AR and VR.
What sounded like a pipe dream a few years ago is now the new face of reality. AR and VR in 2018 are the most substantial and fast-growing markets in the world.
The worldwide revenue from the AR/VR market is set to double in each of the next 4 years according to a study conducted by IDC.
Total spending on AR/VR products and services is expected to reach new heights from $ 11.4 billion in 2017 to an astonishing $ 215 billion in 2021 achieving a spectacular 113.2% CAGR.
Leading technology giants like Apple, Facebook, Sony, HTC, Google and even Microsoft are aggressively working towards establishing a foothold in this industry.
Leading brands like Volvo, NBA, Coca-Cola, and Marriot are already making use of VR technology in the year 2017-2018 and they have not even scratched the surface yet. This is a big pond where there is a lot of space for fishes of all sizes to swim and make merry.
AR/VR Hardware and Applications in a Nutshell
Ever tried changing an air filter on your car? Mission Impossible you say? How about if you were able to identify the exact parts and steps involved in this process, would this not make your life easier? Augmented Reality(AR) does exactly that by overlaying a digital layer of information over a real-world object. So for instance, if you were to point an AR application at your car engine, you would see a layer identifying each part of the engine and also guiding you on the steps needed to change that pesky air filter.
Virtual Reality, on the other hand, is a technology which simulated an imaginary world using advanced devices like Oculus Rift. The best use of this technology was made by an advertising campaign hosted by Marriot Hotels. They used a VR device to teleport their customers from their current surrounding into a luxurious hotel in London or to the beach resort in Maui using noting but a VR enabled device.
Our Retail Solution
AR/VR provides a business opportunity that goes beyond marketing and advertising, adding a new dimension to organizations. Highlighted below are some of the industries using these technologies for various other uses:
Using AR/VR technology for conference calls, sales meetings, product demos, and sales training gives a company the edge it needs to improve its bottom line by using innovation.
Overlaying a patients bone with useful information that assists in surgeries. AR is now a crucial tool in robot-assisted orthopedic surgeries.
Using AR/VR technology as a training tool on production lines or prototyping stage has greatly improved the efficiency, safety, and quality in the manufacturing industry.
AR/VR technologies can be used by HR departments for employee training thus reducing downtime and in turn increasing productivity.
The mode of marketing is changing in today’s world. Even traditional companies like Bank of America and Merrill Lynch are using VR technology as a marketing tool.
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