Ready to Explode
Though Augmented Reality and Virtual Reality have been around for a long time, both the fancy techs initially found their life purpose in the entertainment industry. Remember how gamers went crazy over Pokémon Go, the 2016 augmented reality mobile game? But over the last few years, AR and VR have forced their way into the mainstream enterprise segment, with a plethora of use-cases and influencing a paradigm shift.
In 2019, Nike, the world’s biggest trainer manufacturer, introduced a new AR feature called Nike Fit in their e-Commerce app that allowed customers to measure the whole shape of both their feet and, in turn, find more accurately fitting shoes. This worked wonders for the company in reducing returns and exchanges. Similarly, in India, Lenskart.com, the eyewear retailer, was one of the early entrants into the AR space, introducing ‘3D Try On’, a feature that shows you what a frame looks like on your face.
In the aftermath of its e-Commerce entrance and with the promise of the metaverse, the AR/VR market is expected to explode soon. According to a report by Market Research Future (MRFR), the global AR/VR market is expected to reach a staggering $766 billion by 2025, growing at a fast rate of 73.7 percent. The tech duo going beyond e-Commerce to enter the healthcare industry is an instrumental aspect of this whopping projection. VR/AR is also used in the treatment of various conditions, including anxiety and stress, Parkinson’s disease, and rehabilitation. On the other hand, the metaverse, which as a market is expected to reach $824.53 Billion by 2030, growing at a CAGR of 39.1 percent, mixes common social media features like collaboration, ecommerce, and live events with immersive VR and AR. This will also propel the AR/VR industry.