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AR To Be A Trillion-Dollar Industry, Will It Be A Reality?
AR will play a key role in driving the global market’s growth, surpassing a value of $338.1 billion in 2025 to $1,092.4 billion in 2030
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Augmented Reality (AR) is no more a new concept in the marketplace. As the revenues from conventional television advertising started to disintegrate, a dynamic trillion-dollar industry like AR mandates brands to be ubiquitous. AR that witnessed its record growth in 2019 reaching 1.5 billion user-base, has proved to be one of the hottest trends in retail. As per BRP reports, around 48% of consumers today are more likely to buy from a retailer that harnesses AR technology. In less than a decade, AR is going to change the way consumer's shop, play, or work. The trusted brands and savvy marketers would assist consumers to augment their world with customized experiences to upgrade their daily lives.
The Omnipresence of Augmented Reality (AR)
Augmented Reality (AR) has been one of the biggest technology trends lately permitting users to virtually try-on products. For instance, beauty and cosmetics, furniture & home decor, sunglasses, footwear, jewelry, watches, and clothing are some of the industries where AR is being used extensively. Consumers leverage this technology by utilizing the camera on their mobile phones and laptops. Today, AR is undoubtedly a real thing that has come a long way turning into a science-based reality from a sci-fi idea. The global augmented reality is expected to reach USD 161.1 billion by 2025 as per Vynz research. It will witness a CAGR of 48.8% during the forecast period. Augmented Reality (AR) when deployed precisely and for the best use, ends up being an incredibly profitable tool to tailor the user experiences and enhancing consumer engagement and sales. With the onset of the COVID-19 pandemic, every B2C brand is consistently looking out for ways to connect, boost sales of their products & services, and rightly communicate with their customers who are less prone or restricted to visit physical stores. In the pandemic landscape, digital transformation has become crucial for the success of a business, and Augmented Reality (AR) is a remarkable part, complimenting such growth.
At present, immersive technology like the Augmented Reality (AR) is adequately competent to produce significant and potentially terrifying experiences. Its ethics will come into play once the users reach the point where the image resolution and AR device become so effective that users forget what they are doing. It is said that the bigger the play, the more magnificent is the experience. Yet it’s a noteworthy fact that it will be terrifying if one doesn’t know where he gets into.
Future of Augmented Reality (AR)
With the ever-increasing prominence of AR, the high dependency on AR-based software and applications is witnessed by leading giants like Google, Amazon, Microsoft, Facebook, etc. These companies are hugely investing in AR. The market value of AR in mobile devices is likely to shoot past $1.5 billion in the future. In a word, the future of AR is to redefine our lives. Retail giants like Walmart and Tyson are consistently developing AR training methods to offer their employees an in-depth understanding of all the ways that are needed to run the stores before their rivals pick up the trend. By 2022, AR-assisted training is expected to exceed the 6 billion dollar mark. Even technology firms will be banking on an immersive technology like AR for quality checking, testing, prototyping, and more. Apart from bringing a promise of safety, AR’s future is set to revolutionize search engines that would promise a futuristic browsing experience for users. For those who yet not tried any AR devices, it is critical to anticipate the resulting pressure or emotion that marks the uncertainty.
An ever-increasing number of people look forward to Augmented Reality (AR) today as it makes our lives safer, secured, and trouble-free. The impact of AR will boost £183.9 billion to global GDP rates and facilitate employment opportunities. AR will play a key role in driving the global market’s growth, surpassing a value of $338.1 billion in 2025 to $1,092.4 billion in 2030. AR industry would more likely witness fair growth over the following five years flagging its potential to be a trillion-dollar industry. Thus, for AR to fully prosper, funding for research and development alongside proper assistance by the Government through financial incentives are needed.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.