By Richard Chang, Campus Technology
Worldwide revenues for the augmented reality (AR) and virtual reality (VR) markets are expected to grow from $5.2 billion in 2016 to more than $162 billion in 2020, according to research done by the International Data Corp. (IDC). The $156.8 billion increase represents a compound annual growth rate of 181.3 percent over the 2015-20 forecast period. IDC’s new spending guide expands on previous AR/VR forecasts by offering greater detail of revenues by technology, industry and geography, the Massachusetts-based market research company said in a news release. “For many years, augmented and virtual reality were the stuff of science fiction,” said Chris Chute, vice president of customer insights and analysis at IDC, in a prepared statement. “Now with powerful smartphones powering inexpensive VR headsets, the consumer market is primed for new paid and user generated content-driven experiences.”
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