Augmented reality (AR) and virtual reality (VR) markets are expected to surge over the next five years, reaching a worth of over £45 billion worldwide.
As the ability to develop 3D immersive worlds becomes more popular and easy to create, Allied Market Research has released a report forecasting where the industry will go in the future.
Increased gaming opportunities as well as business adaptation has been key to public understanding of VR and the lesser known AR, which allows for contextual interaction integrated into the real world.
AR is particularly relevant due to its fast adoption by the mobile market, with a notable example being the massively popular Pokemon Go app, which reached huge numbers over the summer of 2016.
Because of the increased development speeds, mobile markets are being touted as the space to watch, as it is expected to grow far beyond other markets.
Aside from video games, practical uses for customer experiences and training exercises are becoming more common, and Allied Market Research predicts it will pave the way for many more applications in the next decade.
“Augmented and virtual reality offers a cost-effective and efficient solution in training and skill development as it replicates the real scenarios by using augmented and virtual reality enabled solutions,” said Sumeet Pal, research analyst at Allied Market Research. “augmented and virtual reality solutions create a virtual environment similar to the real world, where a trainee can understand and tackle challenges with strategic mapping.
“In healthcare, training students or nurses or other medical professionals on live humans is unethical and could be harmful; thus, augmented and virtual reality-based solutions provide valid tools to train medical professionals without compromising and harming one’s life.”