A few assumptions by a few famous personalities have come true, it is indeed happening and we have very well realized the value and essence of AR in our daily life. With each passing day, science is progressing by inculcating new discoveries, inventions, technologies that have ensured the welfare of mankind and a long term and far-reaching progress of civilization. Those Days are long gone, when we used to lit fire lamps, lanterns or walk a long way to reach our destination. Now, science has covered a long way and hoisted the flag of victory holding the hands of meritorious and expert scientists, who successfully uncovered those phenomena which were unknown and unseen to people before.

We are now able to explore the Earth more precisely with the touch of technology and enrich our knowledge. Standing at the dead end of 21St century, science has introduced us with not only computer science, AI & ML, robotics, algorithm, but it also displayed a different world to us and made us to see and be a part of that world and given us innumerable thrilling moments to explore such things. This technology that is storming the market around the globe is known as AR & VR technology.

Unleashing effects of pandemic has precisely pointed out that how science and technology is driving our lifestyle and we are just following the path it has shown us to become civilized. At this point of time, pandemic is long gone, but its effects are freshly brooding over us. We started spending more time with devices and gadgets and instantly getting connected to the whole world was made possible in a single click. Corporate to entertainment, science has revolutionized all the vertices of human world. Virtual reality and Augmented Reality are among them which have created a world out of this real world and offered us innovative ways to use screens by creating new and exciting interactive experiences.

Augmented Reality creates digital elements and images which surround your world and clearly connect you to those elements through smartphones or clear visor. Virtual Reality on the other hand, creates a parallel world in front of you and connects you to that world as an element through smartphones and VR headsets. AR &VR have gradually reshaped the world of Gaming and Entertainment and currently AR & VR is one of the most trending technologies which are helping in earning millions. Apart from Gaming, many sectors of industry like B2C market, HealthTech, EdTech, and manufacturing industries are also taking highest advantages of these cutting-edge technologies.


How AR & VR technology is creating magic in the whole market

Gaming & Entertainment Industry: Gaming industry is pursuing highest advantage of AR & VR technology. The Virtual Reality brings you to a different world disconnecting you from your surroundings. VR games became very popular because it gives a 3D experience by using head mounted displaydevice, with stereoscopic display unit and one or multiple controllers. AR games wisely displays digitized elements in the real world and layered it with digitized version of known elements in your known world. AR games reminds us that viral Pokémon GO game that surprised and astonished by enabling them to search elements of that in the surroundings, after that PuBG, Temple run, Zombies, Angry birds came up in the market and made us amazed by the magical experience. According to the latest report of Google-KPMG, the online Gaming industry in India is considered to display growth of $1 billion by 2021 which currently means $360 million.

“AR is going to take a while, because there are some really hard technology challenges there. But it will happen, it will happen in a big way, and we will wonder when it does, how we ever lived without it. Like we wonder how we lived without our phone today”, ~ Tim Cook

Startups are very much keen to start gaming application using such advanced technologies. Movies and entertainment industry is using VR technologies which enable us to enjoy 3D & 4K version of science-fiction and animated movies to be more effective to the eyes. VR 360 enables us to see a 360-degree screen while watching movies. Mobile applications effectively enable us to switch a movie to VR by using mobile application and VR headset. Startups are developing such new applications and earning profits.

Augmented and Virtual Reality is bridging the thin line of the real and virtual world by redefining the history of mankind and unveiled new dimensions of life

Automotive: Automotive industry is using these technologies to enhance the customer experience by offering a virtual tour of the car so that they can easily able to scrutinize and examine all nooks and corners of the car before buying. BMW's i Visualizer app makes use of AR to give such tour to their customers in real time seating at their own house. Startup companies are collaborating with automotive companies and creating such application and growing well. The AR & VR in automotive industry has poised a sale of $5.1 billion, and expected to grow $20.1 billion by 2025 with CAGR of 32 percent.

“By the end of this decade, computers will disappear as distinct physical objects, with displays built in our eyeglasses, and electronics woven in our clothing, providing full-immersion visual virtual reality”, ~ Ray Kurzweil

Retail, Beauty & Fashion: Buying makeup and cosmetics online is a big task for all the ladies. Now with the help of AR technology, we can use ‘Try Me’ option through which we can try that lipstick or foundation on us after uploading a photo and then we can make choice. Famous fashion brands like Lakme, Nykaa are using such techniques which has already skyrocketed their sales. In case of garment or accessories selection, famous brands offer us virtual tour of the product with different looks and attire. This helped us to take decision easily. In case of retail brands, they also use similar techniques to attract more customers like IKEA’s place app enable us to understand where to put particular piece of furniture to make it more elegant. Many startups in this industry have been springing up following this.

