As per the survey by IDC across the world, the market size for augmented and virtual reality in 2020 is expected to be 18.8 billion US dollars. The spending of such technology in different segment such as Consumer is 7 billion US dollars, Distribution and services is 4.4 billion US dollars, Manufacturing and resources segment is 3.6 billion US dollars, Public sector is 2.6 billion US dollars and Infrastructure segment is 0.8 billion US dollars. The segments which are unidentified but holds a position to be working with augmented and virtual reality is 0.4 billion US dollars.
The above-mentioned amount shows that maximum share of augmented and virtual reality spending is 37.4% in the consumer segment whereas only 4.1% of share in Infrastructure. The survey also showed that in China the maximum amount of spending has happened. 5.8 billion US dollars spent in China for Augmented and virtual reality, 5.1 billion US dollars in the United States, 3.3 billion US dollars in Western Europe and 1.8 billion US dollars in Japan.
However, the consumer market revenue for augmented and virtual reality is 6.3 billion US dollars in 2020, the technological consumer market revenue forecasted in 2021 is 7.2 billion US dollar.
The market seems lucrative and very attractive and shows prominent country to be rising up in the battlefield and tries to prove its calibre with strong technological skills and usage of good knowledge in the mentioned sector. The use of such technological realities also shows that we are not far providing such technology in the hands of every customer or every nationality. The forthcoming situation provides the path that how the rest of the world is able to react to such an advanced technology and how are they going to implement it in the future scenario.
Source:- IDC, Statista (Augmented Reality)