Since its debut, augmented and virtual reality have left a lasting imprint on people all over the world. These technologies have not only captured the attention of smartphone users but also of new and established companies, prompting entrepreneurs and marketers to consider investing in AR VR app development.
A Determination of the Current AR/VR Market
Virtual reality, which was first associated with hardware, has steadily made its way into the software sector. It has grown to be the most powerful player in the gaming and entertainment industry, as well as attracting the attention of businesses with a variety of industrial applications.
When it comes to augmented reality, however, the technology has piqued everyone’s curiosity in learning more about its business applications and imagining a brighter future.
According to IDC estimates, the AR/VR market accounted for almost 60% of global investment in 2018. However, by the end of 2021, it is predicted to account for 85% of total global spending, with retail, transportation, manufacturing, and government spending at the top of the list.
Meanwhile, by 2025, they are predicted to have a larger market share, thanks to a greater focus on leveraging technology to efficiently scale their processes. Similarly, SMEs are predicted to increase their presence in the AR/VR market by 66.40% between 2018 and 2025.
Now that you have a sense of the current condition of the AR and VR business as well as a glance into the future, let’s look at the trends and technologies that will help this market grow.
Future AR and VR Trends
AI integration in the AR/VR space
Artificial intelligence, augmented reality, and virtual reality have all made inroads into the corporate sector and proven their worth.
The quantity of AR avatars is increasing
Virtual celebrities such as Activ8’s Kizuna AI and Brud’s Lil Miquela have seen a substantial increase in popularity in recent years. Consumers have taken to these imaginary characters, and they have become virtual influencers. As a result, their market potential in the coming years is likely to expand.
Using the ability of augmented reality to outfit vehicles
Autonomous vehicles are gaining popularity around the world. People are eager to get inside these self-driving vehicles. But what amazes me is how soon automobile manufacturers will integrate augmented reality into these vehicles.
AR/VR progress will be accelerated by 5G
As we previously stated in our blog on the influence of 5G on mobile apps, the technology will have a significant impact on how we approach AR/VR.
By providing a super-fast mobile network, 5G will accelerate data transfer to the cloud, processing, and the development of a virtual image that will eventually provide consumers with a better virtual experience.
The AR experience was previously limited to mobile devices. To enter the augmented environment, one must first download and install the mobile application. However, the WebAR has now been created.
As the name suggests, this will make it easier for people to engage with augmented reality on the web. It will allow them to enjoy AR on Google Chrome, Mozilla Firefox, or other browsers regardless of the device they are using, lowering the barriers to using and improving the overall experience.
What Will Augmented Reality and Virtual Reality Look Like in the Future?
Future AR/VR devices will provide personalised, accessible, and well-designed experiences. A platform shift is unavoidable as these components take hold. With this steady pace, we will see new AR glasses with LTE capabilities in three years, which will become a smartphone alternative.
The structure element of our number one consumer electronics will change with increased immersive innovation and AR capabilities, and we’ll never look back. In the coming years, we may use augmented reality to check our communications and mart glasses to browse Instagram.
Businesses are preparing for the transition and looking for top AR VR companies in the United States to help them build their business.
So, with that in mind, let’s wind up this post by establishing how to get the most out of these AR and virtual reality trends.
How Can We Get Ready For An AR/VR-Influenced Future?
Utilizing technology such as virtual reality can put you ahead of the competition, so make sure to track the performance of your tactics and know where you are among your competitors. Analytics solutions are extremely useful in this regard. You can look at the best sales analytics solutions on the market right now.