The augmented reality (AR)market is projected to be worth over $18 billion in 2023. The current market stands at $3.5 billion, which means the AR industry is expected to grow five folds over the next year. But it doesn’t come across as a surprise given the latest advancements and decrease in development costs of AR solutions.
If you think about it, AR technology is embedded in our daily lives. We use this innovative technology when unlocking our iPhone using the FaceID as well as shopping furniture via IKEA mobile app. We’re yet to see it find its way into the mainstream commercial world, but given its popularity, the mass adoption is on the horizon.
Do you wonder what the future or AR is? So, did we. Let’s take a look at some of our findings to get a better perspective of where we’re headed.
A little background…
After the first consumer validation of augmented reality technology from PokémonGO, the stage was set for AR to pave its way into mass consumer adoption. Soon, top tech companies started taking an interest in the technology and found entertaining ways to use AR on their platforms, which augmented—no pun intended—its reach to a global audience.
Social media websites—includes the likes of Facebook, Instagram, and Snapchat—started leveraging the AR technology to develop filters and backgrounds to provide an immersive video calling experience. Similarly, apple creates Memojis that allow users to generate emoji from your face to match their personality and mood.
The Future of Augmented Reality
The future of Augmented Reality looks very promising, given its application in different industries, including architecture, manufacturing, healthcare, military, entertainment, and more. The US military has been experimenting with several AR ideas to access GPS data, identify threats effectively, and monitor enemy sites remotely.
The medical field already leverages AR technology to provide valuable information to healthcare professionals. Medical institutes have started using AR-enabled devices in training programs to help students practice surgical techniques. The immersive technology will bridge the gap between digital data and the medical experts who utilize it.
AR entertainment applications are also high in demand. The AR gaming industry is expected to expand drastically in the coming years. The top advertising and media houses are also leveraging the AR technology to develop innovative and immersive marketing campaigns to engage the audience more effectively and promote their brands.
There are many AR devices on the market, including consoles, smartphones, wearables, and more. Each platform provides a different level of experience across the reality spectrum, so the industry must decide whether they should focus on standalone units or tethered systems. This decision alone will make a significant impact on the future of AR technology.
Nevertheless, the transition to augmented reality will happen, sooner or later. The AR devices of the future will be more accessible and personalized, providing a richer experience to users. The immersive AR capabilities can also transform the form factor of consumer electronics and redefine the way we consume media.
Are you looking to develop an augmented reality solution for your business? Contact us today. At Elementals Studio, we offer professional augmented reality application development services at competitive rates. Our experts develop immersive and photo-realistic AR solutions that can benefit your business. Call +65 9499 3397 to get started.