Virtual and Augmented Reality (AR) usually go hand in hand as a technology pack. But the truth is that they are two different technologies and have their own separate markets.
Let’s take a look to the following facts & figures to see the real scope of Augmented Reality:
Augmented Reality is expected to have 1 billion users by 2020. By now 336 start-ups are listed under this category on Angelist.
Markets and Markets expect the dedicated Augmented Reality device market figure to reach $659.98 million by next year.
Part of it will be the worldwide shipment of smart Augmented Reality glasses forecasted to reach around 5.4 million units by 2020, together with other devices the shipment could hit 64.8 million units.
Revenue from Augmented Reality is projected to four times as high as that of VR by 2020. In fact, AR/VR could hit $150bn in revenue by 2020, with AR taking around $120 billion and VR $30 billion.
According to ISACA survey, 73% of Americans stated they knew about the Internet of Things (IoT) and AR markets. This represents a decline of 10% with respect to 2015, suggesting that maybe these markets are becoming more confusing as there are more and more devices.
Results of the same survey reveal that 60% to 70% of consumers see clear benefits in using AR and IoT devices in their daily life and at work. In daily life, 69% believed that the tech could help them learn new skills, 62% saw shopping benefits, and 62% saw healthcare benefits.