Global AR / VR device market growth slows down due to pandemic

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Global AR / VR device market growth slows down due to pandemic

The International Data Corporation (IDC) has published a forecast for the global market for augmented (AR) and virtual (VR) reality devices for the current and future years.

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It is noted that the development of the industry has slowed down due to the spread of new coronavirus infection. In addition, the general economic downturn had a negative impact on the market, which reduced consumer interest in AR / VR gadgets.

It is estimated that last year the volume of the industry in monetary terms was approximately $ 7.9 billion. In 2020, a 35.3 percent growth is expected: as a result, costs will reach $ 10.7 billion.

Europe will account for approximately 15% of the total AR / VR spending. At the end of this year, costs in this region will amount to about $ 1.6 billion.

The forecast for the coming years is very optimistic. IDC analysts estimate that CAGR (compound annual growth rate) in the global AR / VR market will be 76.9% between 2019 and 2024. As a result, in 2024, expenses will reach $ 136.9 billion.