remains dominated by start-ups, resulting in the low industry maturity, insufficient mastery of key technology, improper ecological application, talent shortage and other issues. The top priority is to bring together all industry forces and make joint efforts to sharpen the overall competitive edges.