The International Data Corporation (IDC) Canada has released a report that states spending on augmented and virtual reality will be around $602 million this year.
The IDC looked across hardware software and services that are part of the AR and VR spaces to come up with this number. Besides the $600 million that will be spent in 2018, the IDC predicts that spending will balloon to $8 billion by 2022.
The corporation sees the consumer, healthcare and retail markets driving spending for virtual reality. The consumer section looks to be the biggest market with hardware adoption ramping up for gaming.
Augmented reality is still in an experimental phase but the IDC sees industrial setting using it the most, particularly in process manufacturing, transportation and discrete manufacturing.
When IDC talks about AR helping in manufacturing, it looks to mostly be used through phones and tablets as opposed to AR glasses.
“Augmented reality has more potential to drive higher spending in the longer term than virtual reality, but both ecosystems are evolving very quickly and it is important that Canadian organizations keep both AR and VR in mind,” said Yash Ahuja, measurement and forecasting senior analyst at IDC Canada, in a press statement sent to MobileSyrup.