Predictions and Developments in Augmented Reality and Virtual Reality Over the Coming Years
In the world of technology, the future is bright for Augmented Reality (AR) and Virtual Reality (VR). These immersive technologies are set to reshape various industries, offering numerous benefits and opportunities.
The benefits of VR training are already evident, improving customer service, reducing onboarding time, increasing operational efficiency, decreasing employee turnover, and lowering incident costs. On the other hand, AR is making strides in popular culture, with virtual celebrities like Kizuna AI and Lil Miquela gaining significant market potential.
Looking ahead, new AR glasses with LTE capabilities are expected to replace smartphones in the next three years, signalling a shift towards more accessible and well-designed experiences. The future of AR/VR gadgets will indeed be customized, accessible, and well-designed, promising a seamless integration into our daily lives.
The transportation sector is also set for a revolution, as autonomous vehicles are expected to integrate AR in the near future, redefining the way people move and travel. AR and VR technologies are already being used to revolutionize the healthcare industry, offering innovative solutions for training, diagnosis, and treatment.
In the food and beverages industry, AR and VR are gaining traction, offering immersive dining experiences and optimizing kitchen workflows for better efficiency. Artificial Intelligence (AI) is expected to be introduced in the AR/VR space, aiding computers and other devices in visualizing things and understanding them effectively.
5G technology is expected to speed up the evolution of AR/VR, increasing the pace of data transfer to the cloud, its processing, and formation of a virtual image for an enhanced virtual experience. North America is forecasted to witness the fastest growth in the AR/VR market in the next 5 years, with Small and Medium Enterprises (SMEs) expected to grow their involvement in the AR/VR market with a Compound Annual Growth Rate (CAGR) of 66.40% during the period 2018-2025.
WebAR has come into existence, allowing users to interact with augmented reality in the web space, resulting in lower barriers to its usage and higher overall experience. The VR market is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025, at a CAGR of 27.9% from 2020 to 2025.
One emerging trend in AR and VR is the use of technology for indoor navigation. Retail, transportation, manufacturing, and public sectors are expected to be on the top of the AR/VR market spending chart by the end of 2021. To prepare for the AR/VR influenced future, it is recommended to contact an AR VR app development company about the possibilities of introducing their raw power into your business.
Industries like retail, healthcare, and entertainment are already leveraging the power of AR VR to enhance customer engagement and streamline operations. Businesses are gearing up for the change and are looking for top AR VR companies to explore AI's role in transforming VR into more intelligent and responsive platforms.
The AR/VR market, including both Augmented and Virtual Reality technologies, is expected to hit 85% of the total world spending by the end of 2021. Extended reality (XR) technology will enable practitioners to access required information and practice their skills in real environments without harming any real species.
AI, when combined with augmented reality, will make it easier to deliver immersive experiences quickly and efficiently. 5G technology will uplift the potential and use cases of AR/VR in the marketplace.
The projected trends in AR and VR technology for the next few years include rapid market growth with a CAGR exceeding 38% from 2023 to 2030, driven by widespread adoption across consumer and enterprise sectors. A key trend in 2025 and beyond is the convergence of AR technology with advanced artificial intelligence, particularly large language models (LLMs), which will transform AR glasses into AI-powered interfaces capable of real-time contextual awareness and interaction with the environment.
In the education sector, AR and VR will experience significant growth, with healthcare organizations needing to establish XR platforms as medical devices to utilize these technologies. AR will add flexibility to on-the-job learning experiences, while VR will improve teaching in virtual classrooms.
By 2030, the AR/VR ecosystem is expected to encompass 15 million units of AR eyewear (with most featuring displays) and create over 23 million jobs, contributing approximately $1.7 trillion to the global economy. The future of AR and VR is indeed promising, with these technologies set to transform various industries and reshape our daily lives.
Machine learning will play a significant role in the future of AR and VR technologies, as AI is expected to be introduced to aid computers and other devices in visualizing and understanding things more effectively.
Moreover, the integration of AR and VR technologies with advanced technology like 5G will unlock new possibilities, uplifting the potential and use cases of these technologies in the marketplace.
