Many of us have heard of virtual reality and have seen people with smart phones strapped to their head, terrifying themselves in virtual worlds. That is usually how far the general perception of virtual reality goes. And augmented reality? Is that the same thing? No, it is vastly different. According to Digi-Capital, the augmented reality (AR) market could be pumping out well over $80 billion by 2021. That is over $55 billion more than virtual reality. Augmented reality has a step up on the purely virtual world – so what is the difference?
Have you considered its opportunities?
Augmented reality is distinct from virtual reality as it does not completely immerse the user in a virtual world. Rather it combines the virtual world and reality. Think of 2016’s exemplary AR performer – Pokemon Go. Participants used smartphones to search for virtual tokens hidden in the real world. This game alone raked in $1.2 billion of AR revenue. This is just the beginning. Augmented reality offers more than just a game – it opens a new realm of opportunity.
Where do you position yourself in a world where the lines between reality and virtuality are beginning to blur?
Learning, adapting and embracing AR can be the difference between being a leader or an idler amongst your competitors. Large corporations such as Google, Apple and Facebook are not the only ones who have a chance at getting involved. If you own an online clothing business, AR can allow shoppers to try on clothing in the comfort of their own home. Business meetings with individuals in multiple locations can collaborate in one office. Tour guides can visually present layers of information in a museum at a touch of a screen. There are infinite possibilities. Being one of the first adopters of this advanced concept could be the first step to becoming a market leader. Being equipped to use AR as soon as it becomes technologically available epitomises your ability to lead your industry.
Businesses have barely skimmed the surface when it comes to embracing a future with augmented reality. This could be due to its slower-than expected development. However, with current projections predicting an $80 billion growth in less than four years, organisations may need to start considering how augmented reality will, ironically, become a reality in their business. This then poses the question all managers should be asking themselves: what portion of this $80 billion of AR revenue will be part of your business.
Despite the slow advancement of AR, you can begin preparing for the AR developments of it now. With major players such as Samsung and Google leading the pack, your business can make AR available to your public. Everyday people will have the chance to use this technology in their day to day lives and they will think of you each time. Like with everything in business, you must have a strategy on how to appropriately introduce AR within your business to solve a customer’s pain point or your business pain points.
In the new era, the only way is up. Is that the direction you are headed?
If you need assistance in preparing for AR implementation or digital strategy, call us on (03) 9544 4944 for a free consultation.