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State of Technology, Market and Trends: Augmented and Virtual Reality

January 25, 2018
IoT


Both virtual and augmented reality is influenced by similar technologies. The purpose of this innovation is to provide users with an immersive and enhanced experience. The advent of AR and VR has provided tremendous opportunities for growth and development in a slew of facets both commercial and private.

There is a very common confusion regarding the mechanisms of these two concepts. With all popularity garnered by AR and VR, a majority of people have begun confusing one technology with the other. In light of this, here is a brief analogy to understand both their functionalities:

Virtual Reality

It is a computer-generated, artificial simulation or a recreation of life-like situations. It creates a first-hand, unadulterated, artificial experience for the user. The technology creates frighteningly life-like scenarios – transforming your sense to another realm. It is popularly used in gaming these days. The simulation is achieved by wearing a headset, such as Facebook’s Oculus. It is used to enhance virtual gaming and entertainment.  It is a head-mounted display that enhances the video, 3D-movie or computer gaming experience. It is also used for training purposes. Real-life scenarios are created to prepare the user for countermeasures in various situations. This is gradually becoming a part of pilot training (flight simulators) and the military world.

The technology incorporates the use of virtual reality modeling language. This is utilized to generate a series of images and also what interactions are possible in them.

Augmented reality

  Augmented reality is merely an enhancement, which is used to layer real situations to boost the possibilities of interaction. It is developed to blend real-life and digital components to enhance the experience and functionality. Augmented components and real-life elements can easily be distinguished here. AR has quickly become a part of the digital world. It is used to present score overlays and for sports games that are telecasted. Further research and development is being conducted on the use of this technology for hologram technology.

In short, augmented reality is like an overlay on actual situations whereas virtual reality is a different world created on the concepts of real-life situations. AR and VR appeal to the global market, the market size is expected to reach $215 Billion (U.S) by 2021. The annual worldwide spending on the research and development of these two technologies was forecasted to be $13.9 Billion in the year 2017.

1.      AR and VR applications in the marketing world

There is no denying that augmented and virtual realities are both redefining customer experience. These are the largest trends that are driving markets on a global level. The international data corporation has estimated the growth of this industry from $5.2 billion in 2015 to $162 billion in the year 2020. This indication clearly signifies a huge growth in the use this cutting-edge innovation.

AR and VR have a strong impact on market trends and how a brand and consumer interact. Interaction is a key factor in marketing and the response of the customer builds brands. Both technological simulations are set to revolutionize consumer behavior and interaction in the years to come. Customized products, immediate interactions, a virtual shopping experience, nothing is off the table.

2.     AR and VR in Military

Virtual reality is a beneficial tool for Flight simulation, Battlefield simulation, Vehicle simulation, and virtual boot camps. These procedures are implemented using head-mounted devices that create virtual simulations. Complete army exercises and drills can be conducted using virtual simulation. The military uses Heads-up-display to incorporate augmented reality to assess real-world situations. Fighter pilots use the transparent heads-up display to read the coordinates of their flight course and, whereas ground troops use augmented reality to get crucial information.

3.     AR and VR application in Healthcare

With the introduction of human simulation software, virtual reality diagnostics, embedded technology and virtual robotic surgery, virtual reality is making healthcare more detailed and accessible. With augmented reality in motion, doctors and medical students can practice surgeries in a controlled environment. This will take neurosurgery to the next level with exact 3D patterns; there will be hardly any chance for a miscalculation.

4.     AR and VR applications for Manufacturing and Logistics

Virtual reality can significantly reduce the learning curve for manufacturing companies and help in reaching economies of scale quicker. With virtual manufacturing operations, various techniques can be applied to reduce costs and manufacturing times. Augmented reality can help the manufacturing and logistics industry by streamlining logistic operations, optimizing transport and on-spot training. AR can bring a significant difference in the application of just-in-time delivery, kaizen, and six sigma applications.

   5. AR and VR in education

This technology can have a huge impact on the education system.  Students will be able to interact with objects in life-like situations. This is in effect very useful for students majoring in engineering and astronomy. The prospect of practical learning is much more realistic using AR and VR technology.

 6. AR and VR in the Entertainment Industry

AR and VR are redefining entertainment. With AR you can easily take entertainments to the streets. For a tourist seeing a location in its historical state will enhance the experience tenfold. With virtual reality, the interaction between the entertainment world and audience becomes immediate and almost real.

Conclusion

Augmented and virtual realities are both major players in the development of market trends. This technology is set to impact all industries alike and brings a huge prospect of growth. Moreover, with an AR/VR, ecosystem artists will be able to deliver their content in a safe and secure environment. This will be possible through ARToken technology which comes with the added benefit of Art funds.

Sources:

https://www.idc.com/getdoc.jsp?containerId=prUS42331217

https://arvrjourney.com/decentralized-ar-vr-ecosystem-for-3d-content-exchange-5813f95a9ac3

https://www.newsbtc.com/2017/08/22/cappasity-introduces-ar-token-brings-cutting-edge-technologies-e-commerce-segment/






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