Emerging technologies like Augmented Reality and Virtual Reality are disrupting the lifestyle of the entire global community.
Virtual reality detaches people from the real environment and puts them in a whole new ‘digital’ environment which is software-generated, recreates a certain situation or environment in such manner that one can feel it like a ‘real-time’ experience.
Contrarily, Augmented reality takes reality and adds a new digital layer to it. Blending out the line between the real and the digital world and brings up the possibility to be more intensely and vividly involved.
AR/VR has many possibilities to be explored yet in various fields like medicine, science, agriculture, retail and many more. The implementation of these immersive technologies will definitely add a whole new dimension and expand horizons for professionals in these fields.
Because of its massive impact on the status quo of an organization, AR/VR technology is being adopted by a huge number of companies. These applications have been proved to be of enormous impact on the workflows and business strategies of all kinds of industries.
According to International Data Corporation, the worldwide spending on augmented reality and virtual reality (AR/VR) has been expected to be nearly $20.4 billion in 2019, an increase of 68.8% over the $12.1 billion.
The latest update to IDC’s Worldwide Semiannual Augmented and Virtual Reality Spending Guide also shows that worldwide spending on AR/VR products and services will continue this strong growth throughout the 2017-2022 forecast period, achieving a five-year compound annual growth rate (CAGR) of 69.6%.
The industries that are expected to spend the most on AR/VR in 2019 include personal and consumer services ($1.6 billion), retail ($1.56 billion), and discrete manufacturing ($1.54 billion). Ten industries are forecast to deliver CAGRs of more than 100% over the five-year forecast period, including state/local government (123.7% CAGR), resource industries (120.9% CAGR), and wholesale (120.9% CAGR). Consumer spending on AR/VR will continue to be greater than any single industry ($7.2 billion in 2019) but will grow at a much slower pace (36.6% CAGR).
Looking at the above stats we can be pretty sure of the rapid growth in the realm of AR/VR in the upcoming years.
