APAC will lead global virtual reality market by 2030 – research

The region is expected to drive the global VR market between 2018 and 2030

AR and VR

APAC will lead global virtual reality market by 2030 – research. Source: shutterstock.com

According to GlobalData, enterprises in the Asia-Pacific (APAC) region are keen on embracing technologies like augmented reality (AR) and virtual reality (VR). The global VR market revenue is set to grow at a compound annual growth rate of 13% from an estimated $7 billion in 2018 to $28 billion in 2030, GlobalData says.

VR software accounts for two-thirds of the total VR market revenue worldwide, with the remainder coming from hardware sales. Games account for the largest part of software revenue, with enterprise software contributing a further 30% and non-gaming consumer software about 2%.

Although these technologies are in the initial stages of evolution and adoption in APAC, a significant rise, especially for non-gaming and enterprise software for VR, is expected.

VR adoption has so far been relatively low in APAC compared to developed markets like the US. However, the region is bound to witness strong adoption trend in future, aided by high-speed 5G network deployment. The burgeoning ecosystem of connected devices, which is estimated to grow further, and ample government support will drive the VR adoption in the region
Sunil Kumar Verma, Lead ICT Analyst at GlobalData

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