Chinese tech company Orbbec Co Ltd is banking on the rising demand for 3D sensing from various sectors to play a key role in the development of China's smart economy, according to company officials.

The Shenzhen-based company said it will focus on consumer electronics, new retail and automobile sectors in the next few years.

3D sensing is one of the most critical technologies in artificial intelligence that enables machines to look at and perceive the world like humans. As the development of AI technology gains momentum, 3D sensing is also drawing growing attention, and is being applied in a wide range of sectors, including consumer electronics, retail, security, automobiles, robotics and logistics.

With the upcoming commercialization of 5G technology, smartphones, a major part of consumer electronics, are expected to embrace a new round of growth and 3D cameras will become an important part of them, Huang Yuanhao, founder of Orbbec, said.

Chinese smartphone vendor Oppo launched its flagship model Oppo Find X in June 2018, with a 3D camera made by Orbbec, making it the world's first Android smartphone to support payments via 3D facial recognition. The new technology is also being widely used in retail, with 3D facial recognition becoming a new mode of payment in everyday life.

"New retail is the fastest growing sector for the company at present and we believe there is a huge potential for growth in the future," he said. "We also foresee huge demand for 3D sensors in the automobile sector with the development of autonomous driving."

According to a report by market intelligence firm Market Research Engine, the global 3D sensor market is expected to be worth more than $5 billion by 2024, a 23-percent year-on-year growth, driven by growing application of 3D technology in consumer electronics, healthcare, automotive, security and surveillance, and other areas.

Global tech giants including Apple, Intel and Microsoft have all spotted the opportunity and are making great efforts to explore the field, aiming to grab a slice of the lucrative market.

"3D sensing is an emerging sector. In this new battlefield, we are in an advantageous position to compete with global giants," Huang said, noting that the advantage lies in its genes. Key members of the entrepreneurial team have been exploring the field for more than a decade, he said.

Orbbec has so far teamed up with more than 2,000 partners across the world, including well-known names like Ant Financial, Oppo, UnionPay and Hewlett Packard. Its operating revenue increased threefold last year from the level in 2018, Huang said, without giving any numbers. "We expect to achieve the same growth this year," he said.

Zhao Qijun, an associate professor of the College of Computer Science at Sichuan University, said that though 3D facial recognition will see wide industrial application, the cost of obtaining 3D facial data is still much higher than that of 2D. Therefore, there will still be some limitations in putting the technology to real use, he said in a speech at a recent industry forum in Shenzhen.