Framingham (Massachusetts) | In a recently updated market forecast, the International Data Corporation assumes a market value of 34.9 billion US dollars for VR and AR in 2022 in the Asia-Pacific region excluding Japan. At present, the corresponding market would have a turnover of 7.1 billion US dollars. Should this forecast prove true by 2022, average annual market growth of more than 70 % would result.
“As the lines between digital and physical continue to blur, several progressive organizations across Asia Pacific are experimenting or deploying AR/VR technologies to prepare for the future of work. Use cases of AR/VR are emerging across sectors that include delivering more personalized customer experiences, accelerated product designing and go to market, AR guided workflows and maintenance, as well as VR trainings for better learning outcomes and improved health and safety for employees,” says Avinav Trigunait, Research Director for Future of Work at the International Data Corporation for the Asia-Pacific region.
The growth is due to the fact that the technology is developing rapidly and companies are increasingly transferring VR and AR to a large number of other applications, says the International Data Corporation. However, increased consumer spending would also have a decisive impact on the market. According to the International Data Corporation, consumers play an important role, accounting for over 40% of total spending. Consumer spending, for example, relates to virtual reality games. The Chinese market is the largest in the Asia-Pacific region and currently accounts for over 80% of VR and AR spending.
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