The New Zealand virtual reality and augmented reality (VRAR) industry sector’s forecast revenues are estimated to be worth more than $320 million within two years, a report states.
The publication was commissioned by the New Zealand Virtual Reality and Augmented Reality Association (NZVRARA), which is a part of the New Zealand Tech Alliance.
The NZVRARA was formed last year and has more than 110 members.
More than 1,100 full-time equivalent staff are currently employed in the sector, in New Zealand and is conservatively estimated to double in two years.
Globally, AR is predicted to be the fastest growing segment in the world with forecast global revenues of US$83 billion.
Forecast revenues for the sector at more than $320 million compares favourably with the New Zealand games development industry, which has revenues of around $100 million, Graeme Muller NZTech chief executive says.