The COVID-19 pandemic has spread with alarming speed and countries imposed tight restrictions on movement to stop the spread of the virus bringing economic activity to a near-standstill. The sudden slowdown in global economic growth has also encountered some shock the Augmented Reality (AR) and Virtual Reality (VR) industry, but still maintained an optimistic growth.
The Covid-19 pandemic has likely contributed rise to a new phenomenon where many become reliant on tools like Augmented Reality and Virtual Reality to work and shop. Even after the lockdown ends, the count of people using technologies and the extended reality increased as they will be virtually close. These platforms will allow businesses to operate and grow irrespective of the hurdles posed by social distancing.
Analysts believe that in the next few years, the market size of Automotive Augmented Reality and Virtual Reality will get further expanded. The global augmented reality and virtual reality market size stood at 11.35 Billion USD in 2017 and the industry is forecasted to reach 571.42 Billion USD by 2025. AR and VR technologies are adopted to present a digital immersive user experience that can be used across diverse industry verticals for entertainment and business applications.
The major players of Virtual Reality and Augmented Reality have used various strategies such as new product launches, expansions, agreements, partnerships, joint ventures, acquisitions to increase their footprints in this market as the global Virtual Reality and Augmented Reality in Retail Market is highly fragmented.
People can shop for products and see how they look inside their home with augmented reality systems. Products like apparel can be chosen with augmented reality systems where shoppers can try on different clothing without the trouble of repeatedly entering changing rooms. In addition to the impact on workplaces, online events and shopping, the Virtual Reality and Augmented Reality came to be a great help for the education sector as it does things interactive where trainers can use such devices to teach trainees without being physically present. This technology guarantees better and interactive ways of study and helps in reducing the learning errors using 3D pictures. These factors collectively contribute to the growth of the market.