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Growth, trends and forecasts in AR, VR and MR on the global purview

AR & VR market growth and forecasts

Moving ahead of time and being ahead of time is one of the remarkable features of technology. In these modern days, when processes are complicated, high end technology of AR-VR generates an ROI based result.

Virtual Reality (VR) is a progression in the field of technology through which you can interact with an imaginary or artificial three-dimensional world. This provides an immersive experience as if you are present in that world, both physically and mentally. Augmented Reality (AR), on the other hand, is an evolution in terms of amalgamation of real and virtual worlds. Instead of replacing you from the real world, AR simply alters your physical world by introducing computer-generated inputs in it.

Virtual reality

AR-VR has been around for several years now, however, its revolutionary impact across multiple industries has been identified only recently. While it was introduced to move from customer satisfaction to customer delight, today, it’s becoming a necessity to keep up with the technological advancements for the betterment of various industries.

  • Real Estate:

    Buyers can have virtual tours of the property and they can visualize its every corner in a splendid 3D experience. It leads to an increase in buying as users get to know how exactly the property will look when it is developed as their home or office. Take a look at our application Plutomen immobiliAR

  • Manufacturing:

    By facilitating employee instructions and assisting in threat detection and elimination, AR-VR marked its presence in manufacturing industries. Currently, AR-VR can aid cost reduction by removing costly trials and lead to the production of enhanced quality goods. To assist in your Maintenance, Troubleshooting and Repairs needs, streamlining inspections, and train staff for increased productivity, try Plutomen ARMS.

    Plutomen ARMS
  • Retail:

    Users have been provided with the luxury of customizing the products that they are interested in, with the greatest details by the application of AR-VR. This is a swift process that eliminates the imagination mode and provides close to the real experience to the buyers. Plutomen have EcomARcio to cater your needs for optimised retail experience.

    EcomARcio AR application for retail
  • Gaming:

    By offering an exceptional experience to players, AR-VR already took gaming to the next level. The real-time captive interaction has changed the perception of gamers and lifted their engagement levels due to complete immersion.

  • Entertainment:

    From music concerts to theatres, the application of AR-VR has boosted the attraction of visitors. It lets the viewers connect to the imaginary object and thereby builds a relationship for its success, it lets the audience get involved in the theatrical actions, it lets music fans watch VR concerts among other things.

  • Marketing:

    AR-VR encourages engagement which is the key to an effective marketing strategy. VR gives more information about a product to the potential buyers and AR lets me try it before finalizing it. In 2017, Adidas gave the audience a 360-degree view of mountain climbing to the audience. For high end machinery and complicated mechanisms, Plutomen machinARie serves as a tool for demonstration, communications and better customer experience.

  • eCommerce:

    AR-VR is capable of combining the benefit of an online store with that of a retail store. Not only does the buyer be able to feel the products, but they may also get encouraged to try out and purchase more. This can work as a panacea for those buyers who hesitate to purchase online due to its obvious limitations. Plutomen have EcomARcio to cater your needs for optimised ECommerce experience.

Growth of AR-VR till date and the future

The introduction to Oculus by Facebook back in 2014 is considered the first solemn application of AR-VR which influenced many entrepreneurs and corporates. In 2018, the revenue generated by mobile-based AR was 2% higher than the projection attributed to the eCommerce sales and applications such as Pokémon Go. In the same year, Microsoft HoloLens received a $480 million contract from the US military. Smart Glasses and mobile AR delivered a 3% lower revenue than the projected amount. More or less, the revenue generation until then had conformed with the forecasts.

AR-VR

Today, there are thousands of AR mobile apps available, led by the iOS platform with over 2000 apps. Microsoft has sold over 5000 units of HoloLens. Also, there are more than 3000 startups listed on AngelList which are focused on AR.

A report by Vibrant Media found that seven out of 10 media planners want AR-VR ads in their digital marketing campaigns. Ad based revenue through mobile AR is expected to reach $2 billion by 2022.

Year after year since 2017, the investment in AR-VR has continuously increased. In 2017, the market size was about $11.35 billion. In fact, the AR-VR market is collectively projected to hit $80-$90 billion by 2023 and $570 by 2025 (as per Valuates Reports). These figures confirm that AR-VR is going to create a significant impact on many industries.

Introduction to MR (mixed reality), which takes AR a step further by blending the physical and virtual world closely, will only add to the advantages of AR-VR. The emergence of 5G will lead to a substantial change in mobile apps and the gaming world. A super-fast network will enhance the AR-VR and MR experience and open more doors for it. AR-based indoor navigation will find its place in large shopping centers, guide customers towards products and they can feel them through MR. The remote assistance opportunities with MR are expected to expand which will change the approach of technicians across various site situations. AR-VR already has its presence in the healthcare industry, but a merger of AR and VR is expected to transform the limitations into opportunities by providing higher efficiency and productivity.

Although the growth of AR-VR across industries like manufacturing, real estate and entertainment is apparent, one domain that will get totally reformed would be education and training. VR classrooms, the immersive nature of AR, and engagement will create a novel experience for learners.

Amid the pandemic, application and development of AR-VR has become a necessity for many organizations. With a 5-year experience in the field of AR-VR, Plutomen is a leading developer of AR-VR solutions with its innovative products. From real estate to eCommerce and from travel and hospitality to gaming, Plutomen renders its services across numerous industries to make them AR-VR ready.

Looking forward to creating success stories together! Connect with us to transform your business!

Hiren Kanani Chief Technical Officer

A resident wizard for iPhone, iPad, Objective-C, Swift, Unity 3D, AR, VR, AR Kit Development and Xcode App Development. Nothing gets him more obsessed than a tricky coding problem or the challenge of finding a more efficient way to deploy a technology solution.