New study unveils intriguing insights on 2021 Augmented Reality and Virtual Reality Survey Report
Virtual reality (VR) and augmented reality (AR) technologies have been rapidly advancing in recent years and are already having a significant impact on numerous industries, from gaming and entertainment to education and healthcare.
A recent study conducted by VR Intelligence has taken an in-depth look at this fast-evolving industry, bringing to light some unexpected findings that shed new light on the current state of AR and VR technologies.
Let us dive into the report’s fascinating insights.
The Survey Results – Surprises and Expectations
The survey revealed that the COVID-19 pandemic had a significant impact on VR and AR growth, with the entertainment industry recording a massive surge during the lockdown period. However, according to the study, it was the non-entertainment sector that experienced more growth in the VR/AR arena, with several new use cases emerging in healthcare, education, and retail.
One of the most striking findings was the widespread expectation of virtual and augmented reality replacing smartphones in the near future. According to the survey, a whopping 85% of respondents believe that VR/AR headsets will replace smartphones within the next ten years.
Moreover, the study reports that the positive experience of customers using VR and AR is driving businesses to invest more in the technology, with 90% of respondents stating that they intend to increase their VR/AR budgets.
Issues and Challenges Facing VR/AR Technology
Despite the growth and popularity of VR and AR, there are several key challenges that the technology still faces. These include the significant investment required to implement VR/AR solutions, particularly for small and medium-sized businesses.
Additionally, the survey found that one of the significant pain points of the technology is the need for constant updating, as new software updates require significant time and resources to develop and roll out.
New and Emerging Use Cases
Conversely, the report also identified several new, exciting use cases for VR/AR technology that are gaining traction across different industries.
In the healthcare sector, VR/AR has demonstrated the potential for improving surgical training and aiding in rehabilitation therapy. Retailers are also recognizing the benefits of virtual and augmented reality, with 66% of surveyed retailers indicating an interest in using VR/AR applications to enhance the online shopping experience.
The Future of VR/AR
The report concludes that there is a bright future for the VR/AR industry, with rapid growth and an expanding range of applications. The study indicates that AR is expected to reach a market volume of $50 billion by 2024, while VR is projected to top $30 billion by 2026.
To achieve this growth and maintain the momentum, the report recommends several measures such as creating standard guidelines for VR and AR development, providing more government funding for the industry, and raising public awareness of the potential applications and benefits of VR and AR technology.
The Takeaway
The study reveals that VR and AR technology is making impressive advancements, impacting various industries and grabbing the attention of both consumers and businesses alike. As the technology continues to mature and gain popularity, the potential applications and impact are only growing.
Businesses should take note of the many benefits offering by VR/AR capabilities and the potential opportunities for growth it offers. Though it is clear that there are hurdles to overcome still, the report’s results undoubtedly support the trend towards wide-spread adoption of VR/AR technology for a wide range of purposes.
The future of VR/AR is undoubtedly bright and holds much promise –the study leaves little doubt about that!
