Research gathered from the International Data Corporation (IDC) reveals that the Augmented Reality and Virtual Reality hardware, software and services in Western Europe is said to reach $2.5 billion in 2017, a 131% increase over the $1.1 billion spent in 2016. Manufacturing and Retail will have the biggest market share.
When looking at the total market share of AR VR spend, Consumers represent 56% of the market share with Manufacturing representing the next largest portion of revenue at 19%.
Some of the main points covered in the market report are:
- Manufacturing and retail being the biggest contributors.
- Industrial maintenance, logistics and package delivery will lead the spending in Western Europe.
- Retail showcasing and anatomy diagnostics will be fastest growing industrial use cases over the next couple of years.
- The article also talks about how consumers will help increase this market.
Overall according the IDC the AR and VR spending is forecast to increase by 210% CAGR between 2015 and 2020 making a grand total of $25.7 billion in 2020.