Advancements in technology to drive adoption of augmented reality

July 2023

Augmented reality is employed in a variety of different industries, including retail, commerce, gaming, healthcare, and even the military, to address a variety of business difficulties. To understand the direction the industry is go, it's critical to keep an eye on these technologies. Consider how these 12 augmented reality ideas that will be prevalent in 2023 can help your own company as we go over them.

You probably don't find it surprising that augmented reality is being used in conjunction with other metaverse technologies. Since Facebook's 'Meta' rebranding last year, the metaverse has bombarded news outlets. It's not just marketing nonsense, though. Using the metaverse for company development includes breaking down barriers between the virtual and real worlds.

Due to the ability of augmented reality to show virtual items that are integrated into our real world, both consumers and companies can benefit from this technology.

Fans of the metaverse adore using augmented reality to bring things from the virtual to the physical world and vice versa. Actually, this technology has existed long before the metaverse hype. For instance, Meta is focusing on using augmented reality to show digital valuables. Creators only need to connect their NFTs with the "See in AR" functionality in Instagram Stories as 2D virtual objects. This will give producers and collectors new ways to use and share their NFTs outside of their wallets, and it will undoubtedly swiftly emerge as one of the most important augmented reality market trends in 2023.

There has also been some discussion over the use of real-world or virtual art in augmented reality experiences. For instance, the fourth-oldest auction house in the world, Sotheby's, has started providing augmented reality (AR) experiences to buyers via an Instagram filter, enabling them to view the art up for auction up close and personal.

Ai Improves AR's Performance

Artificial intelligence and augmented reality are two distinct fields of technology. But given AR's requirements, it's not surprising that AI and AR get along well. Environment sensor data must be interpreted using complex algorithms. In comparison to a model created solely by humans, AI can streamline that process and increase accuracy.

The application ClipDrop is an illustration of this in action. With the help of the app, users can instantly turn a physical thing into a 3D object for usage in applications like PowerPoint, Photoshop, Google Docs, and more. Real-world objects can also be imported into metaverse settings using 3D scanning. Businesses might find that 3D scanning is a terrific method to expedite the process of offering products for virtual trial experiences.

Business Dynamics

Through a variety of sensory modalities, including somatosensory, visual, aural, haptic, and others, augmented reality offers participatory experiences. Numerous uses for this technology can be found in training, education, and entertainment. Additionally, it is widely used for monitoring, help, maintenance, and training in sectors like logistics, healthcare, and manufacturing.

The augmented reality market is predicted to expand due to the rising popularity of smartphones and app integration. Growth prospects are anticipated to rise as market participants and 5G providers work together more to reduce latency.

Since the COVID-19 outbreak, augmented reality (AR) technology has become more frequently used in marketing and advertising to host online ads, promotional events, and virtual exhibitions. For instance, the OnePlus Nord smartphone was introduced in July 2020 on the augmented reality Blippar platform. It is also projected that the market growth would be significantly influenced by the incumbents in the healthcare industry's increasing embrace of AR technology.

The ability to engage customers and enhance retailer capabilities will probably be made possible through augmented reality. The potential applications of augmented reality are limitless, especially when combined with the rapidly developing wireless technology that makes it possible to integrate mobile devices and household appliances to give users a better connected experience. Over the course of the forecast period, enormous potential prospects in the biotechnology and healthcare sectors are anticipated to propel the growth of the augmented reality market.

While it will still be more than 10 years before AR realises its full market potential, the market analysed during the previous two years has advanced due to technological developments in the space industry. The expansion of this market is fueled by the expansion of content availability and the introduction of development tools like ARKit. Additionally, the cloud's expanding availability and use have been key market drivers for AR. It offers the architecture and platform to overcome the scalability issue with on-premise AR experiences.

The use of AR's spatial principles, which allow us to take images of printed novels and apps that turn those pictures into voice signals so that readers may listen to the novels, has made reading novels easier. Another industry where AR has a bright future is healthcare, where it has advanced to the point that it can be used to do tiny, risk-free surgery. AR is used by doctors and nurses to practise on virtual patients with complex diseases, lowering the likelihood of fatalities.

Another example of Augmented Reality being used in the retail business, particularly in online supermarkets, is clicking and posting photographs on social media platforms where consumers may then review and buy these products.

Thanks to abovementioned factors, Market Research Future (MRFR) estimates that the market for augmented reality is anticipated to reach USD 461.25 billion by 2030, increasing at a CAGR of 41.50%.

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