TEN companies focused on information technology will take a peek at the augmented reality-virtual reality (AR/VR) technology at an expo in Singapore.
Information and Communications Technology Undersecretary Monchito B. Ibrahim said the local companies have a great potential to pursue partnerships in other countries especially on upcoming technologies, like AR/VR.
Doing so would prepare them and the market if such technologies become ubiquitous, Ibrahim said.
The ten companies include Advanced Word Systems, Alliance, Exist, Fame, Redcore Solutions, Sutherland, ePldt, Thinkbit, Taxumo and Xurpass. A research by Citi Global Perspective revealed the AR/VR market is projected to grow to $16 trillion by 2035.
UBM SES Director for Marketing Communication Sharon Tan said in a news briefing on April 25 in Makati City this year’s conference called CommunicAsia is significant because of the continuous growth of disruptive technologies, such as AR/VR.
The International Data Corp. (IDC) has said in February it forecasts worldwide revenues for the AR/VR market to reach $13.9 billion this year, or an increase of 130.5 percent over the $6.1 billion spent in 2016.
IDC said it expects AR/VR spending to accelerate over the next several years, achieving a compound annual growth rate of 198.0 percent over the 2015 to 2020 forecast period and totaling $143.3 billion in 2020.
Image credits: Nonie Reyes