New report from Global Market Insights shows the potential for growth within the Virtual Reality and Augmented Reality industries.
In many ways, virtual reality (VR) and augmented reality (AR) technology is still in early days of development. With that in mind, there is potential for change and AR/VR are undergoing significant growth, as noted in a new report from Global Market Insights.
The report indicates that the market in both VR and AR headsets is expected to grow significantly, with most of the growth due to the increasing use of VR and AR technologies in industrial and enterprise areas, such as retail, automotive, aerospace, defence and manufacturing.
Another area where VR is seeing substantial growth is in education and training, with VR devices offering more realistic and immersive scenarios. One example in the report is retail giant Walmart installing Oculus Rift headsets for training purposes at 200 of is US training centres.
Another area where the potential is just beginning to be explored is in marketing, where brands and companies are attempting to engage with customers with immersive technologies as a new platform for advertising. The tourism industry is also engaging with VR technology as a means to give a glimpse of destinations and accommodation on offer.
One of the significant barriers currently expected to impact the growth of the AR/VR headset market is the high cost of the technology. Devices capable of high-end VR and AR experiences are high-cost devices, with AR smartglasses often costing several thousands of dollars, and tethered VR headsets running to several hundred dollars, a significant expense for consumers, and even for small companies.
The report indicates that the highest growth rate will be among AR devices, due to their ability to allow users to see the real world with useful overlaid information, a capability that has potential for areas such as healthcare, automotive, quality control and technical support. As the technology advances and costs decline, adoption of this technology is expected to increase gradually as various industries realise the potential of the technology.