Asia-Pacific Augmented and Virtual Reality expenditures to reach $28 billion by 2024

IDC Worldwide releases AR/VR spending guide forecast.

Asia-Pacific Augmented and Virtual Reality expenditures to reach $28 billion by 2024 | BEAMSTART News

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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.

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“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.

Latest IDC Augmented and Virtual Reality Spending Guide

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.

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