Augmented/Virtual Reality Market Projected to Top $215B by 2021
The Pokémon Go craze that started during the summer of 2016 proved that augmented reality (AR) could be used to create a compelling world that the user can immerse themselves in for hours – and keep coming back for more.
For marketers, AR and virtual reality (VR) opened a world of possibilities to create amazing experiences that thrill customers and build brands, putting them far ahead of their competition.
According to recent Statista projections, investment in AR and VR technology by businesses looking to enhance their customers’ experience is set to grow dramatically over the next few years, topping $215 billion by 2021. In addition, Goldman-Sachs forecasts that AR and VR will be generating more revenue than television by 2025.
Which Sectors Invest the Most in AR Technology?
According to Business Insider, three sectors, in particular, were expected to invest heavily in the AR market and provide a benchmark for future adopters:
- Retail: Retailers can create exciting AR experiences that allow customers to “stick” digital representations of products into their homes, “try on” clothing, and more using a special app on their mobile devices.
- Manufacturing: AR can be used to view mechanical problems in machinery, allowing service technicians to identify, diagnose, and repair them faster and with more accuracy.
- Gaming: The gaming industry was one of the first to embrace AR and VR, and will continue to use them to develop entertaining gaming for their users.
Although these sectors are leading the pack in terms of AR investment, others are quickly recognizing its potential to transform the user experience:
- Education: AR technology inspires students by allowing them to visit faraway lands, explore outer space, discover the inner workings of the human body, and other amazing experiences that no textbook could ever offer.
- Real Estate: Realtors can offer homebuyers the opportunity to tour their homes, “stick” furniture and furnishings into empty spaces, and more all through their mobile device.
- Health Care: AR makes diagnosis and treatment easier for health professionals through remote consultations, better scanning technology, and fun games that encourage patient movement and better overall health
The rapid growth of AR can be attributed to the rise of mobile shopping, as well as the coming of age of Generation Z, who grew up entirely in the digital age and now make up a large part of the North American consumer market. In the coming years, using AR to create amazing customer experiences will become more the rule than the exception.
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