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Monday, June 10, 2019, 14:55
Report: China to spend over 65b dollars on VR/AR by 2023
By Xinhua
Monday, June 10, 2019, 14:55 By Xinhua

Children try 5G+VR headsets at Guangdong Science Center in Guangzhou, south China's Guangdong province, May 19, 2019. (PHOTO / XINHUA)

BEIJING — China's market spending on augmented reality and virtual reality (VR/AR) is forecast to exceed 65.21 billion US dollars in 2023, according to a report published by the International Data Corporation (IDC).

The figure is far beyond the forecast of the 6.53 billion dollars of the market spending in 2019 of the spending in the VR/AR sector will reach 84.6 percent

ALSO READ: Far from glitzy tech hubs, Chinese city bets big on VR

The figure is far beyond the forecast of the 6.53 billion dollars of the market spending in 2019, data from the report showed.

Between 2018 to 2023, the compound annual growth rate (CAGR) of the spending in the VR/AR sector will reach 84.6 percent, higher than the 78.3-percent CAGR of the global market, according to the report.

Training, retail showcasing and industrial maintenance occupy the top three in terms of commercial applications of AR/VR, while as for the consumer spending, VR games, AR games and VR videos take up the top three, with the spending volume scaling up to 9.59 billion dollars by 2023, the IDC report noted.

READ MORE: Home, office decor at your fingertips with AR

The IDC, founded in 1964, is a global provider of market intelligence, advisory services, and events in files of information technology, telecommunications, and consumer technology markets


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