For several years, Augmented reality (AR) has been dubbed as a technology bringing about transformational change in the way people live and work. Solutions which allow overlay computer graphics onto view of our immediate environment (AR) are both increasingly being adopted in different industries such as healthcare, retail and advertising. It is important to collaborate with Augmented Reality App Development Company to develop increasingly sophisticated apps, as devices get more powerful, technology gets more advanced and capable of creating higher quality visuals.
Our understanding of how humans can navigate and interact within virtual or augmented environments will also evolve, leading to the creation of more “natural” methods of interacting and exploring virtual space.
Statistics to show that AR is the future
“The augmented and virtual reality (AR/VR) market amounted to an estimated 12 billion U.S. dollars in 2018 and is expected to expand drastically in the coming years, with forecasts for 2022 eclipsing 192 billion U.S. dollars.”
“Revenue of the consumer immersive technology market worldwide from 2018 to 2022. In 2029, the total consumer mobile AR market is projected to reach 3.4 billion U.S. dollars in revenue.”
“Consumer spending on augmented and virtual reality (AR/VR) content and applications worldwide in 2018 is forecasted to reach about 3.5 billion U.S. dollars.”
“The Virtual Reality and Augmented Reality in the healthcare market were valued at $769.2 million in 2017 according to Reportbuyer”. The report also expects AR and VR in healthcare to reach $4,997.9 million by 2023, at a compound annual growth rate (CAGR) of 36.6% during the forecast period.”
Healthcare Management Software Solutions aims to reduce the growing healthcare costs has influenced increased investment, which has led to a holistic world of connected devices in the healthcare sector. The use of AR app development can be helpful for patients to remotely seek a doctor's consultation. The rapid increase of AR therapies and rehabilitation will spearhead innovation in patient-care management.
The effective use of AR development will help research and diagnostics' laboratories to run more tests than any other medical testing facilities. They will do so by increasing efficiency in laboratories by collecting samples and data from remote locations in real time. Laboratories can use the services to monitor the equipment and automate testing processes.
With the increasing adoption of the latest technologies from the presence of the display panel manufacturers in the region, the Asia and Pacific (APAC) region is expected to see high growth.
AR in Advertising
Though the term “augmented reality” (AR) was coined in 1990, the technology is only now hitting its stride. The breakout success of Pokémon Go in 2016, and innovative ad formats popularized by Snapchat have piqued the interest of consumers and brands alike. Now, marketers in a variety of industries are experimenting with new applications of AR.
AR advertising is expected to change phenomenally the way brands will interact with audiences. Brands that want to make their AR experiences grow will need to use AR to meet their audiences’ specific needs for information, accessibility and entertainment.
Social media companies—including Snapchat and Facebook are exploring to provide innovative offerings and measurement models which are relatively easy to experiment with and easing AR adoption among both brands and consumers.
AR videos will be able to further engage their audiences. There are different ways these videos can transform retail experiences, such as to give customers product demos or help people visualize what it would be like if they bought the service.
AR in Retail
The retail evolution will continue to challenge brick-and-mortar and the traditional retail, but it will be offset by the expanding retail footprint and other niche retailers will be well positioned to thrive in this environment.
“The year 2019 will show another strong year for the sector, with total retail sales expected to grow 3.3% to $5.529 trillion and ecommerce sales expected to grow 15.1% to $605.3 billion.”
Augmented reality holds tremendous value and potential for the retail industry, because of its wide availability and accessibility on shoppers’ smartphones
The estimated AR users in the US will grow 14.9% to 58.8 million in 2019. There are 20+ million users who began using AR between 2016 and 2018 and getting accustomed to its use in everyday life. AR is considered a highly immersive technology that will help bridge the digital and physical divide at retail.
The technology is widely used to delight customers by allowing several activities such as visualization of clothes and makeup on oneself or understanding the look of furniture inside one’s home. However, the widest application of AR is to provide realistic product information, which works across any retail category, as well as adding a textual and visual information layer to products in the store. This will help quickly get vital information such as quick view of product, user ratings, reviews, features and dimensions, bringing utility to shoppers, anytime they need from anywhere.
Easy accessibility of this technology will increase its adoption. Brands are starting to leverage this technology more and more. The days when most consumers will try out products using their cameras via their social media account does not seem to be far away.
AR hardware and applications arguably have more uses in transforming the real world, which will initially be used for gaming or entertainment. However, this technology is disrupting numerous industries and has innumerable applications for businesses. It will be interesting to see AR technology evolve and how businesses will continue to integrate this technology.