The projected market size and growth projection for AR and VR by 2024.
Trends in AR/VR technology such as generative AI, multi-sensory technologies, convergence between AR and VR platforms and more powerful devices will also be highlighted in this piece.
AR and VR have various uses and impacts in various industries, such as training and education, retail experiences, collaborative working processes, and improving customer experiences .
Are You Curious About AR and VR Trends in 2024?
Augmented Reality (AR) and Virtual Reality (VR) are ground-breaking technologies with potential to transform multiple industries. AR integrates digital elements into real world environments to enhance user perception and interaction; VR on the other hand provides users with access to an entirely virtualized computer-generated world experience.
AR and VR technologies play a pivotal role in providing unique and engaging experiences across multiple fields, from gaming and entertainment to healthcare, education, manufacturing, retail, manufacturing and logistics. AR/VR have made an immediate impressionable splash within these realms – offering users unprecedented levels of immersion and interactivity when used for gaming or entertainment purposes. They have also become widely utilized across healthcare systems as a way of improving training methods, productivity and customer experiences – among other applications.
Projected Market Size and Growth of AR and VR
The AR and VR markets are expected to experience impressive growth over the coming years. According to market research, global AR/VR sales are projected to reach $297 billion by 2024 – representing a dramatic tenfold increase since 2014. This staggering projection can be attributed to increasing adoption across various sectors as well as rapid advances in hardware/software capabilities.
Numerous factors are fuelling AR and VR market growth. Increased demand for immersive and engaging experiences coupled with increasingly powerful yet affordable devices is driving its adoption by businesses and individuals seeking alternative ways of engaging socially in an often isolated world. Furthermore, COVID-19 pandemic has further spurred AR/VR adoption as businesses and individuals seek innovative ways of connecting, learning and engaging socially distant environments.
Generative Artificial Intelligence in AR and VR 2024 will see a major surge in generative AI algorithms used to create realistic and immersive content, such as virtual objects, environments and characters. Generative AI requires training machine learning models to generate realistic and immersive results that provide a unique user experience.
Developers can leverage generative AI to craft more immersive AR and VR experiences by taking advantage of object recognition, scene understanding, natural interaction, and responsive virtual characters created using these algorithms that respond intelligently to gestures or voice commands, increasing immersion.
2024 will witness advancements in multi-sensory technology within AR and VR experiences, such as more immersive sensory inputs such as haptic feedback, spatial audio and olfactory stimulation for more realistic and immersive experiences.
Haptic feedback technology enables users to feel and interact with virtual objects, heightening the sense of presence and interaction. Spatial audio creates three-dimensional sound environments for more immersive, realistic audio experiences; Olfactory stimulation attempts to add scents into virtual environments for further sensory enhancement; although this aspect of its development remains at an early stage.
Multi-sensory technology not only offers users an immersive experience but has broad repercussions across various industries. For instance, in healthcare haptic feedback can be utilized to enhance surgical training simulators so medical professionals can practice complex procedures risk-free in an incredibly realistic and risk-free environment.
Convergence of AR and VR By 2024, it’s becoming more prevalent for AR and VR technologies to coexist in a way that creates seamless experiences combining the best elements from each. This trend, commonly referred to as mixed reality, marries together their best components for seamless experiences that offer immense immersion.
Developers combining AR and VR technologies can use AR/VR applications to overlay virtual objects onto real life, merging the digital with physical realms and opening up exciting possibilities for interactive storytelling, gaming and productivity tools – for instance placing virtual furniture in your living room to preview it before making a purchase decision!
AR and VR also bring advantages together, including enhanced spatial understanding, increased object interaction, and greater realism. As this technology develops further, expect to see even more creative use cases and applications that utilize mixed reality’s unique properties.
2024 will see significant advances in AR glasses and VR headsets, leading to more immersive user experiences. Processing power, display resolution and mobility improvements will all increase, making these devices more user-friendly than ever.
