Augmented and Virtual Reality are turning lives hassle-free across the globe. This has been the recent impactful technology which the entire world is experiencing right from its inception. In particular, Australia has seen a great change in their personal businesses on the adoption of these couple of technologies!
This technology is not only grabbing the attention of smartphone users, but also, acting as an emerging idea for top products and brands which are in a growing phase by investing in them while also considering the future of AR and VR in Australia.
Augmented Reality and Virtual Reality are here to bridge the gap between digital and physical worlds. These technologies allow one to grab an information and present the content visually, in the same way a person takes in the world!
Similar to the previous years, where technology has brought transforming changes, Augmented and Virtual Reality trends have come into effect in the present as the industry is gaining greater momentum in the current market. A live example is these domains are expected to get a forecast market size of $1,274.4 billion by the year 2030.
With these facts, AR and VR are coming up with crucial importance for all set of businesses in particular the Augmented and Virtual Reality scope in Australia can see a drastic change it seems. Let’s explore them in detail here.
The Current Scenario of Augmented and Virtual Reality in the market:
If we look at the present situation of Augmented and Virtual Reality, it has now entered slowly into the software industry. Although it has been the #1 disrupting factor in the Gaming and Entertainment industry, it has now captured the eyes of software industries to produce different applications.
On considering Augmented Reality, the technology has made each and every person to feel interesting in reaching out its benefits and building a better future for their own businesses. As there are a huge number of AR Experts in Australia, a business should go with the right one to take their business to a higher level.
By the end of this year, 85% of the total world will spend on AR and VR market with various industries such as Retail, Transportation, Manufacturing, Public sectors gaining the top places.
On the other hand, when looking at the VR market, it is projected to grow up to $20.9 billion by the next five years which accounts for a rate of 27.9% from 2020 to 2025. Similarly, SMEs are expected to grow their business with the implementation of AR and VR which accounts for 66.40% from 2018 to 2025.
If we have a close look at Australia, 20 per cent of Australians are already making use of Augmented Reality for picking the filters to click “selfies” it seems! Added to this list, there is going to be around AU$1.6 billion revenue opportunities for new companies and corporates in the Australian market over the next couple of years!
“Snapchat”, the most popular social media application of recent times has gained importance with the implementation of Augmented Reality. To prove this true, around 20% of the Australian population has tried out Snapchat filters on their face which is acting as a digital interface over the real world!
This doesn’t stop with Snapchat! Apple, yet another popular platform is investing heavily in the Augmented and Virtual Reality space by releasing ARkit which is a software development toolkit for developers to build Augmented Reality applications for iPhones and iPads.
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AR and VR technology have added $46.4 billion to the global economy and are set to add $1.5 trillion to the GDP by the year 2030.An estimated 82 million VR headsets were used in the previous year 2020.It has been stated that, by the year 2030, 23 million jobs will be making use of Augmented and Virtual Reality in anyways. The major players in the VR market are: Sony, Samsung Electronics, Google, Microsoft, HTC, and Oculus.
Mark Zuckerberg and Tim Cook from Apple both have said AR and VR are the top platforms they are looking to invest in! Google and Apple are going head-to-head with the development communities about how startups and corporates can actually create new customer and customer experiences for training!
Magnify World has joined hands with the Victorian government to add more awareness about these technological spaces in the Australian market. To make this true, they have spent around AU$148 million on the three new colleges, schools which will be launched in the upcoming months.
In addition to this, Data61, the data science arm of the CSIRO, Australian Federal Research Agency, has announced the initiation of a laboratory which will be helpful to build Augmented Reality, Virtual Reality, and 3D web technologies it seems! This is named as “Immersive Environment Labs” which is based in Canberra, the country’s capital.
This lab comes with great features which include wearable holographic computing devices, Virtual touch displays, spatial cameras, interactive mapping systems, etc. These facilities account for $100 million which offers a greater positive impact in the Australian market.
This lab is currently partnered with Small and Medium size business enterprises and government associates to help them in leveraging these advanced technologies. With this, we can expect a huge change in the Australian market by moving with the Augmented and Virtual Reality trends.
Although China and the United States lead the way in money spent on Augmented and Virtual Reality technology, we can expect Australia to grab the next place in the adoption of these technologies for higher benefits.
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ECommerceAutomotive Fashion Gaming HospitalityTourismRenovationsHigher education Furniture and Homewares Events
How AR and VR are being used in Australia?
- Pedestrian Safety
University of South Australia researchers have been creating roads and footpaths in Virtual Reality with VR experts in Australia in order to help planners and engineers to design a walkable environment for elderly people.
Melbourne’s Swinburne University of Technology has implemented Virtual Reality technology to offer a view of intensive learning experience which is delivered through mobile devices during the pandemic lockdown times.
Context Architects can make use of Virtual Reality to know about various designs of their offices from different angles before committing it to the real world. Added, it also helps clients to enhance their understanding of designs and collect real-time feedback.
When it comes to the Infrastructure, Genesis Energy in Auckland (New Zealand) now makes use of Microsoft’s Hololens headsets to help their engineers to figure out the critical infrastructure at their remote location.
When it comes to the future, we can expect the following things from the Augmented Reality and Virtual Reality environment:
- Existence of Artificial Intelligence in AR/VR space.
- Increase in the number of AR avatars.
- Gearing up vehicles with the power of Augmented Reality.
- 5G will speed up with the implementation of AR and VR.
- Introduction of WebAR.
- Advancements in AR/VR displays.
- Remote activities via Virtual and Augmented Reality.
- Making use of XR in healthcare as a medical device.
- Initiation of AR-based indoor navigation.
With these factors into consideration, we can expect Augmented and Virtual Reality to rule the future of every industry across the globe. As Australia has already seen a drastic change in their everyday lives on adopting them, similar will be the benefits these businesses would come across!
We professionals at Idea are already aware of these technologies and help all kinds of businesses in leveraging Augmented and Virtual Reality with our prior experience. If you are one such business, you can get in touch with us with your requirements and we are here to make them true!