European augmented reality (AR) and virtual reality (VR) spending is expected to reach $8,4 billion by 2027, showing a 22,4% five-year compound annual growth rate (CAGR), according to the Worldwide Augmented and Virtual Reality Spending Guide issued by International Data Corporation (IDC).
With the release of the Apple Vision Pro and the updated Meta Quest 3, VR is expected to expand at a slightly quicker rate than AR and take the lead in global AR/VR investment.
According to Barbara Pavlik ova, a research analyst at IDC Data and Analytics, Europe, “European companies remain skeptical about the economic outlook as persisting high inflation, labor shortages across some industries, and the prolonged impact on prices continue to threaten businesses’ performance.”
However, in order to continue managing the economic headwinds, enterprises are raising their IT budgets. Many businesses intend to set aside funds for AR and VR in order to set themselves apart from rivals, provide cutting-edge goods that operate well in hybrid workplaces, and facilitate tech-driven consumer experiences.
The three sectors that will spend the most on AR in 2024 are transportation, process manufacturing, and discrete manufacturing. Manufacturing and other production-oriented businesses will use augmented reality (AR) for training, remote communication, and asset maintenance. AR facilitates real-time streamlining of even the most difficult jobs, which helps to optimize operations throughout the value chain.
