Ever since the new technologies, augmented reality and virtual reality hit the market, they have become an active part of the daily lives of people and businesses. These technologies have caught the attention of smartphone users, established companies, and startups. Entrepreneurs plan to invest in AR VR mobile app development to grow their businesses. These technologies enable companies to get a large share of the profits and open up new business opportunities.
The business world has started a frantic race for AR/VR mobile app development to excel in the market. With increased competition in recent years, companies have been looking for innovative ways to improve their strategies and operations. This prompted companies to turn to digital platforms and enter the technology race. Various business sectors worldwide widely adopt AR VR to sustain their long-term growth. According to a report by PR Newswire, the augmented and virtual reality (AR and VR) market will reach 454.73 billion dollars by 2030, with a growth rate of 0.7% compounded annually.
How different businesses can benefit from augmented and virtual reality:
1. VR for in-store experiences -
With customers quickly shifting to online shopping, e-commerce companies are considering investing in AR/VR applications to improve productivity and customer engagement. After the COVID-19 pandemic, many e-commerce brands use virtual reality to engage their customers.
Online stores invest in AR/VR app development to bridge the gap between brick-and-mortar stores and online shopping. AR and VR allow customers to take a 360-degree tour of the product, engage deeply with the brand and connect customers to a virtual support member when needed.
2. Virtual Fitting -
In 2022, progressive e-commerce brands implemented AR/VR in mobile application development to introduce innovations such as virtual fitting. It can help online shoppers use augmented reality mirrors to try the clothes they want without actually wearing them.
While virtual reality solutions are gaining popularity in the clothing and apparel industry, they are also taking centre stage in furniture, cosmetics, eyewear, shoe stores, and more. According to Statista, the global virtual fitting market is expected to grow to more than $12 billion by 2028.
3. Augmented Reality Online Store Navigation -
AR provides quick access to online stores and helps customers find what they want. Mobile applications based on augmented reality evoke browsing in online stores through the in-store navigation feature. AR VR-based applications use advanced programming features such as Python try-catch to provide customers with a memorable shopping experience. These apps help shoppers discover the best ways to shop, view product locations, and even redirect them to the latest discounts, deals, and freebies.
4. VR for Real Estate -
Virtual reality has revolutionized the real estate industry, allowing buyers to walk virtually through their dream home/apartment. It allows sellers to create accurate models of their homes and invites buyers to see almost every home corner with a virtual reality headset. Virtual models are usually created for homes under construction but can also be remodelled.
VR technology predicts the technical equipment of users and content producers. At the same time, its augmented reality counterpart makes it more practical. Market leaders such as Facebook, Microsoft Corporation, Google, and HTC Corporation are the major players investing in developing AR VR applications for real estate.
5. Integration of AR/VR in Education -
The e-learning industry is thriving with the application of AR/VR in mobile application development. AR/VR e-learning solutions create engaging content and make online learning an enjoyable experience. This is most beneficial for students living in remote areas without the facilities of a school, university, or other educational institution. It helps remote students access various learning materials and participate in virtual classes, ensuring they can experience real-world classroom experiences.
6. AR/VR in health -
The health sector is taking full advantage of augmented and virtual reality. Technology has given new dimensions and goals to the global health sector. It facilitates medical learning and healthcare training, improves patient care, and virtual surgery, provides 3D visualization, and more.
In addition, the surgeon can perform a virtual examination of the organ on which the operation will be performed. With the advent of augmented reality and virtual reality technologies such as Microsoft HoloLens and Magic Leap, new opportunities are open in healthcare. According to a report by PR Newswire, the augmented reality and healthcare market are expected to reach $4367 billion by 2027, with a CAGR of 23.6%.
7. Virtual reality in the travel industry -
The travel and tourism industry uses virtual reality technology as a marketing strategy. VR technology provides authentic and deep interaction between customers and travel services. During peak times of the coronavirus, mobile travel apps with AR/VR offered alternative travel options when people were prohibited from leaving their homes. Moreover, it allows people to take a virtual tour of any place they want to explore. Even in the post-pandemic travel industry, virtual reality plays a crucial role.
8. AR/VR Play -
AR and VR have transformed the gaming industry. Augmented reality/ virtual reality in mobile application development helps to create realistic sound effects and imaginary seats to stimulate the physical presence of the game and provide a realistic gaming experience. Pokemon Go is an excellent example of a game application based on AR VR. The game enables users to interact with a new form of augmented reality. Global News Wire research indicates that the virtual reality (VR) gaming market will reach $53.44 billion by 2028.
9. AR/VR Remote Assistance -
With the development of AR/VR applications, remote assistance becomes easier to manage. The innovation of AR remote assistance technology combines live video streaming and augmented reality. The technology overlays computer-generated images on the viewer's perception of the physical environment.
These two technologies combine to create a powerful remote-control solution. The combination of AR/VR in mobile application development simplifies the remote support process by providing technical data, content, and other necessary information based on knowledge sharing and collaboration.
Augmented and virtual reality has drastically changed the current market trends. mobile app development company continuously reap the benefits of augmented and virtual reality to build a bridge between fantasy and reality.
AR/VR technology has reinvented how customers interact with brands and continues redefining the business's future. Industries from different sectors have much to explore in implementing artificial and virtual reality in mobile application development. All one needs to do is take the initiative to ideate and invest in an AR/VR application.