If you think a VR London adventure is a future that’s too far away, think again. There is no question that VR has been a fascinating medium for nearly the last quarter-century, but as they used to say, the best is yet to come. What is in store for this technology?
Places like meetspaceVR already offer VR experiences for the public to enjoy and learn. Whether it’s a VR escape room, VR arcade, or even an immersive playground, the future of VR is very bright and it’s just the tip of the iceberg.
Virtual Reality (VR) and Augmented Reality (AR) are Projected to Increase Dramatically in the Coming Years.
One of the things that a lot of people do not realize is that Virtual Reality (VR) and its sister technology Augmented Reality (AR) are still in their infancy. From 2019 to the present day, AR and VR literally multiplied by as much as 20 times, with this market reaching as high as 15. 5 billion euros.
Many projected that the growth rate would go as high as 770% once we reached 2023, and that factor is definitely well on its way. The largest amount of growth was in personal and consumer services, which was at a mark of $1.6 billion. Retail and discrete manufacturing is a component that will cause AR to overtake VR very, very soon.
Get the Ability to Play Games in AR/VR Mode on Your Cell Phone.
The VR and AR market is expected to reach a CAGR of $571 billion due to the fact that there will be increased growth in the use of smart devices, increased mobile gaming, and more individuals gaining internet connectivity.
At the time of this writing, North America has the largest stake in the VR and AR market. However, experts are projecting that the Asia-Pacific market is going to expand the largest, with the highest demand in places such as South Korea, India, Japan, and China.
VR and AR are going to be on regular smartphones and tablets as well.
Another report states that VR and AR technology is going to expand to smartphones and tablets by 2025. They will likely see a 48.8% growth between 2022 and 2025, reaching as high as $161 billion in revenue by that time.
The rapid growth in the adoption of tablets is one of the main ways that this will come to fruition. Additionally, there will be an increasing demand for VR and AR technology from the litany of commercial applications that have already become prevalent in our world today. The market is going to expand due to an increase in industrialism and enhancement in technology.
There is no question that the advancements we’ve seen in recent years have been remarkable. We are seeing advancements literally everywhere, from our vehicles, our customer service, our appliances, and now even with the advent of VR and AR technology.
It is truly a sight to behold and it is only going to get better as time goes by. Truly exciting times are in store for us in the coming years for sure.