CAN AR & VR REVOLUTIONIZE YOUR WORLD

Have you been hearing the abbreviations AR and VR in more and more settings lately?

If you are unsure of how they work and what they’re used for, this blog post is for you. We will briefly examine Augmented|/Virtual Reality, how and where they are used today, their future in different industries, and their place in today’s market.

We will then review some trends with which AR and VR are growing and give you some helpful tips on using them to your benefit.

What Are AR, VR, and MR?

AR, short for Augmented Reality, is an enhanced version of reality created to add virtual elements to a live camera feed. You can access AR with your smartphone using the camera.

VR (Virtual Reality) is a digitally generated alternate world. It fully captures you, taking you away from your surroundings and putting you in any imaginable visual experience or place.

Then there is the combination of both, which gives you MR (Mixed or Merged Reality).
Augmented Reality (AR) and Virtual Reality (VR) allow you to take information and content visually and more interactively, the same way you take it in the world.

AR is a bridge between Reality and the digital world, and VR is a bridge to a new reality.

How AR/VR Work

AR uses a camera and a combination of GPS, accelerometers, and gyroscopes; the good news is that you or anyone with a smartphone already have those things!

Here’s what happens:

First, you look at an object through the camera.
Computer Visions (AI) recognize the object.
Your device looks for information about that object from the cloud.
Finally, it augments that information (digital) over the object (reality) in 3D.

To experience VR, you need a headset with a screen that shows you the virtual environment.

These headsets and the displayed environment keep up with the movements of your head, giving you a 360-degree vision of the virtual environment. The display will follow whichever direction you move, giving you a 360-degree view of the virtual environment.

AR/VR in Gaming

Unlike some other industries, in gaming, we can talk about AR and VR in the present rather than a predicted future.

You have probably come across AR and VR in game settings. “Pokémon Go,” for instance, is still the most popular AR experience in gaming. In this game, players see their surroundings on their smartphones, and a Pokémon is augmented to the real world.

VR involves gamers more interactively by bringing the game to the real world and objects. While AR is about adding visuals to the real world, VR brings new realities. It can give you the experience of being in any game’s environment.

According to Newzoo, mobile gaming alone generated $93.2B in 2021. This number is more significant than the revenues of the film and music industries combined.

This trend is an incredible shift in the gaming market, which means VR gaming is accessible to most people (smartphone owners) without too many technical tools and gadgets.

Back to the most successful use of AR in gaming, “Pokémon Go” managed to amaze people and got downloaded more than 500 million times in 2016, had over 147 monthly users by 2018, and generated more than 6 billion in gross revenue by 2020. This success was regardless of its restrictions and criticisms.

Industrial AR Applications

Virtual Reality is making an appearance in many different industries. It can be helpful in Education, Real Estate, Health Care, Tourism, Architecture, Psychology and Mental Health, Vehicle and Construction Design, etc.

Let’s look at how it can help with education: It is starting to be used in classrooms to give a more sensible and realistic view of the content. This way, students can explore natural environments that will engage and educate them effectively.

What Can We Spot in the AR/VR Market Today

The pie chart below is based on the data from the International Data Corporation (IDC). It illustrates the size and distribution of the AR/VR market within several industries. As mentioned before, based on this research, video games have the most significant AR/VR market revenue.

New Look at Advertising

You can take your advertising game to the next level and join an emerging trend to benefit your business. It’s all about giving your audience a better experience, so using AR and VR to advertise a company is only logical! For example, Snapchat has already used Augmented Reality for social shopping to give users a realistic sense of what they buy online. AR is accessible with smartphones, which makes it very easy to use by customers. By employing it, you can significantly improve product visualization in retail. Another example is in event planning, where you can employ VR to allow your clients to explore what you will offer them. A successful example is TERREX. Adidas used VR in an advertising campaign for TERREX to promote their climbing gear by stimulating mountain climb. How cool is that?

Is It Only the Beginning?

It is best to let numbers and figures do the talking. As you can see in the chart below by Grand View Research, the VR market is expected to grow drastically by the end of this decade.

Another research by PWC shows that AR and VR could boost the global economy by $1.5 trillion by the end of 2030.

Back to the numbers game again! According to the latest forecast by Goldman Sachs, the AR/VR market has earned about $13.8 billion in revenues for 2022, to put that into perspective. The market for AR/VR is already huge, and even more importantly, it is growing fast. Besides, everyone is confident that it is going to keep growing at this rate. Goldman Sachs estimates that the AR/VR market will grow to $50.9 billion in revenue by 2026, a five-year compound growth rate of 32.3%.1. Here at Motion and Potion, our artists use the highest technologies to make the boundaries between the real and the digital world thinner or wiped away, and that’s precisely what AR and VR are about.

How to Join the Queue

You now know how Augmented, and Virtual Realities can enhance your business. Here are some tips for you to take advantage of these emerging trends:

Look for successful examples of AR and VR applications within your industry.
Invest in an Augmented Reality app
Use existing Augmented Reality apps to promote and present your goods
Use Virtual Reality in storytelling for your brand
Take a new approach to user experience with Virtual Reality
Trust Motion and Potion to handle your Augmented and Virtual Reality projects from A-Z

Wrap up

To sum up, AR and VR are growing faster than you might think. Augmented and Virtual Reality are reassuring ways to build up new approaches in your business and marketing and get ahead of the queue.

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