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Home Augmented Reality

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

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.

idc1

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. 

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