Enterprise Augmented Reality and Virtual Reality Market to Value 364.9 Billion By 2030 Owing to Rapid Adoption in Gaming Industry – Exclusive Report by Astute Analytica – GlobeNewswire
| Source: AstuteAnalytica India Pvt. Ltd. AstuteAnalytica India Pvt. Ltd.
New Delhi, Aug. 30, 2022 (GLOBE NEWSWIRE) — Across businesses, adoption of enterprise augmented reality and virtual reality has increased in recent years. This is because these technologies provide a more immersive and engaging experience for users, which can help improve productivity and communication. In addition, these technologies can also help reduce the amount of time users spend on tasks that are not relevant to their job. AR is currently being adopted by business as a means of enhancing customer experience, driving down costs and improving operational efficiency. Astute Analytica estimates that by 2020, 72% of enterprises will have deployed or put in place at least one AR application across global enterprise augmented reality and virtual reality market.
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Virtual reality has been around for a while now, but augmented reality is new and growing in popularity. As per Astute Analytica, business around the globe are using AR to create tangible experiences that help employees learn new information faster. This is especially helpful for training new employees or teaching specific skills. Second, VR allows companies to communicate with customers and clients through simulated environments.
This can create a more favorable customer experience in the enterprise augmented reality and virtual reality market by reducing wait times and decreasing customer anxiety. Third, AR/VR can improve worker productivity by providing them with feedback on their actions within a simulated environment. Finally, using AR/VR can improve customer service by providing support personnel with accurate information about customers’ needs.
Astute Analytica has published report on Global enterprise augmented reality and virtual reality market. It provides a detailed analysis of market dynamics, key players, market share, competitive landscape, segmental analysis, pricing analysis, value chain, supply chain, global shipment of headsets by region and country, among others.
Gaming Holds 24% Share of Global Enterprise augmented reality and virtual reality market
The gaming industry is the largest consumer of AR and VR technology. In 2021, the gaming industry contributed around $4.5 billion to the global enterprise augmented realty and virtual reality market, which was a 24%, around 80% increase from 2017. This figure includes revenues from online and mobile games as well as hardware sales. The VR and AR segments of the gaming industry are projected to grow a healthy CAGR in the next few years.
Enterprise augmented reality and virtual reality market have already been used in a number of popular video games, such as Pokémon GO, Minecraft, and Star Trek: Bridge Crew. While there are still some limitations to these technologies, they are expected to improve over time. In addition, businesses may find other applications for these technologies that haven’t been explored yet. For example, Augmented Reality could be used in advertising or health care settings.
The gaming industry is continuing to adopt new technologies such as AR and VR because they provide a unique experience that is not possible with traditional video games. They also allow companies in the global enterprise augmented reality and virtual reality market to develop new types of games that weren’t possible before. While the cost of these technologies is high, there is evidence that they will eventually become more affordable.
72% Organization to Deploy AR into at Least one Application by 2030
Today, businesses are starting to adopt augmented reality (AR) more and more. This is evidenced by the large number of companies that have announced their intention to use AR in their business operations. Astute Analytica has analyzed the adoption of AR by businesses and has come up with some interesting findings. According to the study, AR adoption is on the rise, with 49% of surveyed companies indicating that they use AR currently or plan to use it in the near future. However, this is not limited to a certain industry; across all industries, companies are using AR in a variety of ways.
One of the main reasons why businesses in the global enterprise augmented reality and virtual reality market are adopting AR is because it allows them to interact with their customers in a more immersive way. For example, Honda has created an app that allows customers who buy a new car from them to play with the car before they take it home. This way, customers can check whether all the features work as expected and can make any adjustments before they take the car home.
AR is being extensively used to create personalized experiences for customers. Shopify Inc., for example, uses AR to connect with its merchants to guide them through the advanced ordering process. By looking at product images in real time, Shopify can ensure that merchants receive accurate information about product features and reviews from past customers. AstuteAnalytica estimates that by 2030, 72% of enterprises will have deployed or put in place at least one AR application.
In enterprise augmented reality and virtual reality market, Oracle Corporation’s Intelligent Automation Suite (IAS) is widely regarded as one of the strongest AR platforms. IAS allows businesses to create powerful virtual assistants that can help process customer transactions and manage resources efficiently. For instance, LuLuLemon., a Canadian company specializing in providing fashionable armbands using AR content, uses IAS to provide step-by-step instructions on how to wear an armband properly.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/enterprise-augmented-reality-virtual-reality-market
60% Enterprises are Using AR and VR for Improving Customer Experience, Marketing, Promotional Activities
With the increasing popularity of augmented and virtual reality, businesses of all sizes are starting to adopt this technology. In a new survey report, analysis firm AstuteAnalytica has found that adoption rates for enterprise AR/VR are increasing rapidly across industries. It seems as though enterprises are slowly but surely accepting the benefits that come with augmented and virtual reality. A recent survey conducted found that 60% of businesses are using or plan to use VR or AR for training and development, 58% for marketing and promotional purposes, and 52% for customer experience. 84% of firms believe that AR or VR will play an even more significant role in their businesses over the next 5 years.
The global enterprise augmented reality and virtual reality market report also finds that enterprises with over 1,000 employees are the most enthusiastic about AR/VR adoption, followed by those with 500-1,000 employees. The report predicts that the enterprise market for AR/VR will grow from $18.9 billion in 2021 to $364.9 billion by 2030 at a CAGR of 39.2%. The main reasons given for this increased market value include improvement of productivity (26%), meeting customer needs (25%) and reducing training costs (24%).
The survey also revealed that 67% of respondents in the global enterprise augmented reality and virtual reality market believe E AR will have a greater impact on their business than VR, primarily because E AR provides a more immersive experience that can be used for training and briefing operations. Meanwhile, 60% of surveyed companies are using VR for customer service purposes, such as helping customers understand products or services in situ.
The top benefits cited by enterprises for AR/VR adoption include reducing training costs, improving productivity and facilitating collaboration. Enterprises are also looking to use AR/VR to improve customer experience, increase sales and marketing activities, and reduce safety issues. This isn’t surprising given the wide range of potential applications for these technologies. For training and development, VR can help employees learn new skills more effectively. For marketing and promotional purposes, VR can give businesses a more immersive way to promote new products.
Key Players in Global Enterprise Augmented Reality and Virtual Reality Market are:
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About Astute Analytica
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