China's market spending on augmented and virtual reality is forecast to exceed US$65.21bn in 2023, according to a report published by the US-based provider of market intelligence, International Data Corporation.
$6.53bn is thought to be the investment level in the sector in 2019, but the new figures clearly predict a steep rise in the market over the coming few years.
Between 2018 and 2023, the compound annual growth rate of spending in the sector is expected to reach 84.6 per cent, higher than the 78.3 per cent CAGR of the global market.
The report shows that the top three commercial applications for the technologies are training, retail showcasing and industrial maintenance, while VR and AR games and VR videos occupy the top three consumers slots. Spending volume is believed to increase by up to $9.59bn by 2023.
