In a statement, the company said it expected consumer, business and commercial segments to grow at a compound annual growth rate of 81% over the five-year period 2018-23.
“As new enterprise grade hardware hits the market and several enterprise software companies that offer content development and design tools such as Adobe, PTC and Autodesk, etc. add AR/VR capabilities to their platforms, many enterprises are exploring use of AR/VR for a variety of use cases such as training, maintenance, digital prototyping, architectural designs, retail showcase and remote collaboration,” said Avinav Trigunait, research director, Future of Work, AR/VR and Mobility.
“As organisations prepare for the future of work, the lines between digital and physical continue to blur and commercial spending is expected to further gain momentum over the next few quarters as more projects come out of pilots and hit production driving both headset volumes and more importantly software and services spend."
The forecast said AR software would be the second fastest growing category, enabling it to overtake VR software spending by 2023. Services spending was likely to proliferate with a CAGR of 167.8%.
"AR/VR technology can deal with most of the requirements of the future of businesses in this millennials workforce from facilitating better corporate training experiences to improvise collaboration, giving shape to new ideas to product design and development," said Ritika Srivastava, associate market analyst at IDC Asia/Pacific.
“Furthermore, industries like personal and consumer services, construction, education, retail and healthcare providers are expected to be potentially disrupted by this technology with the combined spending of US$29.5 billion by 2023."