Spending on AR VR solutions in Asia Pacific is expected to reach $14.8 billion by 2026, growing at a CAGR of 40.1 percent (2021-2026), according to IDC report.
A major chunk of VR spending will come from the consumer industry. However, growing opportunities for commercial use cases, such as training, collaboration, and metaverse-related activities, are expected to offer promising growth avenues.
“AR VR technology has opened new opportunities for gaming, entertainment, consumer, healthcare, manufacturing, education and many more. As the technology gets more perfected and the metaverse is more embedded in the future of work, spending on AR/VR will see strong growth rates of up to 40 percent in the next few years,” says Lily Phan, Future of Work, Research Director, IDC Asia Pacific.
Discrete Manufacturing, Education, Professional Services, Healthcare Provider, and Personal and Consumer Services captured more than 66 percent of total spending in 2022 among the 19 commercial industries covered by IDC.
The advent of the metaverse offers an impetus to the AR VR market. AR VR technology, along with AI, cloud, and blockchain, will be used to impact six major markets namely entertainment, social, education, finance, and work.
Technology investments made by Meta in recent years in AR VR technology and the lack of competitive rivalry are expected to promote other companies such as Sony, Apple, and Pico to enter the AR VR market, offering promising growth opportunities for new players and diverse options for consumers.