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Discover AR: The Market with 42.2% CAGR

almost 5 years ago by Lucy Cinder

Discover AR: The Market with 42.2% CAGR

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The concept of augmented and mixed reality might seem brand-new at first. However, the principles behind AR have been around for longer than you might think. Since the 1950s and 1960s, innovative scientists have been experimenting with the interactions humans can have with computers. Virtual reality and immersion have been a common trend for decades.

Now, of course, we finally have the bandwidth and connectivity required to make augmented reality more accessible. Better graphics, stronger processes, and enhanced internet connections mean that it’s finally possible to augment our world in new and exciting ways.

From surgical procedures to social media filters, AR helps to combine the digital world with the real world in an exciting new way.

What is Augmented Reality?

Augmented reality comes from the word “augment,” which means to enhance or add something. In the case of Augmented Reality, we’re adding sounds, graphics, and other experiences into the natural world. When compared to other technologies, augmented reality falls in the middle of the road, somewhere between the virtual and the real worlds.

Unlike virtual realities, which require people to step entirely into the virtual environment, augmented reality builds on the existing space and overlays new information on top.

So, what does this mean to the future of business and communication? Well, first of all, it can contribute to better collaboration. Mixed reality allows global workforces to work together more cohesively and tackle complex challenges. No matter where you’re located physically, you can put on your headset and jump into a new, immersive environment. AR applications can even translate language in real-time, eliminating language barriers.

Augmented reality is also ideally suited to the rise of the virtual workforce. There’s evidence that employees are more productive when they have more autonomy over how and where they work. AR will make it possible for team members to join an office environment from wherever they are.

Even employees in the field will be able to dial into augmented reality to get assistance from co-workers on the go. Imagine an expert being able to talk you through how to fix something in real-time, with an augmented reality overlay. The concept of AR could mean that the need for service visits is reduced drastically in the future.

Augmented Reality Trends

Statista suggests that augmented reality will have at least 1 billion users by 2020. On top of that, the worldwide shipment of augmented reality glasses is set to reach about 5.4 million units by 2020, too, with the value of the market extending to around 90 billion dollars. So, what are the trends driving the augmented reality market today?

1.      Better Data Visualisation

Data has emerged as one of the most crucial assets in any business environment. The more information you have, the easier it is to make effective decisions about the future of your business. Internal and external audiences need access to a greater variety of data information. AR technology will be able to help companies to create more immersive and interactive data simulations suited to their preferred audience. It may even be possible to create data visualisations in response to real-time questions.

2.      Holographic Communications and Collaboration

Once, the idea of holographic communication was something that belonged exclusively to science fiction. Now, it’s becoming increasingly common for mobile and technology companies to experiment with what augmented reality can do. While we’re yet to have a full holographic calling, option built into our smartphones, it’s becoming increasingly likely that we’ll see that tech in the future.

Holographic experiences can even make their way into the office, where users can access AR headsets to see their remote co-workers sitting alongside them or working with them on their latest project.

3.      Enhanced User Experiences

Plenty of companies are talking about the “age of experience” these days. However, customer experience isn’t the only thing worth considering. It’s also crucial for the disruptive technology on the market to be as easy as possible for employees and everyday individuals to use.

As augmented reality tech becomes increasingly advanced, we’ll discover new ways to make the experiences as simple and streamlined as possible. Over the years, loading up an AR conference may begin to feel just as natural as setting up a video call.

4.      Augmented Reality enhanced with AI

Many of the latest tech solutions for businesses and consumers alike are becoming more advanced thanks to the addition of machine learning and artificial intelligence technology. AI in the form of computer vision, which allows machines to understand what they’re seeing through cameras is crucial to the adoption of AR. It ensures that objects in a user’s field of vision can be more effectively labelled and identified. The machine learning algorithms that support these features will continue to become more capable and sophisticated in the years to come.

Augmented Reality Statistics

Driven by trends like the need for globalisation and the evolution of remote working, augmented reality is more popular today than it’s ever been. The market is growing at a phenomenal pace, and it will be amazing to see what comes next.

  • The Augmented reality market will grow at a rate of 42.2% up to 2025.
  • Mobile augmented reality could approach 5 billion installs by 2022
  • Augmented reality may reach a $90 billion revenue in 5 years.
  • 32% of consumers use augmented reality today
  • 53% of consumers are interested in using augmented reality soon
  • AR and VR headset markets are expected to grow to 9 million units by 2022
  • Sales of AR/VR Headsets will be worth $9.7 billion by 2020
  • The most valuable AR startup is Magic Leap, worth $4.5 billion

Augmented Reality Hashtags Used on Social Media

  • #AugmentedReality
  • #AR
  • #VirtualReality
  • #MixedReality
  • #Technology
  • #Hololens
  • #ArtificialIntelligence
  • #Gaming
  • #AugmentedRealityApp

source uctoday

Industry: Unified Communications & AR News

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