International Data Corporation (IDC) is a leading global provider of market intelligence that offers multi-levels of expertise on technology and industry trends across 110 countries.

The spending guide recently released by IDC predicts 47.7% growth of the compound annual growth rate (CAGR) equivalent to $28 billion for AR/VR technology in the Asia-Pacific region (excluding Japan) in 2024.

“The restrictions imposed due to the pandemic urged many organizations to rely on technologies in order to support their business,” says Ritika Srivastava, associate market analyst at IDC Asia/Pacific.

Online virtual teaching is the leading industry in Asia when it comes to consumer spending with a 43.2% growth in CAGR.

Closely following the lead are the Retail, Discrete, and Manufacturing industries which altogether encompass almost 50% of the overall commercial sector.

Moreover, the fast-growing pace of Virtual Reality games has also contributed to more than one-third of the overall AR/VR technology market.

According to IDC, the online platforms used for remote working, virtual gatherings, and augmented customer engagements caused by the pandemic brought AR/VR technology in higher demand.

“With customer and employee engagement gaining prominence, spending intent on AR/VR is rapidly accelerating. Organizations need to develop a vision and devise a resilient strategy for deploying AR/VR as enablement tools to achieve strategic priorities," adds Deepan Pathy, Research Manager, Future of Work, AR/VR and Mobility research at IDC Asia/Pacific.