It is expected that Augmented and virtual reality technologies will take center stage as one of the most promising technologies for this year and the upcoming decade.
According to the International Data Corporation, worldwide spending on AR/VR technology will increase to $72.8 billion by 2024 (from $12 billion in 2020). It will also account for two-thirds of all consumer electronic goods.
In 2020, the COVID-19 pandemic forced many companies to adopt remote work. As a result, many consumers invested in AR/VR technology as a way of socially distant interaction.
TrendForce, a world leading market intelligence provider reported that 5.5 million AR/VR units were sold in 2020. The International Data Corporation also reported that 53 percent of all AR/VR sales in 2020 were for gaming entertainment purposes.
TrendForce predicts that 26 million units will be sold per year by 2023.
The Consumer Technology Association also predicts that in 2021 AR/VR technology will dominate in various industries as people continue to explore different means of engaging with others and the world while maintaining socially distant and remote lifestyles.