The Augmented Reality (AR) and Virtual Reality (VR) technologies previously experienced a slow start but in the past few years, the interest and application have reached beyond gaming and entertainment sector. The technologies have finely paved their way in reaching out to various sectors including education, healthcare, transport, manufacturing, retail, security, and others. The sudden rise in interest in AR/VR is all about performance efficiency and managing risk. Its arrival is shaping a new ecosystem where physical and virtual objects are integrated at various levels. Also, the customer-experience landscape is evolving through the development of portable and embodied devices along with extremely interactive physical-virtual connections.
Elucidation: Augmented Reality and Virtual Reality
While AR technology takes reality and adds new digitized layers to it to blend out the line between reality and digital world, VR technology separates people from their current real surrounding and places them in a completely new digital ecosystem.
Unlike VR, AR doesn’t block the physical real-world instead embraces it and adds 3D special effects and features to it extracted from the digital end.
Being a software-generated technology, VR re-establishes a specific situation in a manner that one can sense if it is their real surrounding. Through proper preparation and implementation, it can trigger the same or intense emotions as that of real-world experiences.
Innovation in AR/VR
Among all the tech-innovation that surround us, AR/VR innovations are considered as an incredible source of transformation in almost every sector. It is the current hotbed of innovation promising a surge of exponential growth shortly. The wave of Pokemon Go and infiltration of technology in Instagram and other social media platforms essentially drove an innovative manifest of AR/VR and happened to generate a great sum of revenue for the entire VR market. Through innovations, AR may outdo the physical support and merge the digital and real-world into one.
Google, Snapchat and other tech companies are putting their best foot forward to build AR/VR-powered next-gen interfaces and battling in every direction to gain the lead.
Additionally, Apple took a huge step with its new AR toolkit and Facebook is propelling the boundaries by introducing Facebook Spaces at f8.
Apart from these innovations, AR/VR will drive the retail market in the coming years as well. Autonomous vehicles with VR system, enhanced experiences, tutorials and live assistance in education, live translation and virtual rooms in field of communication, re-education programs, and preventions in the healthcare sector are some of the major innovative transformations brought in by augmented reality and virtual reality technologies. The areas in which AR/VR can apply its innovative potentials are endless for sure.
Innovative Trends of AR/VR Impacting the Conventional Market
A bulk of the latest advances in AR/VR shows how innovation is disrupting the conventional market across almost every industry and inspiring further innovative ideas to be brought into consideration. Below are some latest innovations of augmented reality and virtual reality:
• Mobile AR is changing the landscape of the mobile industry and changing the market for better.
• AR presents an innovative way of shopping which developers, retailers, and customers are comfortable using as a part of their daily life experiences.
• AR technology, when combined with AI, provides a novel experience for users to explore new ranges of a natural extension of reality.
• Collaboration and remote assistance can be done via shared augmented reality.
It is predicted that global augmented reality and virtual reality market will reach US$814.7 billion by 2025 through steady and continuous growth. The bright future of the technology expects to attract hefty investments from business domains who find the practical potential of AR/VR quite enticing.
While the innovations of AR/VR in the gaming and entertainment sector continue to be a major revenue source for it, other big industries including healthcare and engineering are likely to pick up the steam as well. Even in the field of real estate and home improvements, interactive walkthroughs in mixed and virtual reality ecosystem or instant delivery information via mobile AR establish an effective example how innovation is driving greater accomplishments in AR/VR market.