The COVID-19 lockdown is accelerating the development and uptake of Virtual Reality (VR) and Augmented Reality (AR). Last month, Facebook debuted a first look at Facebook Horizon, a social experience where users can explore, play, and create with others in VR. With the deployment of Virtual Reality and Augmented Reality, a virtual community is building up where people are free to create meaningful connections.
Technavio, a global market research company, has been monitoring the AR/VR market and they project it will grow by $125.19 billion during 2020-2024, progressing at a CAGR of over 35% during the forecast period. In the short-term, IDC predicts that the consumer sector will continue to command the largest share of AR/VR spending, hitting $7 billion in 2020.