E-Commerce is Expected to Emerge as a Major Application for Augmented Reality and Virtual Reality Market

Augmented reality technology is used for e-commerce application. The recent boom in e-commerce can be attributed to the advantages it provides to buyers as well as sellers. With the help of augmented reality, a buyer can compare the products by superimposing virtual images in the real world. This not only helps buyer’s decision-making process, but also is convenient for the seller. The enhanced buying experience is beneficial for the entire retail industry segment. Total Immersion (France), Wikitude GmbH (Austria), and Metaio GmbH (Germany) are the major companies providing augmented reality applications for smartphones as well as for marketing purpose.

The way goods and services are promoted and marketed is constantly evolving since many decades. The technological advancements have completely changed the traditional approach of marketing and promotion. Advent of internet and smartphones combined with content-based technology such as augmented reality has given a dimension to the marketing activity. The augmented reality tags printed in newspapers, magazines, posters, and flyers act as a unique token. The AR tag can be scanned using AR enabled smartphones which, not only displays the advertisement, but also creates an interactive environment for the users. By clicking the image or icon, the user can examine and purchase the products through their smartphones or tablets. The advantage provided by AR technology is the major reason for its heavy penetration in the marketing and promotion segment.

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It can be observed that the market share of e-commerce application is expected to increase from 2013 to 2018, whereas the share of marketing application is expected to decrease. Though the market share is decreasing, the revenue for the marketing segment is expected to post a positive growth for the forecast period.

According to a new report of "Augmented Reality & Virtual Reality Market by Technology Types, Sensors (Accelerometer, Gyroscope, Haptics), Components (Camera, Controller, Gloves, HMD), Applications (Automotive, Education, Medical, Gaming, Military) & by Geography - Global Forecast and Analysis to 2013 - 2018", published by MarketsandMarkets, is expected to grow at a CAGR of 15.18% from 2013 to 2018 and reach 1.06 Billion in 2018. The data mentioned is for dedicated augmented reality and immersive virtual reality systems only. Separate analysis for mobile based AR and non immersive VR is done.

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Augmented reality is a thriving technology where digital data merge with real world. This technology imposes the real world with computer generated data which completely changes the user experience. It changes what we hear, feel and see. The augmented reality technology uses virtual reality to amend with the real world. Augmented reality and virtual reality have and can offer a wide range of emerging application.

The Augmented reality technology has shown ubiquitous growth in mobile phone technology featured with a camera and a GPS (Global Positioning System) which allow the users to experience the technology beyond their anticipation. By 2015, the augmented reality technology will be widely used in the education field for advanced learning and for teaching technologies.The augmented reality and virtual reality technology will be used to contribute to the projects with smart innovations in future due to its great fascination and potential.

The overall Augmented Reality and Virtual Reality Market is segmented into four major segments namely: AR & VR components and sensors, AR & VR technology, AR & VR application, and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately described in the report.

Global dedicated devices Augmented Reality Market is expected to reach $659.98 million by 2018, whereas the immersive Virtual Reality Market is expected to reach $407.51 million by 2018. The mobile based augmented reality and non-immersive virtual reality market analysis is done separately to maintain the mutual exclusiveness of data sets.

The major driving forces of augmented reality technology and virtual reality are the advancement and in computer technology and internet connectivity. The increased demand in virtual reality and augmented reality application in healthcare industry is a direct cause for a tremendous growth in AR & VR market. The other driving force for virtual reality and augmented reality technology is the consumer demand in m-commerce industry. The technology used in augmented reality applications, i.e. marker-less is at the apex and is expected to grow rapidly. Major driving factor in this marker-less is use of GPS and compass which are used commonly in smartphones. The technology used in virtual reality application, are in the emerging trends like goggles, contact lens, and further opportunities are described in detail in the report.

In these times augmented reality technology is used in a wide range of application like e-commerce, marketing, automotive, medical, education and so on.  The tremendous growth in the sales of Smartphones has made many companies to come up with the idea of marketing personalized for the mobile space. Augmented Reality Market is used as a marketing tool and for branding in e-commerce industry. E-commerce is one of the developing industries because of the increase in the use of internet progressively. The biggest challenges face by e-commerce is that the user cannot use or get to know much about the product before buying it. Now augmented reality technology is used to provide a solution for this kind of conditions faced by e-commerce industry. It provides web solutions like virtual trial room where users can try various products before buying it through an internet connection and a webcam. Augmented reality can be reaching out to more customers and can increase the sales by providing the customers with online shopping experiences. Augmented reality technology is also used in magazines and newspapers by enhancing the advertisements with interactive functions thereby giving the companies an opportunity to promote their products.

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The augmented reality technology utilizes many technologies like image recognition, face recognition and gesture recognition technologies in many applications. This technology makes use of gesture recognition   so as to help the user to point someone’s body movements virtually through mobile phones or tablets with the help of webcam and internet connectivity. Most of the established firms focus on inserting image recognition technology which makes possible to superimpose digital images like photos or images on the real world. The future of augmented reality enables the entire new classes of application and experiences like wearable technology which includes eyewear, contact lenses and a bionic eye having 3 dimensional displays.

Geographical split for every application is included in the report as the market share of different applications of Augmented Reality And Virtual Reality Market varies from one region to another. This report describes the overall market into four major geographical segments, namely, North America, Europe, APAC, and ROW. North America and Europe is the market leader in the overall Augmented And Virtual Reality Market, followed by APAC. In ROW, the Middle East, and Africa are coming up with this technology because of its benefits in wide range of applications.

The major companies included which offer AR & VR technology in various applications are Total immersion (France), Qualcomm Inc (U.S.), Metaio GmBH (Germany), Vuzix Corporation (U.S.), Layar B.V (The Netherlands), Wikitude GmBH

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