Worldwide revenues for the augmented reality and virtual reality (AR/VR) market are forecast to increase by 100% or more over each of the next four years, according to the latest update from the International Data Corporation (IDC).
Specifically, total spending on AR/VR products and services are expected to soar from $11.4 billion in 2017 to nearly $215 billion 2021, achieving a compound annual growth rate (CAGR) of 113.2% along the way.
While the scientific research and healthcare industries are expected to be the strongest growth areas, with AR/VR spending in both industries expected to climb over 150% annually, no industry will be left untouched.
Will you be ready for AR and VR versions of practically everything—along with its ample marketing opportunities?
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