Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Report highlights potential of NZ's virtual reality sector

Report highlights growth potential of New Zealand’s virtual reality sector
The Ministry of Business, Innovation and Employment has welcomed the release of a report that forecasts New Zealand’s cross reality sector will reach over $320 million in annual revenue and employ double the number of people within two years.

Cross reality (XR) is a term used to describe the continuum of immersive technologies that blur the line between the physical and digital world, including virtual, augmented and mixed reality.

The report, VIRTUAL GETS REAL: The Explosion of Cross Reality in New Zealand, showcases the New Zealand XR sector, highlights some of our achievements and success stories to date and predicts strong growth for the sector over the next few years. For example, it calculates that around 1,100 people currently work in the sector New Zealand and predicts that this is set to increase to over 2,200 people by 2019.

MBIE Policy Director Kim Connolly-Stone says the report will help government, industry and academics to identify the challenges and opportunities associated with XR and what it means for New Zealand and our growing digital economy.

“The report is critical to helping us better understand our local XR industry. For example, the report recognises our strong position in some market segments such as holographic capture, local games development and augmented reality,” Ms Connolly-Stone says.

“The growth of our XR sector has the potential to create new high-value jobs, export opportunities and improve productivity and competitiveness through the application of these technologies across other sectors such as health, education, and entertainment.

“Government has an important role to play in helping New Zealand adapt to this change by making sure the policy and regulatory settings are fit for purpose and by investing in the connectivity infrastructure and the skills needed for the future. This will help to ensure we are positioned to take full advantage of the benefits that new technologies such as XR can offer.

“This is a key part of our digital economy work programme, which includes similar work focused on helping us better understand emerging and disruptive technologies such as Artificial Intelligence and the Internet of Things,” Ms Connolly-Stone says.

The report was commissioned by the New Zealand VR/AR Association in partnership with the Ministry of Business, Innovation and Employment. It is the first of a two-part exploration into the New Zealand XR ecosystem.

The report is available at: http://www.nzvrara.nz/nzvrara-report-one-virtual-gets-real-oct2017/

[ENDS]

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

QV: Tax Changes Yet To Dampen Red-Hot Housing Market

Just over a month has passed since the Government announced measures aimed at dampening the rampant growth of the property market, and yet the latest QV House Price Index data shows the market hit a new high in April. The average value increased 8.9% nationally ... More>>

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>