Augmented reality (AR) has been one of the most exciting technologies experienced in recent years. It is a feature-rich technology that opens new frontiers by placing digital information and virtual computer objects to different real-world scenes. Even more interesting to note is that the technology is seamless in that the overlaying of the information and objects is done in real-time. Business products today that apply AR in their model designs achieve better results than their traditional approaches. For example, today, you can try out different facial and body products in real-time without necessarily being physically at the store.
Today, Sephora allows its prospective customers to try out different products before making a purchase. There is a dash for AR within various industries today, given its many advantages in promoting sales, health, and educational value. Google and Apple, which is ARCore and ARKit respectively, released their AR developer kits in 2017 to enhance the development of AR applications. Since its release, AR mobile app has increased in both the android and market stores.
The number of AR-enabled Android devices rose from an unprecedented 250 million to 400 million devices between 2018 and 2019. Even though AR may have been underestimated in comparison to its virtual reality counterpart, different surveys point out that the larger market share in the future belongs to AR. It is estimated that the AR market will grow to a staggering $70bn to $75bn while VR will be worth anything between $10bn and $15bn by the year 2023.
AR’s future is bright, especially since surveys indicate that consumers have accepted and appreciated the application of this technology in different spheres. A good majority of these consumers believe AR will have surpassed VR in five years.