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LOS ANGELES, CA, December 10, 2021 /24-7PressRelease/ -- Contact-free and social distancing are terms that have become much familiar in the aftermath of COVID-19. The latest technologies in areas close to our lives are also emerging in line with this trend. Artificial intelligence, big data, VR (virtual reality), and AR (augmented reality) provide us with new realistic content and enable us to lead a more advanced daily life through personalized program development or platform services.
The Korean government is focusing on expanding contact-free services for our daily lives. Through this, it plans to prevent the spread of infectious diseases such as COVID-19 and secure a leading position in the global contact-free service market in line with the era of digital transformation.
In the era of With Corona and Post-Corona, contact-free technologies and services are expected to grow rapidly. Accordingly, the National IT Industry Promotion Agency(NIPA) Ministry of Science and ICT(MSIT) are discovering and supporting leading contact-free services from life-to-face areas that people can feel to protect their daily lives and boost economic vitality from infectious diseases such as COVID-19. Among them, The 4th Wave Co., Ltd. developed a drive-through-based realistic content experience platform which is a contact- free theater system where you can experience realistic content with motion simulators– but with your car.
It is expected that the location-based entertainment (LBE) market, which has rapidly contracted due to a decrease in users, will take a long time to recover. In particular, in the hardware-based VR attraction market, the need to provide a new type of service suitable for the post COVID-19 contact-free environment is emerging. In line with this, The 4th Wave Co., Ltd. has developed a drive-through-based realistic content experience platform where all processes from reservation to payment to viewing can be done non-face-to-face. This platform is a new type of cinema where you can enjoy realistic content videos unfolding on a 270-degree curved screen connected to the motion platform when you enter the motion platform while in your own car.
"Through this platform, a number of rarely used parking spaces such as ones at shopping malls, highway rest areas, and camping sites can be transformed into new business spaces, and many realistic contents tailored for attractions can be provided to consumers in an innovative way," said Nam Hyun, CEO of The 4th Wave Co., Ltd. In particular, this platform is expected to enter the market quickly as most of the realistic contents with different specifications already developed by other content producers can easily be applied in this platform.
With the recent spread of COVID-19 and the development of IT technology, the realistic content creation software market, which can easily respond to new media trends such as non-face-to-face experience content, live performance video in the 'contact-free' era, and short-form content centered on the MZ generation, is consistently growing. In South Korea, the domestic realistic content market has grown by an average annual rate of 51% annually from KRW 1.234 trillion in 2017 to KRW 2.811 trillion in 2019., and the realistic content creation software market is expected to grow at an average annual rate of 273% from KRW 105.7 billion in 2016 to form a market size of KRW 449.5 billion in 2022.
The realistic content market in the United States is expected to maintain a high growth rate of 38.0% by 2024 and expand to USD15.18 billion, while the realistic content market in China is expected to grow at an average annual rate of 46.5% until 2024, reaching a market size of USD 20.74 billion. In addition, the realistic content market in Japan is expected to expand to a market size of USD 9.72 billion by 2024, growing at an average annual rate of 42.4% while the Europe market is projected to reach USD 22.199 billion by 2024, at a high average annual rate of 44.6%.
"In the hardware-based VR attraction market, the need to provide a new type of service suitable for a post-COVID-19 contact-free environment is growing," said Nam Hyun, CEO of The 4th Wave Co., Ltd. "Particularly, both the domestic film industry and the amusement facilities industry are looking for new business models, but there is still no non-face-to-face cultural contents being produced at the moment,'' he added. "If new cultural content services that combine the non-face-to-face service market and the cultural content industry market emerge, it is expected that there will be a high probability of success.'', he continued.
The 4th Wave Co., Ltd., which carried out this project, was established in 2017 to provide the world's best VR experience by combining the production of VR attractions with new experiences, and is developing Drive-thru XR Cinema based on its know-how in developing various VR-only simulators over the past four years.
Korea Contactless Service for daily life News Special Page
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