Augmented Reality: Renewed Optimism for AR Across the Asia-Pacific
Bringing together the physical and digital world to offer immersive visual and audio experiences unique to the user, augmented reality (AR) has been heralded as a game-changer in the personal technology field.
However, despite growing accessibility in hardware and adoption of AR software across digital platforms such as Facebook, Google, Snapchat, and TikTok, AR has so far failed to hit any of the highs that many analysts initially predicted.
But advancements in technology have rejuvenated the industry, bringing a new wave of optimism around AR, especially across APAC. IDC forecasts that in the Asia Pacific alone, the AR/VR industry will grow rapidly, experiencing a compound annual growth rate of 47.7%, and reach $28.8 billion by 2024. Most of it will come from China, which is forecast to account for roughly 90% share of the spending on AR and VR in APAC, and will exceed $20 billion by 2024.
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