NEW DELHI: The IT spending on augmented reality and virtual reality (AR\/VR) is set to grow rapidly at a compound annual growth rate (CAGR) of 47.7% and reach $28.8 billion by 2024, according to a new report.<\/p>\n
Commercial segment surpassed consumer AR\/VR spending last year and will continue to account for a larger share of the spending, said IDC Worldwide Augmented and Virtual Reality Spending Guide.<\/p>\n
This growth is primarily driven by the AR\/VR technology capabilities addressing the issues of different industries in current Covid-19 scenario and creating immense opportunities throughout the forecast.<\/p>\n
\"The restrictions imposed due to the pandemic urged many organisations to rely on technologies to support their business processes\/functions such as customer service, remote health, and minimised in-person meetings among others. <\/p>\n
\"With this, there was strong new demand across many industries for AR\/VR technology in the market especially in the second half of 2020,\" said Ritika Srivastava, Associate Market Analyst at IDC Asia\/Pacific.<\/p>\n
Education, with online virtual teaching turning out to be a more engaging experience for students. It is then closely followed by retail, and discrete manufacturing the three industries encompass close to 50 % of the overall commercial sector in 2020.<\/p>\n
Virtual reality games are a leading use case in 2020, with more than one-third of the overall AR\/VR technology market being one of the top entertainment sources in 2020 owing to the limitations of physical interaction due to pandemic. <\/p>\n
This is followed by training, and video\/feature viewing (VR) use cases. <\/p>\n
\"However, emergency response and internal videography are the fastest-growing use cases in terms of compound annual growth rate over the forecast (2019-2024),\" the IDC said.<\/p>\n
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Augmented reality and virtual reality spending to reach $28.8 billion in Asia-Pacific in 2024: IDC - Gadgets Now<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" NEW DELHI: The IT spending on augmented reality and virtual reality (AR\/VR) is set to grow rapidly at a compound annual growth rate (CAGR) of 47.7% and reach $28.8 billion by 2024, according to a new report. Commercial segment surpassed consumer AR\/VR spending last year and will continue to account for a larger share of the spending, said IDC Worldwide Augmented and Virtual Reality Spending Guide Continue reading