Seoul VR Technologies say pandemic slows VR spending but long term outlook remains positive

Seoul VR Technologies today announced its forecast scenario in Augmented Reality (AR) and Virtual Reality (VR) spending growth post COVID-19.

Online PR News – 28-August-2020 – Gangnam-gu/SEOUL – Seoul VR Technologies’ analysts determined a worldwide decline from February 2020 up until August 2020. As global businesses have been affected, reductions in IT spend and an economic downturn due to the pandemic will slowed the worldwide spending of AR/VR technologies to $7.9 billion, a 26% drop from the beginning of the year.

Seoul VR Technologies’ Chief Financial Officer, Ms. Alison Carter-Rothstein commented on the growth forecast saying "What our analysts have researched in the last 6 months is that the AR/VR spending was down compared to last year. Manufacturing disruptions, business closures, and delayed enterprise implementations made this industry look very bleak indeed but the long-term outlook for the coming quarters remain positive.”

“The positives are however that the long-term growth opportunities for the AR/VR industry will grow even stronger as we have managed to adopt remote working requirements, contactless business procedures, augmented and virtual meeting places and virtual social togetherness, and so the demand for these technologies will only grow,” added Alison Carter-Rothstein, Chief Financial Officer of Seoul VR Technologies.

About Us - Seoul VR Technologies

Seoul VR Technologies was established in 2015 in the capital of South Korea, Seoul, by a team of technology experts seeking to capitalize upon the rapidly developing 3D Virtual Reality and Augmented Reality industry. Our aim is not only to become one of the global leaders in the 3D Environments sector but to shape the industry for decades to come. We seek to make the impossible possible and create new realities by harnessing the power of technological innovation and applying it to satisfy consumer demand.

Our success is built upon our team of highly talented individuals with a passion for forging a new business niche within the emerging virtual reality market. Our multidisciplinary team includes specialists in programming, architecture, design, marketing, social media and business management, who collaborate to develop solutions which we believe will become core technologies in the next few years.

Seoul VR Technologies’ innovative technology combined with our exceptionally talented team means we are at the forefront of this emerging industry, ready to reimagine the world through virtual reality and as a result reinvent and redefine numerous business models. Our technology has the capacity to enable innovation, to reduce costs, save time and resources, to drive sales, to create new opportunities and to capture the imagination. Seoul VR Technologies is ready to capture a significant share of the multi-billion dollar virtual reality market.