The world's Augmented Reality (AR) and Virtual Reality (VR) market is expected to expand exponentially over the next four years with their annual growth rate more than doubling, an industry tracker said on Monday. The global market for AR-VR products and services is expected to reach $215 billion by 2021, compared with $11.4 billion for 2017, Yonhap news agency cited International Data Corporation (IDC) as saying.
The compound annual growth rate is projected to reach 113.2 per cent, with the market expanding 18.9 times over the next four years. Initially, AR-VR investment and application will be led by consumers, the retail and distribution industry and the manufacturing sector, IDC said, adding that such sectors as government service, transportation and education will take advantage of these technologies.
AR and VR technologies have started to gather ground in the commercial world, with this tendency likely to accelerate down the road, the market investigator said. Should next-generation AR and VR devices hit the market, the industrial sector is predicted to take the lead in harnessing those technologies, it added.
According to a number of industry bodies, including IDC, the adoption of AR and VR technologies in the mass market will be driven by smartphones. According to a report by Ericsson, consumers expect AR and VR technologies to go mainstream with the roll out of 5G.
With inputs from IANS