According to the latest research by IDC, worldwide revenues
for the (AR/VR) market are set to double in each of the next four years.
Total spending on AR/VR products and services is expected to soar from $11.4 billion in 2017 to nearly $215 billion in 2021, achieving a spectacular 113.2% CAGR.
Facebook, Samsung, Google, Sony, HTC, Apple, and even Microsoft are aggressively pursuing the opportunity to claim their foothold in the market.
Big brands have taken advantage of VR this year. They include names such as Volvo, Dior, NBA, Marriott, and Coca-Cola. More brands will follow in 2017. Therefore, the opportunities created by this technology remain wide open.
“I regard [augmented reality] as a big idea like the smartphone. The smartphone is for everyone, we don’t have to think the iPhone is about a certain demographic, or country or vertical market: it’s for everyone. I think AR is that big, it’s huge. I get excited because of the things that could be done that could improve a lot of lives.”
Augmented reality is a live, direct real-world view with a digital layer on top of it.For example, imagine aiming your mobile phone camera at your car engine using an AR app that overlays an image with labels and videos, showing you how to change your air filter.
Virtual reality can be described as immersive multimedia or simulated reality. At this particular moment, consumers are likely to remember VR marketing campaigns designed to immerse the customer in the experience marketers want to create.
A great example of a VR campaign is Marriott’s Teleporter that “transported” customers into different locations by combining video, sound and a virtual reality environment.
Wearing an Oculus Rift headset, customers can visit a high-end hotel in London or a beautiful beach in Maui, feeling everything from the sun on their faces to the wind in their hair.
“We have loads of enterprise customers who have ordered them. We’re actually shipping these now. I can’t name names but what I can tell you, lots of Fortune 500 companies,”
Business meetings and conference
calls, sales and product demo presentations, and sales training are a few examples that can dramatically improve a bottom line.
Overlaying a patient’s bones with useful information during surgery, AR is now a crucial tool in robot-assisted orthopedic surgery. Other uses include training and mental health treatment.
Used in training, on the production line or in the prototyping room, AV/AR can greatly improve safety, quality and efficiency in the manufacturing process.
HR professionals can use VR/AR to interview and train employees on company policies, recruit using VR media channels, and so on.
Games and applications are just the tip of the iceberg. Even traditional organizations like Bank of America and Merrill Lynch are now turning to VR as a marketing platform.
VR is ideally suited to present data in both 2D and 3D as well as let its users search, analyze and organize huge volumes of data.