AR glasses such as Apple Glass promise users a lightweight and comfortable wearable device that seamlessly integrates into daily life. AR glasses enable users to overlay digital information over real world views for improved productivity, entertainment and social interactions.
At the same time, virtual reality headsets will also experience significant advancements in terms of resolution and tracking capabilities. Higher resolution displays will provide users with more vivid and lifelike virtual environments while advanced tracking technologies will ensure accurate responses when engaging within virtual environments.
AR glasses and VR headsets with increased power will surely promote greater adoption of AR and VR technologies across various industries, opening up exciting possibilities and applications.
2024 will witness the rapid expansion of immersive training and education with AR and VR becoming ever-more common in educational settings, providing immersive and engaging experiences that foster skill development. AR/VR technology also gives learners access to simulations of real-life situations for practice and refinement in a safe and controlled environment.
AR and VR technologies can be invaluable tools in healthcare for training medical professionals on complex procedures, surgical techniques and patient care. By immersing learners into realistic virtual environments, these technologies enable hands-on learning while mitigating any associated risks of real-world training.
AR and VR technologies can revolutionize traditional classroom settings by offering students more engaging learning experiences than ever before. Through virtual field trips, historical re-enactments and interactive simulations, students can engage with academic content more meaningfully and retain it better than ever.
Immersive training and education are projected to have a tremendous impact on various industries, increasing effectiveness of training programs while simultaneously increasing knowledge retention rates and closing gaps between theory and practice.
Immersive Retail Experiences In 2024, retail is experiencing a dramatic transformation with the adoption of AR and VR technologies, offering retailers the potential to provide engaging shopping experiences both online and off.
Virtual showrooms allow customers to interact with virtual representations of products, enabling them to better imagine how items would appear in reality. This technology serves as a bridge between online and offline shopping experiences and provides customers with a more realistic and informed shopping experience.
Virtual try-on is another trend gaining steam in retail. By employing AR technology, customers can virtually try on clothing, accessories, and makeup before making their purchases online – improving both the buyer journey as well as returning rates by helping consumers make more informed decisions regarding what products to purchase.
AR is rapidly gaining in popularity for in-store navigation purposes. Customers can utilize it to more quickly locate products in large retail spaces while improving overall shopping experiences and increasing customer satisfaction. By employing this innovative wayfinding technology, retailers can enhance overall shopping experiences and boost customer satisfaction levels.
Leaders like Sephora, IKEA, and MOSCOT have already embraced AR and VR technologies to enhance customer experiences and fuel growth. As these technologies advance further we should anticipate more innovative uses cases that transform retail landscape.
AR and VR Technologies for Collaborative Working
By 2024, augmented and virtual reality technologies are becoming more widely adopted across industries for collaborative working purposes, providing teams the ability to interact as though they were co-located across geographical barriers. These technologies help teams collaborate as if they were present physically.
Remote collaboration using AR and VR provides many advantages, such as enhanced teamwork, increased productivity and efficiency gains. Teams can interact with 3D models remotely while exchanging real-time information seamlessly; teams are even able to collaborate seamlessly regardless of their physical locations.
architects and engineers can collaborate to design complex structures collaboratively using AR and VR technologies, visualizing the final result in a shared virtual environment. Remote medical professionals can use these same technologies for conducting consultations, surgeries and providing training across different locations.
Businesses using AR and VR for collaborative working can optimize operations, reduce travel costs, foster cross-functional collaboration and see further advancements in how teams collaborate together. As these technologies become more user-friendly, expect further advances and innovations in how teams collaborate together.
2024 is shaping up to be an incredible year for AR, VR and immersive internet trends. From integration of generative AI, advancement of multi-sensory technology, convergence between AR and VR devices and development of more powerful devices to growth in immersive training/education experiences/retail experiences/collaboration across industries; AR/VR trends will undoubtedly bring forward exciting interactive experiences which will shape technology’s future.