How The AR and VR Market Size Is Expected to Reach $45 billion by 2025
Date : Apr 30, 2020
Author : DR Armed Zayed
Virtual and Augmented Reality (VR/AR) are shaping our tomorrow. With the full range of applications, particularly in the gaming and entertainment industry, the future of VR and AR technologies is looking bright.
These simulations enable gamers to indulge in fantasy scenery, where they can explore a 3D environment. All the accessories that come with it make the experience even more engaging. They allow users to interact, move, and shape any objects in a game.
Plenty of private companies have invested in VR and AR prototypes to use in upcoming video games. This type of interest is predicted to have a favourable effect on the growth of the virtual industry.
To share the real impact of AR and VR tech on the gaming market, we’ve decided to provide you with the ultimate in-depth market analysis. Here is what you can expect for these simulations for 2025.
What’s the Forecast for VR and AR Tech In Gaming?
Back in 2017, the AR and VR market was estimated at around $11.35 billion. The lack of awareness and compatibility problems didn’t make it a popular option for gamers. But, since then, a lot has changed, and this type of tech has shown many potentials.
According to Grand View Research, VR in the gaming market is forecasted to reach a staggering $45.09 billion by the end of 2025.
Major corporations like Nintendo and Sony are looking to launch consoles compatible with VR, which is the primary driving force for the industry’s growth. These consoles are most likely going to be a super popular device for playing VR games.
They are also expected to be more advanced in terms of a processor, efficiency, and speed. Anything that is VR-compatible will help users get completely immersed in the simulation. This is not something that can be achieved with any other method.
What Trends Are Affecting the VR and AR Market Size?
With the current technological advances, VR and AR tech has become more accessible. So, simulation technologies and augmented reality do seem like a lucrative opportunity to increase the market.
Aside from the consoles, other trends help the market size grow. You have an increased interest in the gaming industry, faster internet, and mobile gaming, all contributing to the growth of VR and AR market size.
For the past couple of years, gaming has become immensely popular. Many PC, mobile, and console users are spending hours playing every day. But, with the faster internet and better connectivity, this activity has become even more popular.
Of course, gaming is not the only industry that influences the AR and VR market growth. What most people don’t realize is that technologies such as these are useful and cheap for creating a training scenario and improving skills.
Plenty of corporations have already implemented AR and VR tech to train their employees. Since they don’t need to waste money on resources to create the perfect training scenario, they can use AR and VR to do it for them.
For example, a trainee firefighter doesn’t have to run into a fire to get experience. They can use AR to get a sense of the environment. Also, before you hire a new employee, you will want to give them a general idea of how to workplace looks like on a busy day. Simulation tech can provide new hires a company tour so they can get a taste of how it is to work in that workspace.
Simply put, VR and AR have countless uses. It’s no wonder why the forecast for this market is looking so promising.
The Augmented and Virtual Reality Healthcare Market Is on The Rise
Date : Apr 14, 2020
Author : DR Armed Zayed
Categories : Health Care
Augmented (AR) and Virtual reality (VR) is constantly being used in many healthcare centers all across the globe, for surgical and vein visualizations to education, statistics show. Despite it being in its early phase, VR and AR have plenty of potential for these kinds of facilities.
In fact, this market is estimated to grow exponentially by 2028. With our current technology, the use of VR and AR can go way beyond entertainment and become a valuable asset to the pharmaceutical and healthcare market, research shows. Keep reading to find out more.
Why Is the AR/VR Market on The Rise in Healthcare?
Because of the constant increase in health issues worldwide, many investors have been turning their attention toward boosting medical innovations. This has inspired leading players to focus on funds in the healthcare industry.
Plus, the current technological improvements have created a perfect opportunity for AR and VR in the global healthcare market.
According to American News Hour, this has led to an increase in healthcare spending, which is growing quicker than the GDP, 6% on average in middle and low-income countries compared to the high-income ones.
Based on the latest statistical analysis, the typical spending per capita in the industry for 2016 was $1,000, while 50% of other countries spent around $350 per individual. The overall global spending rates were at $7.5 trillion.
As stated by Grand View Research, more and more private funding and investments have been used for these technologies. Furthermore, government-funded programs are also predicted to be adopted for these techs.
Simply put, this rise in spending and various investments is predicted to boost the VR/AR healthcare market for 2020 to 2028.
What Makes VR and AR Important for Healthcare?
