What Lies Ahead For Augmented Reality?
In everyday news, we see Virtual Reality making the top of headlines. However, in practical life augmented reality is proving to be more realistic when representing the digital world. In 2016 when Pokemon Go started to top the gaming charts, people perceived augmented reality as something related to scavenger hunts.
Market leaders such as Google, Amazon, Facebook, Apple started to deploy augmented reality in their business. Since then, the market value of augmented reality has experienced an upsurge. In 2020, the estimated market value of augmented reality was USD 14.7 billion and is expected to grow at a CAGR of 31.5% from 2021 to 2026, states marketsandmarkets.
All these figures exhibit a bright future for augmented reality. AR may be expensive, but the benefits associated with it takes the digital world by storm. Today, AR is not confined to gaming and videos. It is helping companies deliver exceptional customer experiences, be it digital marketers targeting tech-savvy consumers or military pilots projecting AR for navigation.
Let’s see what the future holds for Augmented Reality despite being extravagant.
Augmented Reality in E-Commerce and Retail
When it comes to deploying technology trends in the business, e-commerce and retail never lag. AR facilitates brands and retailers to interact with their customers. The brands share AR content and help the customer to understand the product with ease and excitement.
Today brands like IKEA, Sephora, Toyota, Gucci, Amazon, etc., are providing augmented reality shopping experiences to their customers. Hence, giving them a try-before-you-buy experience.
Envision a future where you can dress up, apply makeup, wear jewelry, and put on shoes virtually. Fun, right? In the upcoming years, retail brands will incorporate AR in both phone and web applications allowing users to try a whole look and then buy it by just using the camera of their smartphones.
In the upcoming years, AR can change the way consumers shop. The online and offline shopping experience will become more digitizing, invigorating, and rewarding customer experience.
Augmented Reality in Healthcare
Augmented reality in healthcare will be revolutionary. Right now, augmented reality is in its initial stages in the healthcare world. Through augmented reality, nurses can easily find the patient’s veins to inject them. Moreover, surgeons are using AR to visualize the part of the patient they have to operate on. This ensures greater precision and higher chances of success.
In pharmaceuticals, patients can see how a drug acts in their body in 3D images. Moreover, pharmacists can monitor their experiments through AR equipment.
Additionally, integrating Artificial intelligence with Augmented reality can provide extensive application in biotechnology. You can develop powerful tools with the potential to redefine disease detection, diagnosis, and treatment. Doctors can diagnose cancer with real-time screening analysis and treat it in time.
Augmented Reality in Video Gaming
Through AR, gamers can interact with the real world in digital form. The development of Pokemon Go proved that AR is effective and holds vast possibilities for the gaming world. Ericsson states that 91% of users play multiplayer games online and most of them are interested in AR gaming.
No doubt AR games use a lot of data, but cellular networks are evolving. With a 5G network just around the corner, promising a speed of around 10 Gbps and higher security, we can see an enhanced AR gaming experience.
AR can help restore some part of the past. It allows kids to jump around and play like we played outdoor games back in the day instead of just sitting on a sofa and staring at the screen all day long.
Augmented Reality in Education
Augmented reality is no longer limited to healthcare, mobile games, and social media. Today, AR is a highly sought-after technology in education. Customized AR can provide exceptional training, whether in a classroom or military camps. Using your smartphone and a camera, you can get an immersive AR experience.
Augmented reality can transform the digital learning experience. Instead of learning theoretically, students can learn through a 3D model powered by an AR application. In classrooms, AR can enhance student engagement and simplify complicated concepts. Moreover, through AR companies can optimize industrial training and get hands-on practice.
FUTURE INVESTMENT PREDICTIONS IN AUGMENTED REALITY
The market value of AR is climbing and will continue to do so. Markets And Market predict that the market value of AR in 2026 will be USD 88.4 billion. This validates that the future of AR is bright. The expected revenue of Augmented Reality in various spheres and industries is as follows:
- Video Games – $11.6 Billion
- Healthcare – $5.1 Billion
- Engineering – $4.7 Billion
- Live Events – $4.1 Billion
- Video Entertainment – $3.2 Billion
- Real Estate – $2.6 Billion
- Retail – $1.6 Billion
- Military – $1.4 Billion
- Education – $7 Million
*Data source: https://lumusvision.com/augmented-reality-trends-infographic/ *
The above projections show that the Gaming industry will be investing extensively in Augmented Reality and provide an outstanding gaming experience. Healthcare Industry and Engineering will not stay behind and use AR to perform improved surgeries and maintenance.
Moreover, the real estate and corporate sectors will invest in AR and reap its benefits through intuitive guides. They will embrace only AR or both Augmented as well and Mixed Reality in their business.
There was a time when Augmented Reality was expensive. However, recent software advances have helped to reduce the cost. Hence, providing an improved experience for customers and developers. Today, when businesses are moving rapidly towards custom software development to suit their business needs, augmented reality is being widely used in the healthcare industry, education, gaming, retail, and much more.
AR has eliminated the time and location barriers. Therefore, it will be the next big thing for technology leaders in the upcoming years. You will be able to access your computer workplace and even meetings from anywhere in the world, thus, disposing of the need to travel. It is incorporated into every aspect of our daily life. Many industries have and will continue to equip AR and retrieve maximum benefit to stay ahead of the curve.