Augmented Reality (AR) and Virtual Reality (VR): 5 Key Growth Indicators for Business

In today’s jet age, how will you use AR and VR for business growth? Check out how we can revamp Augmented Reality and Virtual Reality for stupendous monetary success.

 

ar and vr for business growth

We have all heard about virtual reality headsets and augmented reality games like Pokémon Go, Zombies Run; but just how close are we to mass adoption of AR and VR and what does it mean for businesses and consumers? 

A new infographic from Skilled.co inspects the question of how AR and VR for business growth can be achieved, but we have gleaned 5 key growth indicators that prove the technology is only just getting started!

1. Total revenue to explode:

The figures are gigantic and backed by real analytical research. The total revenue brought in by AR and VR last year was already $5.2 billion, but by 2020 this is expected to reach a staggering $150 billion as the cost of consumer technology decreases and it becomes an accepted part of everyday life.

2. Developers are on board:

Oculus Rift (currently the most well-known consumer VR headset) is poised for rapid growth as 200,000 developers have already signed up to create games and applications. Bahubali 2 Virtual Reality teaser pioneered the benchmark in Indian film making. It is opening new possibilities in Media and Entertainment sector.   

3. 360 video is taking off:

360 video is acclimatizing users to the VR concept, with Facebook and YouTube rolling out functionality for smartphones and headsets. Over 1 million hours of such footage has been watched using the Samsung Gear VR and 1.3 million people are subscribed to the 360 channel on YouTube. The numbers are increasing day by day. 

4. Start-ups are getting funded:

There are currently 685 virtual reality startup companies with an average valuation of $4.5 million, and 737 augmented reality startups with an average value of $4.7 million. With such a buzzing start-up community, the future looks bright. It is not a dot com bubble to vanish in a snap. 

5. Users are ready:

According to survey data 50% to 70% of consumers say they can see the benefits of using augmented reality on a daily basis, be that at work or home. Furthermore, 63% of people agree that the ability to try on or test products in a virtual or augmented space before buying them will be beneficial to both consumers and companies.

 

To learn more about the growth of AR and VR for business and how it will change our daily lives, be sure to check out the full infographic from Skilled.co.

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