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AR and VR Market Size, Share, Growth, Trends, Applications, and Industry Strategies

To lure in more customers, the retail and e-commerce sector is rapidly adopting the augmented reality (AR) and virtual reality (VR) technologies. For instance, many retailers are offering AR-integrated mobile apps that give customers a virtual tour of the store, so they can make more-informed purchase decisions when physically there. Similarly, by gamifying such mobile apps, companies can increase brand awareness.
 
Another application of AR and VR in the retail sector is product customization, wherein people can use the AR/VR features on the mobile apps for the purpose. Thus, one of the key drivers for the rising demand for AR and VR solutions is the burgeoning smartphone adoption. With people’s growing disposable income, especially in developing countries, the sale of mobile phones and tablets is picking up.
 


This is giving technology vendors the opportunity to use these consumer electronics as the key interface for their AR/VR applications and programs. Currently, an array of AR/VR-based mobile apps are available for architecture, interior designing, furnishing, education, and e-commerce. With the number of smartphone users already forecast to have touched 3.5 billion by 2020-end, opportunities galore for AR/VR companies.

Moreover, to attract customers, players in the AR and VR market are focusing on making their hardware components more aesthetically appealing. Additionally, tech and consumer electronics companies are integrating haptic and gesture control features in their AR/VR apps to widen the applications of these technologies and, in turn, expand their customer base. Similarly, advancements are being brought about in the user controls, display quality, battery life, and motion tracking features, so that the devices and applications can support a wider field of view and transparent displays.

Hence, with the improvements in the AR/VR technology, its uptake will keep on increasing.
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