Worldwide spending on virtual and augmented reality is expected to double each year through 2021, according to a new report from IDC.
According to the report, total spending will increase from $11.4 billion in 2017 to $215 billion in 2021, with a compound annual growth rate of 113.2 percent.
The main driver for spending is the consumer sector, followed by sales in the manufacturing and retail sectors. In the US, some of those sectors could ultimately overtake consumer sales by 2021.
“Other segments like government, transportation, and education will utilize the transformative capabilities of these technologies,” said Marcus Torchia, research director of IDC Customer Insights & Analysis.
“As next-generation hardware begins to appear, industry verticals will be among the first to embrace it,” says Tom Mainelli, program vice president, Devices and AR/VR at IDC. “They will be utilizing cutting-edge software and services to do everything from increase worker productivity and safety to entice customers with customized, jaw-dropping experiences.”