WiMi Built the Next Generation of XR to Enter the Business Market As the Metaverse Continues to Grow WiMi Hologram Cloud Inc. (NASDAQ: WIMI)
Beijing, China
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August 19, 2022 11:00 AM Eastern Daylight Time
The Metaverse, a digitized virtual reality realm, is gaining popularity. The buzzword “Metaverse” was coined by sci-fi author Neal Stephenson in his novel Snow Crash in 1992. Its popularity is due to Facebook's decision to rename "Meta."
What is the Metaverse? We may picture it as a new interconnected platform. Ordinary video game players can only see what they are playing through a 2D flat screen on a mobile phone or computer. In contrast, the Metaverse can create a 3D space where players can access an immersive gaming experience. This is the charm of the Metaverse: people can switch between virtual and reality seamlessly.
So how can we enter the Metaverse space? Major tech companies are now actively developing their ultimate solution, which is XR. XR is the next-generation mobile computing platform that combines real and virtual worlds, including VR (Virtual Reality), AR (Augmented Reality), and MR (Mixed Reality). It is the key to the Metaverse, which can create immersive experiences.
While XR has been applied in gaming and socializing for decades, it remained insipid until the technological advances and social changes brought about by the epidemic, which promoted the development of the Metaverse and inspired tens of billions of dollars of investment. It also made people believe that the Metaverse is the future and the next battlefield of the Internet.
The XR market has been booming with great potential in recent years. The global VR industry size is expected to grow at an average annual rate of about 54% during the five years from 2020-2024, with VR growing at about 45% and AR growing at about 66%, both with a market share of RMB 240 billion in 2024, according to International Data Corporation (IDC).
WiMi’s XR Opens Gate to the Metaverse
It is sensible that the Metaverse will bring a new era for humanity in the coming years. WiMi Hologram Cloud (NASDAQ: WIMI) is devoting itself to developing Metaverse technology and has become an active player in this field. It is understood that the core team of WiMi has been engaged in the XR field for years. WiMi also established the Metaverse division to seize the golden opportunity and to design and produce industry benchmark XR products and experiences in software, content, system, SDK tools, and hardware for customers.
After years of development, WiMi has become a leading XR builder in the industry and has established a relatively complete technology R&D system, content production and reserve system, and commercialization system. It has a robust XR technology research and development ecosystem. It has built an XR value industry chain with great potential for expansion. WiMi focuses on professional fields in Metaverse applications such as home entertainment, light field cinema, performing arts system, commercial publishing system, advertising display system, etc.
In addition, WiMi has established a comprehensive XR content library compared to its peers. With 195 patents on technologies related to image processing and display, model input/output, 3D modeling, and 325 software copyrights, WiMi has produced over 4,600 high-quality, high-fidelity XR contents. In terms of the number of XR patents and software copyrights, WiMi is in the first tier of the industry.
From the whole industry's perspective, XR technology commercialization has gone through the market education phase and gradually transitioned to the high-speed development period. Metaverse is a track with high market potential for WiMi. Based on the market trend and its experience, WiMi is firmly committed to a long-term development strategy and continues to improve brand awareness through the business market.
WiMi is experienced in the market and can provide hardware and software solutions for the whole industry chain, empowering large enterprises and customers in the office, socializing, advertising, financing, and other fields, helping enterprises and customers reduce costs and increase efficiency. And next, WiMi will combine the advantages of 5G large bandwidth transmission, boost R&D and accumulate more service experience.
Closing Remarks
In 2022, the metaverse market is in full swing, with many tech companies scrambling to get in. Giants are entering the market, with Qualcomm launching a new generation of XR chips and Tencent setting up an XR division. More than 500 companies have reportedly joined the metaverse market. McKinsey believes the metaverse market will reach $5 trillion by 2030. This vast market share is unprecedented for all the major tech giants.
About WIMI Hologram Cloud
WiMi Hologram Cloud, Inc. (NASDAQ: WIMI), whose commercial operations began in 2015, is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.
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