Real Estate & Construction: Using AR and VR tools civil-engineers are developing new techniques and designs of construction and it is making their task cost-effective, time-saving, and easier to discuss and demonstrate to plumbers, interior designers, real estate developers and customers. Many new designs of construction have hit the market after introduction of AR-VR technique. New engineers and interior designers are creating their own farm and working with ease and making profits. AR and VR has contributed nearly $2.6 billion dollar in this sector.

“Virtual reality was once the dream of science fiction. But the internet was also once a dream, and so were computers and smartphones. The future is coming”, ~Mark Zuckerberg

Education & Training: AR and VR technology have made the education system easily understandable, effective, and illustrative to the children. The study of science needs practical experience which became possible by AR and VR technologies without standing long hours in science labs. AR, robotics, and VR, the 3 amigos also help in corporate training by taking care of each employee and answering all their questions with the help of AI, without even getting tired. This made corporate training more significant, cost effective, time saving and enabled them to curtail the heavy cost of training. The global AR and VR in education market is projected to reach $14.2 billion by 2028 with CAGR of 29.6 percent.

Tourism: After the pandemic bid good bye to this world, people came out of their home imprisonment and forwarded their steps towards exploring new places and from that time the travel and tourism industry started going up. Now, with AR-VR technology, tourism companies are magnifying their business more and earning more by getting more bookings after introducing virtual tours of hotels, tourist spots and foods. Post-pandemic many startups have started working in travel and tourism industry using these technologies. The Global AR-VR in travel and tourism market ecosystem is expected to touch $ 304.4 million by 2023. A few Tourism companies leveraging 360 VR technologies into their services & business are Canadian ski-resort Whistler, MakeMyTrip, Estaway, Grabhouse, and others.

Manufacturing: Using AR-VR manufacturing of products became very easy as it helps to identify and eliminate threats, and operational processes, design, train employees and increase the safety of the employees by reducing accidents. AR-VR enabled this sector to contribute around $74.1 billion by 2032, growing at a CAGR of 24.62 percent.

Experience in Museum: The progress of science makes us able to visit exquisite work of arts and valuable memoirs through virtual tour of famous museums. Many SaaS, AI, AR-VR tech-based startups have started earning well by associating with famous museums by making videos and interactive websites. To name a few museums leveraging AR&VR in displaying their art & antiques and creativity are The Pérez Art Museum, Miami, The Smithsonian Institution, Washington D.C, The National Gallery, London, Bapu Museum, Vijayawada and so on.

Health Technology: Health technology has come a long way holding the hands of AR & VR technology. AR-based apps are being used for assisting patients in recognizing their symptoms and allowing surgeons to view a patient’s body without making extensive incisions. Ultra-high-definition 4K monitors and video game technology is enabling doctors to diagnose and examine in detail. Many startups are using these ideas and inventing applications and offering SaaS, Cloud computing technology and earning profitable pennies. Recently, Health sector is able to earn approximately $350.9 billion using this technology.

Future of AR & VR Technology
Like every invention of science AR&VR has redefined the whole scenario of economy. It has become a golden-goose for all the existing and upcoming entrepreneurs and startups which has given them a magic wand to braise themselves in this cut-throat competition.The adoption of AR and VR mainly in Manufacturing, Education, Gaming & Entertainment, and Healthcare Industry is increasing the revenue and profit of the company. Undoubtedly, these technologies have contributed a wide scope in the market and restructured Information & Communication technology. But, as each coin has both sides, AR-VR has its ill effects on children, as it has increased screen time of the children, they are more addicted to their smartphones and video games than books. Parents need to handle this carefully and teach their kids to use AR-VR in the study of science instead of playing games.

Conclusion
Science & technology is helpful in every possible way it can be, but mankind needs to be watchful and use this advancement properly to avoid all the ill-effects. In near future, with more advancement, AR-VR will take more effective spot and take over all the segments of economy and give birth to a greater number of startups.