Virtual Reality and Augmented Reality Markets

In this report, we’ll take a look at the emerging applications of virtual and augmented reality tech in various industries, from retail to healthcare, covering some of the most promising use cases. This report will be useful for executives and team leaders looking to innovate, improve operational efficiencies, cut costs, and drive better business outcomes with thought-out VR/AR application.

VR/AR Market Is MaturingAugmented reality (AR) and virtual reality (VR) technologies are still far from becoming mainstream, unlike some of the other emerging technologies (for example, smart home solutions from the likes of Amazon and Google). Many of the startups had to scale down their headcounts as the anticipated growth momentum is not here1.

However, it doesn’t mean that the combined VR/AR industry is stagnating. For example, the monthly active usage of VR headsets on Steam, one of the most popular gaming platforms, has been steadily growing, albeit slowly2. At the same time, according to analysts at IDC, global shipments of VR/AR headsets are going to continuously grow at an impressive compound annual growth rate of 66% for the next couple of years3.

AR Is Leading the WayIt’s important to note that organizations using immersive technology prefer investing in AR, not VR—Capgemini Research shows more organizations are implementing AR (45%) than VR (36%)9. There might be numerous explanations to this, but the simplest one is that AR allows real-world applications while VR is purely virtual and mostly carries intangible benefits, like improved skills. Not to mention that AR is cheaper and people can start using it with just their smartphone and no additional gear.

VR/AR for Augmented TrainingIt’s evident that nothing compares to real-world experience. The other end of this spectrum is theoretical learning, which anyone has to go through before the actual practice, be that driving a vehicle or learning how to repair a production line. VR/AR-enabled training capabilities are meant to bridge the gap between investing precious resources into practical skills and spending too much time on theory

This is also reinforced by how humans naturally absorb information and learn. Over 65% of people are visual learners13, i.e. those who are more susceptible to learning in a visual format. The rest of the major learning methods (kinesthetic and auditory) can also be entirely covered by VR/AR, as they engage all of these senses.

Scientific evidence is there to back up these claims. For example, research by the University of Maryland concluded that VR is roughly 8% more efficient at stimulating recall memory than standard computer-based training14.

That’s why these technologies are already proving to be effective at training. For example, United Rentals had dramatically reduced the time it takes to train workers by 40. A restaurant chain improved onboarding and culture training through the use of VR, boosting successful certifications by over 20. A different restaurant chain managed to double the speed of kitchen skills training for its staff17. Heavy industries are not an exception too. Boeing was able to cut production training by up to 75. Needless to say, this creates a significant ROI for the whole training and onboarding process.

If you’re looking for an experienced software development company in India for virtual and augmented reality partner, reach out to us. We’re happy to discuss your potential project and brainstorm solutions.

Techmango Technology services a full-scale leading Software and Mobile App Development Company working with all the niche technologies like Big data, BI, Iot, AR&VR, Android & Ios Application Development, and Custom Software Development.