Introducing new technology in the market and the duration to adapt these technologies takes a long time. Every year new technology emerges which changes the way we work, live or play. These new technologies provide incremental benefits in the ecosystem. Augmented Reality and Virtual Reality are one of the trending technologies in the market.
Augmented Reality (AR) deploys the digital content into the real world. This content becomes visible inside the view captured by the camera of your mobile device or your smart glasses. The most known example of AR is the game Pokemon-Go which was published in 2016. Whereas Virtual Reality (VR) is a three dimensional interactive environment which is computer generated with the special kind of graphical user interface. Here the content is visible using Head Mounted Display (HMD) or headphones and gloves. Examples of VR are Minecraft and Star Trek: Bridge Crew, these are some of the well known VR Games.
The truth is that nowadays these technologies blend into our daily lives. Augmented Reality (AR) and Virtual Reality (VR) experiences are transforming various sectors. The most obvious use cases for AR/VR technology lie in video games, live events, video entertainment, healthcare, real estate, retail, education, engineering and defence. It has changed the way businesses are interacting with their customers. According to Valuates Reports, In 2017, the global augmented reality and virtual reality market size stood at USD 11.35 Billion, and the industry is forecasted to reach USD 571.42 Billion by 2025, which forecast a rise at a CAGR of 63.3 percent between 2018 and 2025.
In technology-driven product startups India stands third globally. According to NASSCOM 2017 startup report, the startup base is around 5200 tech-based startups with 7% growth YoY. Of them 28% are health tech, 31% are fintech and 13% ecommerce/aggregators. The only thing that will be common to all these start-ups from different industries is the way AR/VR technology will transform their business activities and their interactions with the consumers. .
Augmented Reality (AR) and Virtual Reality (VR) market size is at developing stage in India. In the last few years, only about 170 startups have emerged in this space. However, in the next five years, this industry is likely to see a major growth rate.
“India is one of the fastest growing startup landscapes in the world and every major accelerator, investor, angel group, is participating in becoming a part of this growth journey. “Today, Indian ecosystem is flooded with innovative ideas and needs the right channel and guidance in terms of acceleration, scaling up and funding,” Raman Roy, chairman, NASSCOM, and CEO and MD, Quatrro Global Services said in a statement here.
AUGMENTED AND VIRTUAL REALITY KEY MARKET SEGMENTS:
BY ORGANIZATION SIZE
From startups to large enterprises are investing in AR/VR technology as these technologies are used to provide a digital immersive user experience, the companies are now using augmented and virtual reality-based solutions for various sectors. Millions of people are already using AR/VR in some capacity. The Augmented Reality and Virtual Reality market size will continue to grow as it is being adapted easily.
Multiple industries can greatly benefit from using AR and VR technology. Many industries have already started to make a great impact in the ecosystem with the help of these technologies. Here are some of the examples how Augmented Reality and Virtual Reality are making a difference in various industries.
- Gaming – In the gaming industry Augmented Reality (AR) is used to create content (play zone) in the existing artificial environment. Virtual Reality (VR) has enhanced the gaming experience of the users by providing the ability to take gamers into the fantasy world.
- Manufacturing – AR and VR allows the workers to interact and operate the machineries virtually. And has transformed hazardous activities into safe processes.
- Healthcare – AR creates an opportunity for healthcare professionals to have interactive experiences while experimenting new drugs and the way medical devices interact with the body. VR allows doctors to view the human body from inside and it also helps the patient to plan any surgery.
- Education – AR & VR technology has empowered the learners to grab knowledge at their own pace. It has provided an opportunity for the students to have an interactive learning experience while avoiding the use of textbooks.
- Entertainment & Media – AR has turned the users’ experiences of watching television while creating an ability to select any particular program and the app will generate various cartoon characters around the television. While VR allows the users to interact with any concerts, shows, museums.
- Retail – AR & VR offers the users an unique virtual shopping experience while avoiding direct contact with stores.
Not only these industries but there are many other sectors where Augmented Reality and Virtual Reality has transformed the experiences of the business and as well as the clients.
By Tech Giants in the Market
In the last few years, development for Virtual Reality and Augmented Reality has cascaded in the market. As these buzz-worthy technologies continue to capture attention and fascination. Tech giants are now investing heavily in AR and VR as they see people are getting used to interacting with digital objects. Below are some of the key players in the market using AR and VR.
- Snap – SNAP is one of the leading messaging platforms (Snapchat) which uses AR & VR technology and is successful to engage their users to try different lenses. Snap says more than 70% of its daily active users play with its lenses every day.
- Microsoft – Microsoft is transforming their user experience by shifting the 2D screen into 3D holographic images. Which also helps the users to collaborate with each other virtually.
- Visionx – The company which empowers cameras to see more than the human eye. They use machine vision to build AR & VR applications. This application helps the retailers to visualize their customers’ experience.
- Illumix – Illumix a gaming company that uses AR & VR technology for enhancing the gaming users experiences.
- Samsung – Samsung Electronics has applied the AR & VR technology in the smartphone industry to transform their experiences by using Gear VR and AR sunglasses. Also many other companies like Facebook are in process to bring change in the market by using AR & VR Technology.
A Number of Augmented Reality (AR) and Virtual Reality (VR) skilled based Companies are providing immersive solutions in India. Hiring a AR/ VR company is a beneficial investment as these technologies are on a sky rocket in the Indian market. However, there is also a term known as the mixture of Augmented and Virtual Reality which is called Mixed Reality. Mixed Reality blends the digital and physical world. Here the physical and digital objects co-exist and interact in real time.
Incorporating technologies in our daily lives are quickly becoming a norm. In the near foreseeable future, Augmented Reality (AR) and Virtual Reality (VR) can integrate with daily life to improve our living, quality of experience, efficiency and productivity. There is immense potential for change in different fields running from the training to everyday life as in media, entertainment and so using AR and VR. These technologies will change the shape of the future over the coming years.