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Augmented reality forecasts for the coming years

Augmented reality forecasts for the coming years Curiosity about augmented, virtual and mixed reality has subsequently begun to grow among many consumers. To date, the state of the art has also been continuously optimised with better VR glasses and AR software. Nevertheless, the market for augmented reality offerings has only developed slowly since 2016 and the boom in interest in AR. The reasons for this were the inadequate hardware and high investments. Nevertheless, the research institute Deloitte sees enormous potential in AR and its experts firmly believe that the market will grow rapidly by 2024. So will augmented reality soon be accompanying us in all possible areas of life? Augmented reality market forecasts say yes.


The forecasts look positive

According to the institute, the annual growth rate of AR and VR content and hardware in Germany alone is expected to reach 30% by 2024. This could be increased by a new “trend” such as a new game app similar to Pokémon Go or by the market launch of VR/AR hardware or software whose degree of innovation is so high that the majority of consumers decide in favour of a purchase, thereby significantly pushing the market forward.

More than half of the consumers surveyed in the study can imagine using extended reality offers. The statistic even rises to 70% for people under the age of 35. Virtual reality technologies are still almost exclusively associated with gaming and tech geeks among consumers, but augmented reality has proven to be in greater demand in other areas in recent years. According to a global study by Google, around 66% of internet users would like to be helped by augmented reality when shopping online. However, these technologies are not only in demand for online shopping, consumers would also like to have similar offers in the entertainment industry for films or live sports broadcasts. However, these technologies are not only in demand for online shopping, consumers also want similar offers for films or live sports broadcasts in the entertainment industry.


Which augmented reality offerings are particularly popular?

According to augmented reality market forecasts, online shopping and product visualisation with the help of augmented reality are at the forefront of demand. Consumers often agree that such a solution causes far fewer headaches than normal images, especially for expensive and large products. However, there are no limits to the possibilities for AR offerings and there are many areas of application. For example, augmented reality support is in high demand for navigation services and travel guides. Location-based AR, such as virtual content for sights and restaurants, also falls into this category. What is also becoming more interesting alongside virtual meetings are AR offerings in the area of training and teaching. Augmented and virtual reality can add a playful touch to digital teaching programmes and also offer an immersive teaching experience; VR surgery simulations in medicine are particularly noteworthy here.


AR will soon be established everywhere, according to market forecasts

Most people still see virtual, augmented and mixed reality offerings as something new that causes widespread amazement. Extended reality technologies can be transferred to numerous areas of application to make our lives and everyday activities easier and, above all, more efficient. Whether they are used in marketing, shopping, communication or even in schools, AR and VR are slowly but surely unfolding their full potential in favour of consumers. Forecasts show that VR, AR and XR could become a billion-euro market in the German-speaking market alone over the next few years, and this has long been the case in the global market. Offers will also perform even better with the 5G network than they already do. Providers of VR and AR services are mainly promising and innovative start-ups, but the use of these by corporate giants such as IKEA shows us that the technology is definitely here to stay.