In an age when 5G data networking is underway and AI-as-a-service is transforming the landscape of commerce, augmented reality (AR) continues to take industries by a storm.
The market for AR applications currently stands at $3.5 billion of net worth. In 2020, 1 billion more users are expected to add to the existing pool. In fact, when it comes to comparing augmented reality with its close counterpart—virtual reality—, it’s expected to accumulate greater revenues than VR this year!
Seeing these attractions, many businesses are jumping on the AR bandwagon. However, even though the promised results are certain, the process is arduous because the industry faces some challenges. Before technology can advance to conquer them, they need to be resolved. Here are some of the biggest challenges facing media companies and marketers.
Lack of Proven Business Models
Since augmented reality is a relatively new technology in commerce, not many businesses have set successful examples for others. Even though the AR industry is receiving a steady flow of investments and welcomed with broad adoption across the board, the returns are yet to come.
The technology is a high-flier but businesses haven’t yet discovered a business model that can incorporate AR applications. All the startups that are mushrooming, are searching for established businesses that have found effective AR solutions for their business. The challenge is more a test of time than effectiveness.
Lack of AR App Design
Software applications require previous standards for development. This ensures the compatibility of the business model with the application. Without a seamless system of coordination in place, the application will contribute little to business gains and the development of technology.
While on its own, augmented reality sounds like a game-changer, but to get in the real game, it needs a pre-standing infrastructure. Unless your business accepts the technology as it is, the process of unifying solutions can cause a time lag. This delays the development of technology and hence the implementation of AR becomes difficult.
Security Concerns and Privacy Issues
While evolution in the AR world is taking over, we’re still unsure about limits and regulations that protect privacy in this environment. Businesses are uncertain about what’s allowed and what isn’t while experimenting with this new technology. It can be used for productive business projects as much as for malicious blackmailing, since there’s no law dictating otherwise.
It’s important to protect the privacy of customers who try your AR application while buying your products. Because potential clients will be concerned about the safety of their accounts before trusting your business with their personal information. There have to be limits on surveillance and data manipulation if businesses wish to employ AR tactics in the long haul.
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