Augmented reality, while a relatively new technology, has shown a lot of promise as something that can be improved upon and potentially has limitless applications.
Let us first try to understand what exactly is Augmented Reality.
Augmented reality uses virtual 3D/2D object superimposition on real-world objects with real-time motion tracking to produce mixed scenarios that have both real-world and virtual elements in them.
As the current coronavirus pandemic has limited everyone to their homes, Augmented Reality has proven to be a godsend for businesses that have chosen online sites and platforms to advertise and market their products and services.
Consumers now have an option to preview these products and services (Hair color, tattoo, hairstyle, etc.) before making any sort of purchases or subscriptions.
This is both informative and entertaining to the consumers, which is always a good thing.
As such, we have seen more investor interest in this technology.
In the year 2021 alone this technology has seen over $6.12 billion in investment and the entire AR market is expected to be valued at $97.76 billion by the year 2028.
Let us now take a look at some of the consumer-related data.
According to a survey, around 100 million consumers have already used this technology to improve their online shopping experience.
Additionally, the future trends released by Snapchat have expected that around 75% of the world’s population will use Augmented Reality at some capacity by the year 2025.
Another survey that encompassed a very large and diverse demographic revealed that around 56% of the people who use these technologies to shop online felt more comfortable making a purchase.
With this information, we can determine that people using these technologies are being heavily influenced by them.