Rising Investment From Market Leaders and Rising Focus on Improving Customer Experience Driving the Growth of AR and VR Market
Hydearbad, India - July 24, 2021 /MarketersMedia/ —
The AR and VR Market was estimated to grow to $140.1 billion by 2026, growing at a CAGR of 38.4% from 2021 to 2026. The market is driven by the increasing popularity of Augmented & Virtual Reality Devices due to better user engagement with a high recall rate. The commerce industry saw a huge change when e-commerce concept gained mass adoption. Prominent companies such as Walmart, Blockbuster suffered when people began purchasing products online, and players such as Amazon, eBay and Netflix gathered the majority of market share. Owing to such demand, augmented reality market and virtual reality market are gaining traction. AR and VR tools inhibits the confinement of human physical possibilities and relishes one’s quest for all sorts of endeavors. Augmented reality market and virtual reality market growth is not only fueled by entertainment content but also expands to healthcare, aviation, and defense sectors in particular.
AR and VR Market Segment Analysis - By Device Type
In Device Type Segment, Video Walls stood as the fastest growing subset with an estimated CAGR of 35% during the forecast period. MAR (Mobile Augmented Reality) is expected to account for more than 52% of AR Application Market by 2026. Microsoft is now selling development versions of its mixed-reality visor called the HoloLens and Magic leap which is a new start up based in Florida has also come up with smart glasses technology, a pair of transparent glasses, which are capable of sending the user into a mixed reality world.
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AR and VR Market Segment Analysis - By End Use Industry
Engineers can use AR headsets for on job improvisation centered to the fact that the human mind processes technical information more efficiently presented in a 3D format faster than having to translate it from a 2D perspective. VR is becoming an integral backbone of numerous drill programs for future accident and emergency doctors, aiding for better preparation of practitioners for surgery using VR systems, before having to commence actual patients. A classic business application example of AR headsets can be derived from the manufacturing process of Boeing, 78-7 Freighter.
AR and VR Market Segment Analysis - By Geography
Being one of the most advanced settlement in terms of cutting-edge technology being implied in all its industrial operations, North America is reckoned to be dominating the global augmented reality market and virtual reality market demand. This region, housing some of the pioneering players such as Google Inc., Microsoft Corporation, and Facebook, is responsible for a substantial 34% of the global demand as of 2020.
AR and VR Market Drivers
Rising Investment from Market Leaders
The market for AR and VR is rising due to increased investment from market leading players. Facebook integrating augmented reality ads into its application: Facebook will be providing users an augmented reality experience via advertisements in the application. Users of the application may view fashion goods such as eye glasses and shoes, and try them on virtually.
Rising Focus on Improving Customer Experience
Augmented Reality & Virtual Reality is a perfect mix of technologies to engage a customer. A memorable happy experience often leads to a satisfied customer. AR/VR technologies are likely to give an enriching experience to the customer which increases the chances of customer satisfaction significantly. As this technology is meant to make it easy and memorable for customers and it is likely to have an upper hand in leading to satisfied customers for companies as well. Customer engagement and Interactivity is not only required after onboarding the customer but is important to aware and attract as well. These AR/VR technologies can extensively be used as marketing tools to spread awareness about a product. This enhanced customer experience offered through AR and VR solutions will drive market growth.
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AR and VR Market Challenges
Lack of Awareness of AR Content
The biggest challenge with AR is the lack of awareness of AR content from consumers. AR and VR content can come in many forms, and this could be a cause for confusion. There’s still not much clarity over whether consumers are aware these tools are available to them, or if they realize they’re engaging with AR or VR when they use them. In a recent research study conducted by GWI in the UK and U.S., we found that over 90% of consumers in these markets are aware of VR, with around 65% saying they’re aware of AR.
AR and VR Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the AR and VR market in Commerce. Key Companies operating in the market include Amazon, Ikea, Facebook, Sephora, BMW, Harley Davidson, Sotheby and various other companies.
Acquisitions/Technology Launches/Partnerships
In April 2021, Inpixon announced the acquisition of a suite of augmented reality (AR), computer vision, localization, navigation, mapping, and 3D reconstruction technologies, including patents, trademarks, software and related intellectual property from Visualix.
In April 2021, Facebook announced it has acquired Downpour Interactive, the studio behind the hit multiplayer military simulator Onward.
Key Takeaways
One of the major driver is the rise in adoption of smartphones. Hence, Mixed Reality devices incorporated/enabled with smartphones offering plug and play features would cause a paradigm shift to the mixed reality devices market. For instance, Lenovo has developed a new smartphone “Phab 2 Pro” enabled with Google Tango which offers mixed-reality features to an extent.
Both Augmented Reality and Virtual Reality technically elaborates the scope of E-Commerce and took the interaction to a whole new level altogether.
As per IndustryARC research, more than 60% of online shoppers prefer to purchase items that offer Augmented Reality on websites in one way or the other. It’s inarguable fact that both Augmented Reality and Virtual Reality has increased user interaction for many companies and helped them to upsurge their user base.
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