The Augmented & Virtual Reality (AR/VR) market currently has a global valuation of $19 billion. Stimulated by the success of ventures such as Facebook's Oculus Rift and Sony's PlayStation Virtual Reality, the market is expected to reach $500 billion by 2025.
But the above products were consumer favorites. 10 other AR/VR products failed to live up to the hype for every successful product launch. Meta Glasses, ODG & Blippar – 3 AR/VR companies folded in 3 weeks at the beginning of 2019. While some analysts note that the market for AR/VR is yet to mature, the runaway success of this technology in the video game industry reveals that it's just a matter of finding the right application.
Every week, conflicting reports are filed noting the success and failure of AR/VR ventures, which is why we decided to get on the ground and perform an industry-friendly reality check.
Artificial Reality, Real Healing
At the surface level, the application of AR/VR in healthcare is obvious. General diagnostics and AR/VR-powered medical training have eliminated the need for costly trial and error programs.
The best example of this is run-through VR surgery. With the help of VR, surgeons can rehearsal surgery beforehand and experience possible outcomes without actually having to deal with them. Using HoloLens technology from Microsoft, FundamentalVR has implemented this very solution.
VR Healthcare Training is another possible area of application. Here, medical students study the human anatomy layer by layer and can intuitively grasp the mechanics of the human body.
Producing the Future
By application, the use of AR/VR cases in manufacturing may be segmented based on:
A research paper published on Visualization in Engineering notes the increasing application of the combination of infrared images and visible images to AR-based system maps. These maps allow engineers to view electrical systems, mechanical equipment, and fluid systems through thermovision.
More impressively, the Dubai Electricity and Water Authority uses Microsoft's HoloLens to visualize scenarios, consolidate information, and remotely maintain its smart power plant.
A New Age for Marketing
Saving the best for the last, the potential scope for AR/VR in marketing is unbelievable. Facebook's acquisition of Oculus has been widely viewed as a key strategic move that will set the tone for the future of marketing. Their latest project, Horizon, promises users a 'social experience where you can explore, play and create in extraordinary ways. You're not just a visitor in Horizon. You're part of what makes it so great."
Now, mix a vast pool of data mined by Facebook, and look at personalized advertising delivered directly to your VR headsets. As dystopian as it sounds, the marketing world is thrilled by the sheer potential of new advertising models.
On a more practical scale, Ikea's AR app helps consumers use their phone cameras and see how furniture looks like in their home or office.
Redefined Media & Entertainment
When it comes to niche technology, the gaming industry always seems to be at the forefront. Pokémon Go's success is positive proof that immersive experiences are the future of entertainment.
The demand for live, immersive, and shared experiences is rising, and AR/VR ticks all the boxes.
All of the signals point to real growth
AR/VR has begun to move from the hype realm to the actual applications. Current exploration reveals that these are high-value applications with the potential to revolutionize industry standards. AR/VR will also act as a catalyst for the next industrial revolution, along with AI & IoT.
With AR/VR expected to reach a valuation of ~USD 600 billion by 2025, it is now a good time to keep the pulse on the industry. If you're subscribed to Draup's Signals Cast app, you'd notice the opportunity signal dam on the dashboard of the app.
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