As a technology pack, virtual and augmented reality (AR) usually go hand in hand. But the truth is that they are two distinct technologies with their own markets.
Take a look at the following facts and figures to get a sense of the true scope of Augmented Reality:
1. Augmented Reality, as expected, will be having one billion users by 2020. But this category, currently has 336 start-ups listed on Angelist.
2. According to Markets and Markets, the dedicated Augmented Reality device market will reach $659.98 million by next year.
3. Part of it will be the worldwide shipment of smart AR glasses, which is expected to reach around 5.4 million units by 2020, when combined with other devices.
4. Revenue from Augmented Reality is expected to be four times that of VR by 2020. In fact, AR/VR revenue could reach $150 billion by 2020, with AR accounting for around $120 billion and VR accounting for $30 billion.
5. According to an ISACA survey, 73% of Americans were aware of the Internet of Things (IoT) and augmented reality (AR) markets. So, this represents a 10% decrease from 2015, implying that these markets are becoming more complicated as there are more and more devices.
6. As per ISACA survey, 60 to 70 percent of consumers see clear benefits in using AR and IoT devices in their daily lives and at work. In everyday life, in fact, 69% believed that technology could help them learn new skills. 62% saw shopping benefits, and 62% saw healthcare benefits.
7. As of this writing, 737 AR start-ups were listed on AngelList, with an average valuation of $4.7 million. Motion control startup Leap Motion, healthcare startup Augmedix, and instant language translation startup Waygo are the three most followed companies.
So, AR technology combines digital data with the physical environment in real time. AR can combine real life with a superimposed image or animation. It’s done by using the camera on a mobile device or AR headset by adding graphics, sounds, haptic feedback, or even smell to the natural world as it exists. As part of the larger extended reality (XR) industry, the global AR market will grow significantly in the coming years.