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Gov't sets aside US$ 903 in AR-related developers Updated: 2016-08-18 17:47:28 KST

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2016-08-18

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The government has laid out plans to provide more state funding in the development of virtual and augmented reality sectors this time specifically to the development of eye-wear developers. The Ministry of Science‚ ICT and Future Planning says it's setting aside a combined 903-thousand U.S. dollars for developers of augmented reality headsets and smart glasses. Each developer or entity will be eligible to receive support of up to 270.4-thousand dollars at one time. This comes in addition to the ministry's plan last month to invest more than 35-million dollars to help create a sustainable ecosystem where VR content platforms can be applied to a broad range of sectors such as education‚ construction‚ medical services and commerce. The ministry has also designated Digital Media City‚ a state-of-the-art entertainment cluster in western Seoul‚ as an infrastructure hub for VR tech companies. Through this initiatives‚ the government hopes to take the lead in the global VR and AR market‚ which is expected to grow exponentially over the years to an 80-billion dollar industry in 2025 from the current 2.2-billion. Kim Ji-yeon‚ Arirang News. Reporter : jiyeonkim@arirang.co.kr

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