AR and VR have revolutionized the industry. By adopting virtual training sessions, surgeons can try highly challenging surgeries in a 3D simulation room. This has proven effective in managing phobia, chronic pain from long-hour training sessions, and soothing mental health issues.
But, that’s not all. This tech has a major role to play in eye movement therapy that can reframe traumatic memories. The technology has proven effective in various areas, including displaying organ models to allow surgeons to better prepare for a delicate operation.
In other words, the technology is mostly used for education and training.
How Does the Global Market Affect AR/VR Tech?
It’s true that the healthcare market is facing shortages of trained personnel. With the ongoing crisis, it’s hard to keep up with the increased demand in healthcare services.
According to Vox News, the U.S. already faced shortages on adequate personnel even before the crisis struck. 17% of the total health care workers come from different countries. With the current pandemic, healthcare workers are pushed to the limit.
This is indeed a challenge for the AR and VR market, but, the number of jobs in healthcare is expected to increase in the future.
For example, from 2018 to 2028, the employment rate in this specific field is assumed to grow by 14%. In other words, just in the U.S. that will account for 1.9 million job openings for that period.
Therefore, the demand for such professions will be on the rise. Due to the constant demand, the period will make for an excellent opportunity for the AR and VR market in the healthcare industry.
The goal is to boost innovation in the sector and achieve a cost-saving method that will provide start-up businesses with new opportunities in the healthcare industry. This might prove as an effective strategy to boost productivity and efficiency in the field.
Here Is How Snapchat Is Using AR to Improve Their Business
Date : Mar 18, 2020
Author : DR Armed Zayed
With more than 360 million active users a month, Snapchat quickly rose to fame. Today, statistics show that 41% of teenagers in the U.S. chose Snapchat over any other social media platform. In the UK, the number of users can easily exceed 37.5% of the population. But, despite the high user base, Snapchat still can’t compete with Instagram and Facebook.
In fact, their future highly depends on building up the AR (augmented reality) platform. The CEO Evan Spiegel announced that AR will be a key component for Snap’s future, not only for bringing in more revenue but for improving the user interface as well.
Here is how Snapchat is using Augmented reality (AR) for its build-up strategy.
Why Augmented Reality (AR)?
It is hardly a secret; all social media networks, including Snapchat, are focusing their efforts on increasing revenue. Since they are the core of digital marketing, they’ve been implementing new strategies to boost the product’s service and attract more customers.
Snapchat is more innovative than ever. They’ve focused on creating new ways for interactive user experience. While AR hardware has yet to take off with the current market, Snapchat is among those selected few apps that managed to introduce a basic form of AR technology.
Here Is How Snapchat Is Using Augmented Reality (AR)
The app relies on AR for three main features: filters, lenses, and games. The social platform has integrated AR to give users the opportunity to project different elements from their smartphone camera to the real world.
Based on statistical analysis, for the first quarter of 2019, 190 million users spent around half an hour a day on the app. Snapchat noted that more than 75% of their entire community currently engages with AR content on a daily basis. Since the Lens Web Build tool’s release, more than 735,000 new creations have been released reaching billions of views. All of that is possible with AR technology.
What Makes Snapchat’s AR So Popular?
The AR concept is relatively simple. Users can use filters to make a plain picture more sophisticated, funny, cute, or classy. The best thing is, they don’t need any designer experience or photo editing skills.
With the help of AR technology, the platform applies effects directly to their smartphone screen, allowing users to pose to get the perfect picture. For anyone who loves selfies and wants to create a fun picture, they can do it.
One of the most recent additions to the messaging app was the Snappables games. These games are on a whole new level. Users can play with motion, touch, or even facial expressions, all of which are registered by AR. People can challenge their friends to compete for a higher score and engage with one another.
Simply put, With AR, Snap inspires users to get creative, share their experience, and create fun new challenges to enjoy with friends.
How Does AR Bring More Revenue?
The way how Snapchat is using Augmented reality (AR) is appealing to users. The more people use the app, the more views their Snap Ads get, which brings a solid income. For major companies and brands that are sponsoring AR campaigns, something as simple as a filter can bring more customers and increase interest, earning Snapchat millions in revenue.
At the moment, AR is creating a completely novel target market. For brands looking to invest in AR campaigns, this technology has a lot to offer. To keep up with demand, social networks, such as Snapchat, are already integrating AR for daily use.