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AR & VR Technologies Pegged to Gain Higher Traction in the Near Future

Various applications and technologies are being introduced for revolutionising brand experiences. Deciding the right technology for a given brand depends upon the budget, resources, audience requirements, strategy, environment, brand narrative, and brand’s history. A major trend observed currently is the utilisation of augmented reality (AR) and virtual reality (VR). Although related closely, the difference between the two is that VR focuses on creating completely digital worlds, and AR focuses on enhancing reality through digital content.

Some Future Applications of Virtual Reality and Augmented Reality Include

  • As long as engagement is concerned, the statistics are quite promising. Recent studies have depicted the capabilities of AR and VR technologies in transforming into an incredibly strong emotional engagement tool, comparatively more than televisions. A widely-held belief exists that AR and VR possess the potential of increasing the empathy, resulting into a more authentic and deeper connection with audiences. Some brands are utilising these technologies to enable users in experiencing life with different perspectives.
  • Augmented reality and virtual reality are just being introduced, gaining huge interests from customers. Billions have been invested by Facebook in Oculus, with its developers operating on the creation of avenues for consumption of a spherical VR content within its users’ timeline feeds. With the development of infrastructure in process, now is the time for users to create content.
  • On the basis of design visualisation, augmented reality and virtual reality are creating several breathtaking possibilities. Virtual reality enables clients and designers to preview their designs prior to the production process- in real-time, in three dimensions, and with all available context of depth, scale and size. As augmented reality technologies get more refined in the future, clients might be capable of previewing their designs, and experiencing in real-world spaces. These applications not only signify as tools assisting in narration of stories, but also tools which would help us build and design worlds for our stories to take course.

Augmented Reality-based Games are Witnessing a Rise in Prevalence Among Consumers

Adoption of advanced technologies across gaming sector is on a significant surge owing to factors such as soaring young population, improvements in network connectivity across developing economies, rising penetration of smartphones, and growing spending on entertainment by consumers. Augmented reality-based games such as Ingress and Pokemon Go are witnessing an increasing prevalence among consumers, owing to the unique gaming experience offered by these games which in turn results into higher user engagement. This growth in demand for VR and AR technologies is foreseen to drive the growth of the global augmented reality & virtual reality market in the near future, according to a recent report by Trends Market Research.

Surging Investments by Major Technology Organisations Expected to Fuel the Market Growth

FMI’s report states that the global AR & VR market is projected to register an exponential growth at 42.2% CAGR, to reach revenues worth US$ 120 Bn through 2025. The report enlists some major technology organisations viz. Apple Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, and Google Inc., that are investing significantly for developing new virtual reality and augmented reality products for catering to the rising demand from various sectors and industries such as healthcare and gaming. Several start-ups are being funded and provided with necessary infrastructure by some of the aforementioned organisations for promoting these technologies among consumers. These surging investments by esteemed organisations are foreseen to contribute significantly to the market growth in the near future.

Smartphones facilitate gaming as well as pave innumerable opportunities for AR owing to their technological features. Creating graphical overlays is difficult, which is capable of interacting with real world in dimensionally accurate manner using computer vision. However, this technological hurdle is tackled by smartphones, as they are embedded with certain elements such as MEMS sensors and cameras. This factor is further expected to influence the growth of the global augmented reality and virtual reality market in the upcoming years.

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