Augmented reality continues to gain momentum
Augmented reality is beginning to play a strong role in numerous industries. While the technology has been restricted to the entertainment and marketing sectors for some time, it is beginning to see use in education, health care, construction, and several other fields. As augmented reality becomes more popular, its market value is increasing dramatically. A new report from Markets and Markets, a market research firm, predicts the growth that the augmented reality and virtual reality market will see in the coming years.
Report predicts AR market to hit $1.06 billion in 2018
According to the report, the augmented reality market is set to see a compound annual growth rate of 15.18% from 2013 to 2018. In 2018, the market is predicted to reach $1.06 billion. The technology is expected to see the majority of this growth come from the mobile field, where the technology is being used in a variety of applications. The technology is most often used for entertainment purposes and in marketing and has managed to attract consumer interest because of its ability to literally change the way people see the world around them.
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AR could have an impact on mobile commerce
The report notes that advances in computer technology and Internet connectivity are major driving factors behind the growth of the augmented reality market. The capabilities of augmented reality are becoming better understood as technology becomes more advanced, opening up new possibilities in how augmented reality is used. The report also notes that the technology could have a strong impact on the mobile commerce sector, providing consumers with a dynamic online shopping experience from their mobile device.
Interactive technology extends beyond marketing and entertainment
Augmented reality is not only popular among consumers, of course, and the technology has been attracting the attention of government agencies around the world. The technology has also managed to establish a presence in several academic fields, often being used as an education tool to help people better understand lessons. As augmented reality technology itself becomes more advanced, it is likely that it will see more use outside of the entertainment and marketing fields in the near future.