According to a new market research report titled “Augmented Reality & Virtual Reality Market” by marketsandmarkets.com, the Virtual Reality & Augmented Reality market is expected to grow at a CAGR of 15.18% from 2013 to 2018 and reach 1.06 billion in 2018.
New technologies are evolving to make an effectual contribution to thriving segments like mobile computing, gaming, military, healthcare, and so on.
Virtual and Augmented Reality has previously been seen as novel but risky. However it is now emerging as a serious business option for a lower cost, more sustainable solution to many day-to-day issues in organizations, as well as low-risk options to differentiate the organization from the pack and gain a competitive advantage.
Augmented reality is fast becoming a growing technology where digital data is linked with real world applications. The use of technology to create an ‘experience’ bridges the cap between static web pages and engages the individual emotionally. We therefore react to the environment as if we are fully immersed inside that environment. Virtual reality enables people to feel ‘involved’ in the action and take part as they would in the real world. Enhanced data gives an additionally rich environment and adds yet another dimension to their experience. Add a few devices for capturing or sharing data and you have a new way of working – faster, easier and cheaper than before!
What is the implication this research has on organizations?
As always, the agile organization, the one that recognizes the opportunities in this now emerged market will reap the benefits. Organization which work out how this technology will make them more attractive in their marketplace, how it will help them grow, refine their product offerings and give them an advantage over their competitors will emerge as market leaders in their business sectors. Much as Amazon stole the market from the high street bookstores, this leap in technology adoption means it is now time for smart organizations to use Virtual & Augmented Reality to steal the lead and keep it.
This predicted growth is simply an indication of the way things will go if the trend continue as it is currently doing. However we all know these things are not linear – but exponential. The technology users rather than the providers will be the main beneficiaries. These technologies will re-position organizations in their markets – this is where the real growth and benefits will come from.