Taiwan - September 6, 2022 —
Taiwan seeks partnerships to enhance digital services and technology applications in the Southeast Asian market. As the XR industry is booming worldwide, Asia is without exception. According to International Data Corporation (IDC,2020), the majority of the young population of ASEAN and Southeast Asia are “Digital natives”. Increasing numbers of investments in 5G communication infrastructure and the popularity of smartphone users have resulted in the rapid growth of immersive technologies including augmented reality (AR) and virtual reality (VR). The outbreak of the Covid-19 pandemic has triggered local consumers to pursue online marketing through smartphones.
According to Research and Markets, the XR industry in the Asia Pacific is expected to grow at an annual rate of 49% between 2020 and 2026. Due to the significant demographic dividend and consumption potential, it is predicted Southeast Asia will experience robust economic growth in the near future. In recent years, Southeast Asian countries are proactively pursuing XR content creation.
On the other hand, the Korean government is strongly supporting the development of the XR industry and has proposed policies to keep pace with this global transformation in 2020. To enhance the capabilities of hyperconnected new industries, the Digital New Deal 2.0 and Metaverse New Industry Leading Strategy were proposed in 2021. With K-Contents as a solid foundation, the Korean government strives to achieve four major goals by 2026, including ranking 5th in the global metaverse market, training 40,000 metaverse experts, facilitating the development of more than 220 metaverse companies, and promoting 50 demonstration cases to strengthen the metaverse ecosystem.
In recognition of the consumption potential of emerging markets in Southeast Asia, South Korea signed an FTA with ASEAN in 2007. Since then, the Korean government has been investing in the Southeast Asian market. For example, the “New South Policy” proposed in 2017 under the Moon Jae-in administration aims to build a prosperous and peaceful ASEAN-South Korea community by exporting the “Miracle of the Han River”. To date, South Korea is the third largest trading partner in Vietnam, following China and the United States. Korean signs can be seen almost everywhere in Vietnam, including Samsung Group, LG Electronics, and Hyundai Motors.
Most market research firms believe that the XR market shows tremendous potential in the future, with the total value of the global XR industry will be the US $800 billion in 2024. In Taiwan, the government has initiated the Asia Silicon Valley Development Agency (ASVDA) to accelerate the growth of digital industries. Taiwan will also develop ‘Six Core Strategic Industries’ to expand the infrastructure required for the metaverse industry by fostering innovation technologies and cultivating talents for 5G and AIoT.
XR EXPRESS Taiwan, a governmental project advised by National Development Council (NDC), has optimised the XR ecosystem and strengthened global connections. Taiwan, located close to Southeast Asia, has strong capabilities of high technology, semiconductor, information and communications to boost metaverse technologies which can assist the development of smart transportation, manufacturing, and medical industries in Southeast Asia. XR EXPRESS Taiwan has established a long-standing relationship with XR Associates Malaysia (XRA). While many XR applications in Malaysia are still at the conceptual stage, they have already been implemented in the areas of industrial security training and national defence.
This year, the Taiwanese company Global Dynamics has signed a Memorandum of Understanding with XRA Malaysia to bring XR industry simulation training to the Malaysian market. This is not only an important milestone for Taiwan to build business connections with Southeast Asia, Taiwanese tech companies will also provide XR-related products and services to ASEAN countries continuously in the future.
Taiwan is now actively seeking partnerships to enhance digital services and technology applications in the Southeast Asian market, including e-commerce, healthcare, education, and entertainment. Mr Andy Peng, the President of TAVAR, said, “The next step will be to provide relevant technology resources to deepen the development of the Southeast Asian Blue Ocean market.” According to statistics, Taiwan's digital industry accounted for 19.8% of GDP, higher than the US (10.6%) and Korea (10.6%). However, the percentage of digital services is only 16.7%, significantly lower than that of the US (91.5%) and South Korea (33.1%).
Contact Info:
Name: Abbie Cheng
Email: Send Email
Organization: Taiwan Association for Virtual and Augmented Reality
Website: https://www.tavar.tw/news.aspx
Release ID: 89081173
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