Today, when technology has established itself at the core of every business, organizations are moving ahead with digitalization regardless of the industry they operate in. With the new age technologies, digital platforms are transforming how businesses communicate with customers and deliver services.
Disruptive technologies have changed the companies for better and enabled them to explore the far-fetched potential of their technological procedures. Two such technologies which are significantly transforming the customer experience is Augmented Reality and Virtual Reality (AR/VR). Those who have already adopted AR/VR are maximizing their business potential while building an innovative future. With all the innovations occurring in the surrounding, it is the best time where companies are integrating AR/VR with enterprise-solutions to expand its capabilities.
AR/VR enablers provide an enticing experience to the user with complementary insights using real-time data. The technology allows users to perform regular business tasks with more efficiency than usual. By leveraging these technologies, businesses can model a focus on innovative processes to revolutionize the communication and collaboration of organizations.
For a fact, augmented reality develops a world similar to the real one and its tools observe the environment and create a digital space allowing the user to quickly switch between information. While, on the other hand, virtual reality serves as an extraordinary user experience by designing a virtual world for the user to operate in.
AR-enablers are employed as a productive tool in fields, plants, or the shop floor whereas VR develops such environment which stimulates a learning experience which is essential in training, product design, process emulation, etc.
Even the early uses cases of this technology in industrial application imply significant promise. To further realize the extreme potential of AR/VR in digital transformation, the technology must function horizontally across businesses to provide and manage customized applications.
According to IDC, the global spending on AR/VR has been expected nearly $20.4 billion in 2019 with an increase of 68.8 percent from $12.1 billion. This market is projected to reach $571.42 billion by 2025 with the growth rate at CAGR of 63.3 percent from 2018 to 2025. The AR/VR market is likely to thrive mainly owing to massive demand in various sectors including healthcare, life & sciences, education, gaming, entertainment, e-commerce, and retail to name a few.
Moreover, the futuristic developments of 5G and its integration in AR/VR is likely to make a major positive transformation in the market. Amid this, the US is likely to lead the AR/VR market by accumulating a revenue of $307.91 billion by 2025. The technological supremacy and advanced infrastructure provide a leading edge to the country. China currently holds the second position in augmented reality and virtual reality (AR/VR) market.
However, with the fast growth of the European market, China may have to adjust at third place later. Europe is expected to garner a revenue of $170.04 billion, outdoing China’s revenue mark of $168.58 billion by the end of the projected year. While China’s market is projected to grow at a 65 percent CAGR during the forecast period, Europe is likely to cross the mark with 77.6 percent growth by 2025.
Interestingly in India, the use of AR/VR is expected to accelerate as more and more organizations across retail, real estate, automotive and media are working on engaging their core audiences through its medium. Additionally, service providers in the country are likely to create great opportunity in building AR/VR solutions to their customers. Hence, the realm of augmented reality and virtual reality is ready to expand across major regions, industries and sectors for the greater good.